The digital impact on business is an increasingly important, but also worrisome topic for many executives. How will digitalization impact my business? What can I do to get ahead of the curve? What are my competitors doing?
Unfortunately, these questions cause some business leaders sleepless nights due to the high pressure to digitally transform their business and to stay competitive by utilizing available technologies.
Does it really have to be so complex? Is it really necessary for leaders who know how to manage a business, and have done so for decades, to stay awake at night over-thinking how to embark on the digital journey only to fear being left behind? I believe it doesn’t have to be so complex. Just following a few easy steps can help executives gain confidence in a digital transformation. Three simple steps could eliminate digital insomnia.
1) Familiarize yourself with all the digital buzz words. Get to know which topics are important for you and which you can write-off and stop worrying about. This will help you narrow down your focus and level of insecurity of what you don’t know.
2) Map out the critical business processes. Focus on those that you can visualize the benefits of being digitalized. This could be supply chain, customer relations, lead generation, claim processes, production line optimization, dealer relations, research and development, customer retention or something as simple as time registration.
3) Use a matrix to prioritize. When you have mapped out the processes most critical to your business, utilize a quadrant matrix to prioritize.
Matrix 1: Identify what is important to your business and has unexplored potential
Matrix 2: Validate your organizations strengths and identify opportunities to improve efficiency.
Matrix 3: Prioritize the top 3-5 processes.
Next steps are to:
- Map your focus areas to the digital technologies
- Determine the ROI to your business
- Evaluate the unexplored and not overly complex solutions for digital transformation. For example:
Fleet Management - Predictive Maintenance
Lead Generation - Customer Experience and Analytics
Production Optimization - Optimized Factory/Industry 4.0
Claim Process - Process Intelligence
This exercise should help you get a better night’s sleep with a focus on your areas of concern. Of course, I am available anytime day or night to discuss your digital transformation.