Should you still care about digital transformation?

To be fair many organisations we work with are significantly more digitally mature than in previous years, many accelerated in the face of the global pandemic. We’ve actually been exploring these impacts in our Wired Series on digital transformation here. But as things return to a level of normality, will businesses continue to embrace this, or will they fall back into their old ways?

External shock factors provoking innovation isn’t new. In fact, accepting the imperative to become shock-proof has previously helped brands make transformation their number 1 strategic priority. That’s been my experience over the past 15 years anyway, helping clients along this journey. However, just dipping some tactical toes in the water doesn’t mean the task is completed.  Not at all, instead consider it more as the time to draw in a deep breath and commit to the strategic big plunge.

Perhaps it’s useful to anchor back to what we mean when we talk about digital transformation in Deloitte:

“Digital transformation is a long-term strategy that leverages digital technologies to create (or modify) business, people and customer experiences so the organisation can meet business and market needs."

So here’s why I think you should still care:

• Digital transformation has a direct correlation of driving financial growth, a point made clear in a Deloitte Digital Transformation Survey 2020. So, the more you invest in your digital maturity, the more revenue you’ll generate. Those at the top of the maturity scale saw revenue grow by 40%+ thanks to investment in digital transformation.
• It’s hard to commit to the jump I know. Especially when significant investment is needed up front across people, time and budgets. If you consider that digital transformation services will grow to $2.3 trillion by 2023 (Statista), perhaps the shift from asking ‘can we afford to do this’ to ‘can we afford not to do this?!’ will provide the needed motivation.
• Successful transformations are about more than just tech. In fact, technology should only be explored after you understand what your customers really want, the capabilities needed and the impact on staff. Only then can you identify how technology will be the enabler to success. Not the single point of focus. At Deloitte we help our clients to become “customer obsessed”, so they understand expectations and needs first before they think about solutions.
• Today consumer expectations are ever-evolving. Organisations have to be more flexible to meet them (before the competition grabs them from you)! But how do you ensure you can adapt to these changing needs? Simple - you leverage digital technologies to connect the dots to deliver customer experiences that are both memorable and useful.

You might now be reading this thinking, so what, it’s too hard, let’s just focus on what we know. Yes it’s scary, yes it’s a long and winding road at times, and yes in spite of all that you should still care. The last 12 months held up a mirror to organisations, showing them how resilient they really are. In fact Forrester recently estimated that as many as 20% of Fortune 500 organisations won’t make it through 2021.

So my challenge is this: be brave and ambitious enough to use digital transformation to future-proof your business. Because the alternative is worse. We collaborate with clients across the full transformation spectrum, so pinky promise, we know that committing to digital transformation can be the determining factor for long-term success.

I’d love to talk to you some more about it, so feel free to get in touch!