There is no doubting the importance of digital transformations. After all, the initial 2020 data is showing 79% of organizations engaging in digital transformation efforts.
And no wonder. Digital transformation is giving businesses from a variety of industries the power to match the current technology-fueled pace of their markets.
The key to equilibrium between a business’ nature and the emerging relevant technological aspect is identifying what’s real from the fake. Keep on reading to learn all about the main digital transformation myths for 2020.
Digital Transformation Myths 101: Digital Means Technological
Unfortunately, this myth is one that tends to stick around for at least a good couple of years just by virtue of its universal appeal.
The truth, however, is quite different.
The main bulk of digital transformation was pioneered by specialists from the tech-based world. However, the implementations of a digital transformation should be headlined by business development and marketing strategy.
It’s quite a risky proposal to dedicate the bulk of a business’s attention to the technological side of things and leave the business model and strategic transformation behind in the dust.
The business strategy will be the linchpin and the guiding hand of any digital transformation. Even for a business that is heavily entrenched in the tech sector.
Therefore, the best initial division of funds should be somewhere around the 50/50 ratio between the development/marketing and the technology categories.
1. The External Myth: Digital Transformations Are Focused Externally
In this myth’s case, it claims that the core of digital transformation is all about offering digital products externally.
This means that it’s focused on delivering them to your customers and the market in general.
Now, that might not be as dangerous to your digital transformation as long as you keep it contained to the developmental stage.
A business’s internal processes will also need the backing of the appropriate technological tools. It can’t be limited to the external processes alone.
In short, for the digital transformation implementation to be productive (and successful), it must start from within. Then, it’ll naturally spread outwards to the external processes.
2. The Equity Myth: Digital Transformation Is the Same for All Types of Businesses
This is another common myth that is alive and well in the year 2020.
It’s the assumption that digital transformation is going to have the same timeline. In addition, the same speed, and characteristics across all industries and businesses.
Of course, the transformation speed can be quite stunningly fast when you’re looking at the digital sector. For instance, look at digital entrepreneurs and start-ups. For them, their digital pace can look quite different from an industrial-sized competitor.
Furthermore, the speed of digital transformation will depend on the business’ scope, its market, and its size.
3. The Marketing Myth: Digital Transformation Doesn’t Need Customer and Marketing Maturity
In the simplest (and bluntest) of terms, without solid customer communication and marketing oversight, your digital transformation will be a definite failure.
After all, what good would a digital transformation grant your business, if it’s not correctly communicated to your customers?
Therefore, it’s crucial that your business develops quality customer relationships. Also, you should invest in digital marketing.
You can use a multitude of marketing tools to gather customer intelligence. This will pave the way for a successful digital transformation.
4. The One and Done Myth: Digital Transformation Is a Single Project
It’s tempting for businesses to think that digital transformation is a single project that can be wrapped up in a year. However, that couldn’t be more wrong.
Once you take a close look at widely-successful businesses that seemed to appear overnight, you’ll start finding evidence of the uphill battle that this business went through, potentially for years on end.
A successful digital transformation is a widespread heavily-integrated plan that’s merged in every single business phase and strategy, especially in the project development phase.
A great example would be the digital transformation from paper-based cash systems to online banking in the banking industry.
5. The Scorched Earth Myth: Digital Transformation Completely Overhauls Businesses
Integrating a digital transformation doesn’t mean that you’ll be completely changing a business’ way of operating, or turning it into an eCommerce firm overnight.
Businesses can benefit from digital transformations by using available technology to enhance the core strength that they already have in spades.
In addition, by using technology to boost employee recognition and other elements of business management, a business can grow from the inside out.
The implementations can be endless if used in the right way, as well as tailored specifically to the business and its objectives.
6. The New Specialist Myth: Digital Transformation Will Convert Your Employees Into Tech Experts
For any type of digital transformation to be effective, a business will need divisional and functional digital leaders headlining the transformation.
However, that doesn’t mean that you can turn them into tech experts overnight just by having a digital transformation protocol in place. That’s why the next step after identifying these employees would be training (or retraining) them.
This will provide you with a great way to integrate learning in your business culture as well. Create a form of a “digital academy” to give your employees the required skillsets they’ll need for implementing your digital transformation.
The Future Is in Stable Digital Transformation
At this point, all business leaders understand that their business growth is undeniably tied to digital transformation. Regrettably, that’s what makes digital transformation myths so dangerous.
Thankfully, businesses can avoid the danger of incorrect implementation of digital transformation.
They’ll simply have to ensure that they’re keeping a steady pace with widespread digital transformation across all aspects of their business, internal and external.
In addition, now that you know all about the most common digital transformation myths for the year 2020, you’re already ahead of the competition.
However, there is still so much more to learn. For instance, if you’re not already using automation in your customer experience operations, then now’s the time to do so.
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