Digital transformation is essentially change. What will the market look like and what will customers expect? Where do you want to be in 3-5 years? Where do you go from here?
Define the business case for change. Typical change drivers include:
- Need to deepen relationships with customers, simplify and improve customer experience
- Make it easier for customers to self-serve
- Increase digital engagement by delivering differentiated experiences
- Digitize operations to drive expense reduction initiatives and rationalize cost structure
Create strategies that leverage the power of business, technology and operations. Address issues that are unique to the industry context.
Develop business and operating models addressing everything from a specific task, function, release to the entire enterprise. Execution cadence is the essence of an operating model.
Prototype translate your strategy from PowerPoint to working prototypes that give life to your idea, enabling you to persuade internal stakeholders and customers alike.
Prioritize Execution. Identify 2-3 business initiatives that have the greatest potential. Doing too much is the “recipe for failure.”
Deliver real outcomes from technology-enabled transformation initiatives. This includes:
- Define the technology and infrastructure blueprints.
- Create business value from innovations such as mobility, cloud and big data.
- Develop applications that digitize and automate business processes, delivering business outcomes through platforms, APIs, security, cloud and DevOps.
- Deploy to the private or public cloud.
Change Management and leadership…Effective leadership and change management are imperative to making the transformation from “doing” digital to “being” digital.
Digital pervades every aspect of your business, not just the ones that face customers directly. If you don’t recognize this or adjust to this…you will be irrelevant in a few years.
Here is how JP Morgan attacking digital transformation.