What It Is
Digital Transformation is one of the hottest trends in business today, regardless of industry. In fact, it will spell the difference between the winners and the losers. Companies that get it right will see new growth and their market caps soar; those that don’t will see their businesses stolen by digitally savvy competitors—both by existing competitors and new entrants.
Digital transformation encompasses all aspects of a business—from how it markets and sells to customers, to how it makes it products, and how it supports it. Digital transformation means:
In fact, the problem is that it is typically those from outside the industry that first digitally transform the industry so they can compete in it.
We have already seen this in the Medical Device sector where Silicon Valley based hi-tech companies build a number of health apps that directly compete with these manufactured medical devices.
We are also seeing this in home security (connected homes) where software companies are getting into the digital home security business.
We see it in mortgage loans, education, healthcare, insurance, and more.
Accenture has it right. All industries can be digitally transformed and contested. None are exempt.
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How We Can Help
SOMAmetrics understands that digitally transforming a company is a major undertaking. It will bring about a significant amount of change—change in how a company markets and sells its products, how it supports customers, and how it designs and innovates.
Each of these areas is a major transformation in itself requiring changes in culture as well as significant investment in time, money, and management focus. It requires unanimous support in leadership and significant selling efforts across the company. There is a digital divide among employees primarily around age—with those over 45 struggling with digital transformation, and those under 45 feeling that the company is finally catching up to how they do things in their private life.
SOMAmetrics recommends a phased approach starting with a Capability Assessment to determine and take inventory of where things are within a company and then following with digitally transforming from “outside in” starting with Marketing, then Sales, Customer Support, and finally product design and innovation.
This approach is in line with how customers also see your company—first its marketing, then salespeople, then customer support. While prospective customers expect to be able to receive information they need on their mobile devices, they are more accepting that a company’s products are not fully digitized—for now.
Let us start working with you to digitally transform your company–helping you understand the challenges and bottlenecks that are in the way, systematically clearing these, and working with you to evangelize the values and benefits of digital systems and processes within your company.
We stand ready to help.