“Most digital transformation is in reality a bolt-on to the current business model. Very few organisations are seeking to transform/change their revenue/business model around new digital capabilities.” ~Nigel Fenwick | Forrester Research
So what factors do organisations need to address before embarking on the digital transformation process? According to Fenwick, they should:
- Begin with a clear understanding of the level of transformation required (bolt-on vs disruptive)
- Ensure the CEO has bought into and helped shape the vision of the company as a digital business
- Establish cross-functional leadership of the digital transformation agenda under a digital champion empowered by the CEO
- Identify strategic business partners/vendors to help the company along on its transformation, bring them into the confidence of the executive team and share the business objectives
- Digitise the business strategy, don’t create a separate digital strategy
- Establish a digital-first culture that supports rapid experimentation and innovation
These points might appear eminently sensible, but that doesn’t mean companies have absorbed them prior to launching their DT plans.
Digital Business