Digital transformation is not a choice but an imperative. Traditional giants across various industries, including manufacturing, retail, insurance, and financial services, could be at a crossroads if they stay firmly rooted in their software legacies. These organizations must heed the call of the digital revolution or risk competitive disadvantages, financial troubles, and reputational damage.

However, it is not easy to implement a digital transformation. Recent studies found that 70-90% of digital transformations fail and could take up to four years before yielding business results. Changing processes, procedures, and technology in corporate behemoths is a gradual – not instant – process. It requires vision, strategy, and commitment to drive change. This blog presents an informative roadmap for industry giants to survive (and potentially even thrive) during a digital transformation.

Step One: Obtain Leadership Commitment

Leadership commitment and vision are the foundation of this initial phase of the digital transformation roadmap. Top executives must be unwaveringly dedicated. Without this commitment, rallying the organization behind the transformational goals is challenging, if not impossible. Leaders must allocate significant time and resources to drive the transformation forward.

If existing leaders lack the required skills to take on digital transformation journeys, the organization should look to hire outside executives who have this skill to complete these projects at scale. These outside executives could bring fresh perspectives and expertise to the project and be a key ingredient in its success.

Step Two: Chart the Course of Digital Strategy

Digital transformation is not limited to internal changes; it extends to the entire business ecosystem. Defining a clear and comprehensive digital strategy is paramount. Whether it is to implement new software to accelerate internal processes or improve the customer experience (or both), a set, defined goal is mandatory.

The best strategies revolve around a customer-centric approach, emphasizing the importance of understanding and meeting the evolving needs of the target audience. This focus for the strategy guides discussions at the highest organizational levels and ensures that all actions align with the overarching digital vision.

Step Three: Align Expertise and Resources

Successful transformation requires a convergence of staff domain expertise and digital acumen. Hold regular meetings and structured training programs between experts in traditional domains and digital leaders to foster this connection. These initiatives promote knowledge sharing, innovation, and the development of a unified strategy. The goal is to create a harmonious blend of domain expertise and digital prowess to drive the transformation forward effectively.

Further, funding digital initiatives requires reallocating resources away from traditional business areas. Identify cost-saving opportunities within their legacy business to do this effectively. This strategic reallocation ensures that the necessary financial resources are available to support digital innovation. Balancing the traditional business's short-term needs with the long-term digital transformation goals is a dynamic leadership challenge that demands careful resource management.

Step Four: Foster Communication and Collaboration

Streamlining decision-making processes and eliminating bureaucratic layers are essential for encouraging organizational agility. The traditional "span of control" mindset must give way to an organizational culture that values "speed and collaboration." This shift allows the organization to adapt swiftly to changing circumstances, respond to market dynamics with agility, and increase stakeholder engagement. It also promotes teamwork and cross-functional collaboration, essential to successful digital transformation.

Step Five: Monitor and Scale

Implement feedback loops, both internally and externally, to allow the organization to fine-tune its digital initiatives and strategies over time. Set, track, and watch key performance metrics to gauge the overall success of your transformation. It helps to ensure that the transformation remains on course and adaptable to changing market conditions, technology advancements, and customer preferences.

Successful transformations are designed for long-term scalability and sustainability. The digital initiatives and strategies implemented should address immediate needs and have the flexibility and scalability to evolve and thrive in the long run. Low-Code/No-Code (LCNC) platforms emerge as powerful enablers of digital transformation. These platforms empower employees with varying coding expertise to create applications and automate processes efficiently. Embracing low-code platforms allows the organization to harness the full potential of its workforce, scalability efforts, and digital transformation journey.

Conclusion

In conclusion, this roadmap outlines the critical steps for traditional giants to navigate the digital transformation journey successfully. It encompasses leadership commitment, recruitment of digital talent, strategic vision, resource allocation, and continuous monitoring. By following this roadmap, traditional giants can survive and thrive in the digital era, securing their place in the future of business.