What is digital transformation and how do I apply it to my business?

What is digital transformation and how do I apply it to my business?

Digital transformation deals with the modernisation of tools and practices used to satisfy customer needs while advancing your ability to maximise business opportunity, meet market demand and continuously advance your ability to perform better.

The objectives of organisations embarking on a Digital transformation journey often yields rewards beyond computerising paper records.

You can typically visualise such journeys as:

Digital transformation is best represented by a series of work modernisation projects where each project builds on the capabilities improved by the earlier project.

Each project is designed to enhance a key capability/KPI that advances the value of your business assets:

Internal Forces:

  • Pains from outdated internal processes that became inefficient, error-prone and thus not cost-effective
  • Inability to report on performance, productivity and outcomes consistently and on-demand
  • Inability to measure the success of the business
  • Increasing customer complaints, and high levels of customer churn

External Forces:

  • Competitive landscape (e.g. New market entrants or competition using digital to create advantage)
  • Market expectations
  • Customer trends (e.g. New demographics, Customers expectations on how to discover, reach and consume your services, Customer expectations around the speed of execution)
  • Inability to expand the customer base due to attractiveness of the product or public reviews

Digital Transformation

The application of digital transformation to your business typically involves:

  • Process Transformation
  • Business Models Re-evaluation
  • Cultural/Organisational Transformation
  • Using digital technology to leverage software and data better

The effort should not be underestimated, and it is critical to ensure you have access to Digital Leadership that understands the hard truth about hard things you will meet throughout this journey. Think about it like you will approach a mountain climbing operation, where you will surely want to plan and get guidance/expert advice from a seasoned sherpa that has done this before.

We explore how to apply and approach Digital Transformation journeys in your business:

Topic Link
Unpack what it takes to be a Digital Business Open
Unpack what it takes to be a Digital Business Open
Is being a Digital Business for you? Open
Putting digital landscapes into perspective Open
Set your Digital Business north star Open
Changing the business while running the business Open
Understanding the Digital Business Mindset Open
Top 5 Key traits Digital Leadership should have Open
Unlocking Digital Business Agility Open
Top 8 capabilities you need to be a Digital Business Open
12 risks to navigate as part of your digital work Part 1, Part 2, Part 3
Unpack what it takes to be a Digital Business Top security risks of digital transformation
Cybersecurity as a business priority Open

This post and the information presented in newsletter, events and website content are intended for informational and entertainment purposes only. The views expressed herein are of the author alone and is not a recommendation of an investment strategy or to buy or sell any security, digital asset (including cryptocurrency) in any account. The content is also not a research report and is not intended to serve as the basis for any investment decision. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. The content is not legal advice. Any third-party information provided therein does not reflect the views of andremuscat.com. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future.

You've successfully subscribed to Andre Muscat
Great! Next, complete checkout to get full access to all premium content.
Welcome back! You've successfully signed in.
Unable to sign you in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Billing info update failed.