Most companies struggle with digital transformation, but these three steps help mid-market companies succeed where others have failed.
Your organization might need to shake up the status quo if it wants to survive in today’s digital world. As CEOs seek new avenues for growth by building customer loyalty, organizations need to radically transform to deliver the intentional and connected experiences technology-savvy customers desire.
This type of transformation is particularly hard on mid-market companies with tighter budgets and tighter teams. Asking already overtasked employees to take on additional responsibilities creates a recipe for disaster with divided priorities and commitments. Instead, a dedicated team with CEO support and senior executive management creates opportunities without disrupting the core business.
To create this team and engage the entire organization in digital transformation, mid-sized companies should consider completing the following:
Before any company can transform to meet the needs and wants of their customers, the organization needs to know what those actually are. Customers’ values and wants change frequently and rapidly, and by collecting customer insights and analysis from competitive offerings, organizations discover how to best meet their customers’ desires—whether it be lower prices or faster delivery. Knowing what customers actually want helps an organization to deliver.
Mid-sized companies generally lack the sufficient reserves to fund digital transformation. However, many organizations drive incremental profit from their business to invest in new initiatives through these five actions:
Changing the status quo can be painful, especially if it requires letting go of loyal employees who have been with the company for years or firing customers whom you believed essential to your profitability. Cuts should be made with precision, and mid-sized companies find success when they have a trusted partner to help them. A partner can identify where change needs to be made, where resources are most effective, and how to hold people accountable in a proactive way.
While most companies fail in their digital transformation efforts, you can succeed and create a strong, competitive operating model to deliver value now and in the future with the right team of experienced professionals who understand your struggles and your business.