Why Do You Need a Digital Transformation Checklist?
The creations of futuristic movies and novels are no longer science fiction but scientific fact. We can already see that digitalization is changing the rules of the business as we know it. Technology is no longer the limiting factor, it’s our imagination. In one of the most transformational times in human history, the question to ask yourself is: ”Are you ready?”
A perfect storm of change is happening all around us, as companies in the telecommunications industry each prepare in their own way to face a world where everything is connected and digital. But we don’t have much time. Before we know it, mega-trends like digitalization, mobilization, robotization, machine learning and augmentation will transform from a quiet storm into a raging tornado of requirements and demands. Is your company prepared to weather the storm and take advantage of the nearly unlimited opportunities coming, or will you be caught in the rain without the essentials needed to survive?
Changing the Rules
The way we live and work will never be the same. Disruption has become the norm and change is both exponential and constant. Winning or losing is happening faster than ever before. And they are linked to words like agility, speed and customer experience.
To not only ride the storm but to emerge as a winner, companies need to drive their digital transformation journey. That’s because this journey will be different for every organization. And if they don’t drive it, they are at the mercy of others.
To provide an evaluation point of your present state and readiness for this journey, we want to suggest you review our 10-point checklist:
Is your organization model designed to embrace digital transformation?
In order for digital transformation to take place, it must affect your entire organization. Business processes, business rules, business policies. All of these must be digitalized when the transformation occurs.
Do you have a digital transformation strategy? Digital transformation does not happen by itself and your leadership has to have a firm grasp of the issues. Your organization must be prepared with strategies and a clear implementation plan.
Do you have the required skill and knowledge in house? Talent management becomes more important than ever. You need to recruit people who are eager to learn and adapt, who are curious and embrace change. In addition to troops with impressive work experience, you also need to have Diginative millennials in key positions.
In the world of digital transformation, no single company can accomplish everything. Have you identified the correct programs and created an innovation ecosystem around you? You need to be part of the efforts to support collaboration and networking among the participating companies. How well do your various players collaborate seamlessly to solve a problem or meet a specific business need?
5. Business models
Are you providing more holistic business models then earlier? Are you considering new and disruptive business models, such as Subscription Model (Netflix), Freemium Model (Spotify), Free Model (Google, Facebook), Marketplace Model (eBay, Uber), Hypermarket Model (Amazon), Experience Model (Tesla), Ecosystem Model (Apple)?
Do you have a company culture that cultivates innovation and agility? One that also allows risk-taking and accepts failure? In a constantly changing business environment, you need to be able to bring new innovations to the market fast. You need to develop them in an agile way through iterations. Fast failure can turn into success if you can learn from it and retry.
7. Operating Model
Have you reshaped your operating model? Today’s operating model leverages emerging technologies and allows alternative sourcing to seamlessly satisfy complex business needs. You need to address customer preferences and requirements in every activity right across your supply and demand chain. Doing this requires you to integrate all business activities and optimize the related data.
8. Digital Capabilities
Digital capabilities are a prerequisite to excel in the long term. The most fundamental technology enabler of transformation is a digital platform with integrated data and processes. You need to harvest this data and turn it into insights. As well as support open integration and an API economy.
9. Digital Journey
Have you mapped out your digital journey? You should chart your digital journey around what the right experiences are for the right customer segments. You should take into account digital behavior and organize your journey into different channels.
10. Customer Experience
Customer experience is king. Are you designing your customer processes and touch points so that you can provide a unique and personalized customer experience for every single customer you have? This is now possible by harvesting the customer data and turning it into insights.
So what was your result from this check-list?
Do you have all the pieces of the digital puzzle in place? Which questions did you hesitate at or (hand on heart) answer mainly “no” to? If several, then I recommend you act fast and turn your attention to your digital transformation strategy.
If you answered “No” to even one question, you should rethink your approach and remain alert to new opportunities. We are entering the most transformational time in human history and you need to be in the driving seat, not be driven.
A proactive approach for managing digital transformation is essential to keep your business relevant and competitive in the future. The future does not just happen, future “gets happened”.
Contact Qvantel today and let’s talk about how we can help you reduce operational costs and maximize current and future revenue stream opportunities.
Marko Antila, Head of Back-End Systems & Revenue Management
I want to inhale innovations and new technology and exhale extraordinary results. My true passion is in business and process development and I want to be the catalyst for the digital transformation. My priority is to build an edge to our customers, together with them. I work at Qvantel as a Head of Back-End Systems & Revenue Management and practice my passion shoulder to shoulder with our customers.