Digital Maturity Success – What Should You Know and Do
Digital Maturity Success – What Should You Know and Do
Almost every manufacturing company today is investing in digital transformation solutions to transform their operations to boost performance and efficiency. But if you ask, “Are all the companies digitally mature?” The answer is NO most of the time.
Every company that has transformed its business operations with digital solutions is not digitally mature. Changing the business with a digital solution doesn’t make your company digitally mature.
Remember, only companies that are digitally matured can evolve with new technologies.
Only a few companies are digitally mature, and their growth is 10x more than those not consistently leveraging digital solutions.
So, what is the difference? What the heck is digital maturity? What must companies know and do to achieve digital maturity? And how to evolve with new technology?
If these are the questions popping up in your minds, then this post is exclusively for you.
Before getting started, let’s throw light on what digital transformation and maturity are and why they are vital to the success of manufacturers.
What is digital transformation?
Digital transformation is not just implementing one or two digital solutions to your existing processes or systems to improve operations. There is a misconception among companies that automating or digitizing a few processes in the ecosystems will transform their business operations.
In practice, it’s not fundamental digital transformation. A digitally transformed company not just reinvents its one or two operations or processes but everything that contributes to the company’s growth.
Digital renovations are not about updating legacy systems and digitizing a few operations. The entire company should transform, starting right from the process, systems, tools, technology, and most importantly, “people.” Digital transformation is long and might take a few years to implement in companies and costs massively.
It’s all about the ROI companies can make from their digital investments. If your company can’t meet the necessary ROI out of the assets, then there is a problem with your digital transformation strategy or approach. You must reconsider a few steps to ensure you’re in the right direction.
It requires a definite roadmap and vision, constant cooperation, and support to succeed in your digital transformation efforts.
What is digital maturity?
Digital maturity is an extension of digital transformation efforts. A challenge for most companies is that many actively start their digital transformation journey but fail to continue. The reasons vary – it may be due to investing in the wrong technology, high expenses, lack of support from internal teams, inability to deliver services/solutions on time, etc.
Companies that are inconsistent with their digital efforts can’t achieve digital maturity. Only companies leveraging digital solutions actively engage, evolve, and deliver services without a sweat.
Digital maturity, in a nutshell, is digitally optimizing the complete processes, operations, and people consistently for a long time. Digital solutions are used by companies to continuously engage with customers and vendors to deliver a better experience.
Only digitally stable and mature companies can evolve with new technology without the hassle. As digital transformation is all about handling data effectively to make quick and intelligent decisions, your digital efforts should provide you with the correct data at the right time to act fast.
What companies must know and do to achieve digital maturity
To become a successful digital-enabled company, manufacturers must rethink their point of view about digital transformation and its solutions. The leaders have to rethink the below.
1. Thorough understanding of digital transformation
Without realizing what digital transformation is, there is no point in investing in one. Every element or process in path renovation must be considered before acting. Talking to industry leaders and experts is strongly recommended before starting your digital transformation efforts. So, you need strong leadership with a big heart to kick start your digital transformation journey.
2. Whether the company needs a change or not
Have to consider this factor seriously. Not every company requires digital transformation. You had to have a vision for implementing one. Audit and analyze your company needs a digital transformation overhaul, or just tweaking one or two processes might fix your woes. Digital transformation is not for everyone; it requires time, effort, and money. So, ensure whether it is digitization or digitalization of your business.
3. Investing in the right technology
Digital transformation involves implementing many technologies for companies. Some of the widely used technologies in the manufacturing space are the Internet of Things, Artificial Intelligence, Robotic Process Automation, Cloud, etc. Identify what technologies will suit your business. Investing in all can cost you massively. Identify the right technology to transform operations and deliver your best ROI.
4. Getting continuous support from internal and external teams
Without the support of your internal teams and external vendors, and customers, the chances of succeeding in your digital transformation efforts are more petite. Your internal teams should continuously support the digital initiatives and satisfy the external team’s requirements. If you don’t have the team to help or adapt to the changes to the existing ecosystem, you will see catastrophic results.
5. Financial limitations
Analyzing your financial limitations is vital to digital transformation success. You should constantly invest money to get the digital juggernaut rolling. If you stop at some point, you will be in serious trouble as you may not experience the desired outcomes.
6. Partnering with a digital transformation partner
If you face all the challenges I have shared above, partnering with a digital transformation expert is wise. As they have the right experts and development team, you don’t have to worry about the current business operations and productivity. They will back you with consistent support until the program is complete and will help you with improvements whenever needed.
7. Adapting to evolving technology
Without digital maturity, evolving to new technology is impossible as the companies may not be ready to add something to the current ecosystem. If they haven’t been into digital transformation for a long time, they might never know when and how to implement new technology to an existing process or operation.
Having a definite roadmap for the digital transformation from the beginning will help you achieve digital maturity, and adapting to new technology won’t impact your existing processes once you achieve latter.
From the above discussion, it is evident that digital transformation can’t be taken lightly and requires strenuous efforts to achieve digital maturity. The companies that have mastered digital transformation programs for a long time will experience 10x more RoI compared to those are not.
This is why partnering with a reputed digital transformation partner matters. A reliable partner for devising the right digital strategy, solution implementation, and recommendations will help your company achieve digital maturity without hassle. Is your company extracting the maximum RoI out of your digital transformation efforts?
Need advice or a roadmap for your digital transformation initiatives?