Not all digital transformations are the same. As much as the idea is similar, there are disparities in the objectives. It can be integrating technology to make existing work processes more efficient, but it can also be a radical change to cater to a new market and maximize opportunities and revenues as possible.
Depending on your company’s needs, it’s crucial to hit the right strategy to make sure all efforts are effective. Don’t miss your goals by blindly focusing on the wrong or all aspects of digital transformation.
Here’s a quick guide on the 4 types of digital transformation.
Business Model Transformation
Perhaps arguably the most common of all types, Business Model Transformation fixates on veering away from traditional methods to cater to the modern market.
Times are changing, and it is imperative for businesses to adjust accordingly to thrive. A famous example of this is Netflix’s decision to do away with DVD rental and divert to online streaming.
Customer convenience and digitization are attributed to this game-changing thought. It paid off because they’re now continually growing in sales across the continents.
Key Leader Needed: Chief Product Officer
Business Process Transformation
Collecting data and carefully interpreting it plays a big part in innovating existing operations. It must be based on facts to ensure all plans will not be in vain.
This innovation calls for the latest technology to address the efficiency of the brand’s entirety– from target market to internal processes. It introduces contemporary applications to leverage your business’ assets.
The Chief Information Officer (CIO) plays a big part in conducting research for the entire business process transformation.
Key Leader Needed: Chief Information Officer
A good example of a successful domain transformation is the launch of Amazon Prime. Amazon, as we all know, is an e-commerce leviathan. They revolutionized the online marketplace and branched out to streaming services, rivaling Netflix.
Online streaming is an entirely different niche for Amazon, but they did it nonetheless to enter the competition among the entertainment streaming sector. This provides boundless opportunities for businesses to tap into a wider reach and contribute a new set of value to the customers.
With technology, crossing boundaries have been made more feasible and actionable with less cost and effort needed.
Key Leader Needed: Chief Executive Officer
As the company shifts digitally, it’s not just the process and technology that changes. The mindset and workflow of your staff also transition.
Make sure that your company develops a healthy culture of innovation by being more employee-centric. There are various ways to do so such as empowering them to contribute freely, embracing multi-faceted work approaches, conducting training and workshops, etc.
A lot of organizations recognize cultural transformation as an essential and sustainable action plan in redefining the business from the inside out. Bringing value to your employees will also yield better outcomes for your organization.
Key Leader Needed: Chief Operating Officer
A lot of planning and all hands on deck are needed to be able to conduct these 4 types of Digital Transformation. With the right strategy and leaders, going about such changes would result positively in all ways possible.
In case you’re looking to hire qualified talent in the c-level suite, then JB Hired is the way to go.
Get in touch with the team and source the talent your digital transformation needs!