Digital Transformation and Enterprise Business Strategy

Just because a company uses technology for aspects of its business does not mean it has undergone a digital transformation process. Digital transformation encompasses much more than just using some tech tools and software to do business. Instead, digital transformation refers to the complete cultural shift of all business models, competencies, and activities in a way that embraces the full power of digital tools and technologies.

Some companies, such as those in the tech space, are predisposed to undergo a digital transformation from the outset. Other businesses, including several in the oil and gas industry, may need more convincing to make the leap. So, why should companies incorporate digital transformation into their enterprise business strategy?

Here are some ways embracing a digital transformation can benefit companies in all industries.

• Break down silos
• Maximize sustainable profits
• Attract and retain top talent
• Strengthen competitiveness and differentiation
• Improve data collection for business analysis
  

How to Incorporate Digital Transformation into an Overall Business Strategy

Digital transformation should be incorporated into a company’s overall strategy to ensure alignment across teams. Here’s how to do it.

Every business development shift requires redefining business goals and objectives. Before implementing digital transformation, organizational leaders must be on the same page about their short- and long-term goals. These goals should be what drives a company’s digital transformation.

People don’t like change. So, leaders need to expect some resistance from their workforce when announcing digital transformation. The C-suite must be on board with digital transformation and openly demonstrate their enthusiasm. It’s also critical that leaders look for digital processes and tools that will positively impact their workforce, especially when making changes in day-to-day operations.

Digital transformation won’t happen overnight. Therefore, leaders need to communicate that this will be an ongoing process. Look for quick wins as proof of concept to get team members on board and excited about the future.

Implementing a shiny new tool into an outdated process will not grant the results you are looking for. Part of digital transformation should include reviewing procedures and making changes to improve overall productivity and efficiency.

Remember, digital transformation is an iterative process. It will require continual monitoring and adjustments. Create a feedback loop so personnel can identify opportunities for improvements and keep an agile mindset as changes need to be made.