Are You Ready to Transform Your Business?
Business Strategy | Digital Transformation | Fractional Executives
What is your digital transformation strategy?
What is Digital Transformation Strategy?
A digital transformation strategy is a detailed plan using digital solutions to improve all aspects of your business across all critical functions. Digital transformation (DX) is a broad-based business strategy that incorporates technology as a solution. The system needs to be rooted and guided by business outcomes. Technology is part of the solution but not the essential foundation.
Why Do I Need A Digital Transformation Strategy?
Businesses of all sizes are handcuffed by legacy systems, personnel, and processes that need either a refresh or an overhaul. Every business is unique, and every successful business looks to three key areas:
- Reduce Operational Expenses – Think traditional business process reengineering on steroids. DX allows you to realize operational efficiencies more effectively.
- Achieve Revenue Growth – Better access to information and real-time KPIs allows your sales team to focus on the areas that increase productivity.
- Improve Efficiency and Customer Experience – A sound DX strategy makes your employees more efficient and your customers more engaged with your products and services.
How Do I Build A Digital Transformation Strategy?
Ask five leaders what DX means, and be prepared for five different answers. Management alignment begins and ends with identifying your business needs and goals and building a strategy from there.
Once leadership is aligned, your employees need to understand the vision and be engaged in the process. The goal will be to make everyone in the organization more productive and their daily responsibilities with change. Human beings are the heart of digital transformation.
You have buy-in at all levels. DON’T BLOW IT! Identifying a project as a proof of concept that everyone can agree on is a quick win. Quick wins need to have measurable results over an accelerated timeframe. This allows the team to celebrate the success and increases engagement for the heavier lifting down the road.
Map Out Your Tech
DX needs to include technology, but not until you revamp your operations to fit your future vision. Business strategy will inform your technology decisions, not the other way around. Technology is already utilized across your organization in many situations, and you may be missing pieces that connect it all.
Choose Partners Wisely
Google any needed expertise and be prepared to be quickly overwhelmed. You need to be thinking of your future vision before making any decisions. Can your vendors scale with you? Can they integrate with your legacy technology? Should you build or buy to achieve your goals and objectives?
KPIs Are the Key to Success
All parties must know the deliverables and the measurables that deem success. A wise sage once said, “If it can be measured, it can be optimized.” As you begin seeing results, you can know the scale and transform your business vertically and horizontally. This will generate momentum and collaboration across the organization.
How Can ETW Digital Assist in Your Digital Transformation?
We offer two business models designed to meet your specific requirements:
- Fractional Executive – A fractional executive takes on an executive role at a company for a “fraction” of their time, working more like a consultant and eliminating the need for lengthy interviews, long-term commitments, and high-end salaries. Fractional executives come seasoned with prior experience as full-time executives within their career spans. Often, fractional executives are used in Chief Financial Officer and Chief Marketing Officer roles, as well as Chief Operating Officer and Chief Technology Officer roles.
- Traditional Consulting Agreements – Hiring is based on a specific project or need for your business. The benefit of ETW vs a large consulting firm is that the seasoned executive performs the work and completes the project. Junior staff typically handles the workload at large firms.
I was introduced to Mike more than five years ago to assist with a business integration project and have tapped into his experience multiple times, crossing careers, ever since. His professional holistic approach to problem-solving is complimented by his ability to “get into the weeds” to fully understand the pain points and suggest sustainable solutions across the entire organizational hierarchy. Mike has a keen sense for business and has personally helped me with company branding, driving operational efficiencies, improving sales lead management, product line revenue achievement, and increasing cash flow. He can be brutally honest when needed to help guide you through obstacles in the business but has the emotional intelligence to recognize the value and importance of the engrained company culture.