The 5 Essential Ingredients to Assure Success in Digital Transformation and Create Sustainable Growth
30% of organizations succeed in achieving the outcome of change. According to the Digital Transformation Academy 2023 report, 5 key findings will make or will break the digital transformation plan.
No.1: Transformation Plan
How well does the transformation plan aligned with the company’s purpose, business strategy, and organization?
Defining a coherent and overarching purpose and aligning it with business strategy and organization would encourage people in the organization to be clear about what they're doing. This helps everybody focus on an action that reality matters and empowers the people.
No.2: Product-Company Fit
In the process of developing a new product or service, the team usually applies the product-market fit concept. However, it often does not create enough momentum or impact on the organization’s transformation.
It is necessary to design a value proposition for developing a valuable product or service that addresses solving a valuable problem or an opportunity you want to exploit which fits the company’s vision, mission, and goals.
No.3 Minimal Viable Segment (MVS)
After defining a great value proposition, the next step is to build a minimal viable product or MVP.
Don’t just develop a viable product. The team can succeed with MVP by specifying the MVP feature set and targeting at least the smallest customer segment that is likely to dominate the market in the future.
No.4: The Ability to Transform the Company's New Business
Digital Transformation has a wider scope than Digitization and Digitalization which are aspects of digital transformation and applied in individual and separate projects within the organization.
However, digital transformation aims to holistically and strategically transform the organization itself.
Organizations that succeeded in completing digital transformation can transform the company's new business (Reposition the Core) both from the existing core business and create new changes in the market or industry to create new growth with new business models.
How the organizations succeeded can be described by the Digital Transformation Canvas consisting of 3 pillars divided into 9 boxes as follow:
More use cases: www.digitaltransformationacademy.org/case-study
No.5: Make it happen within 6-12 Months
In the critical first 6-12 months, The successful organization can start the transformation program, design the roadmap for transformation and launch priority digital initiative(s). Otherwise, the transformation program would break due to several reasons or some excuses.
This article, The First 100 Days for Launching Business Transformation on The Best Journey to Success, will guide you on how to accelerate your transformation journey to succeed in reality.