The world is constantly changing, and the Covid crisis has accelerated changes in consumer and business behaviors. An enterprise that is absent from the digital realm will disappear within 5 to 7 years, making way for more agile or innovative competitors.
The current model is no longer sustainable; it requires a fundamental paradigm shift. As a leader, you are faced with an onslaught of new technologies that must bring added value and address the new expectations of your customers, consumers, suppliers, and even your employees, who are also potential consumers.
Digital transformation must be based on three axes: rethinking the business model, transforming the operational model, and utilizing technologies as accelerators of change.
To begin with, the focus must be on the consumer—their expectations for products and services, their ways of interacting, while also considering generational specificities.
Next, a new operational model based on process simplification, performance measurement, and continuous evolution must be defined and implemented. As resistance to change is the main barrier to successful transformation, it will be essential to identify and manage the impact on employees. Investing in their support and training is a good way to approach the future and increase the chances of success.
Technologies should be used as accelerators and agents of change. They will become differentiators, but their impact will only be significant if they directly contribute to consumer value, the organization’s ability to be more efficient, and quicker decision-making to anticipate and adapt to evolving needs.
To approach digital transformation with a sense of calm, a strategy for the short, medium, and long term must be established first. The transformation program should be structured, and agility and a culture of perpetual change should be institutionalized. It’s important to transition from a project stage to a genuine culture, embedding this new reality into the company’s DNA.
The Risks of Not Undertaking Digital Transformation
Companies that do not commit to their transformation journey will face a lack of visibility and will no longer be considered innovative. They will also struggle to retain their existing talent and attract new ones. Therefore, this transformation becomes a prerequisite for the survival of the company.
Would you like to learn more? Watch the replay of Daniel Van den Hove’s conference at the Digitalize Namur 2023 trade show on “The keys to digital transformation.“