In 2018, around USD 900 bn were spent on failed DX efforts. It was not a special year, historically, the success rates in DX have been abysmally low. A lot of research by leading institutions reveals a lot about DX, but the knowledge gap still is high; the gap is still broader when we speak of SMEs.
This is what makes the Techment DX Framework a must read and adopt framework.
The EIGHT Step/Elements:
This framework is designed for SMEs and companies in general to attend to every vital issue of the journey at the right time. In case you’re wondering why frameworks such as this one are important look at the graph below.
Only 3% of successful transformations prove out to be sustainable. The data prove beyond a shadow of doubt the significance of a step-by-step DX framework.
A few of this framework’s salient prepositions:
- Mapping digital strategy with business strategy
It is one of the most vital steps to take; each digital initiative must find exact resonance with business goals or must fulfil a particular business need. It is worth mentioning here that this is a reiterative process, and new initiatives must find their origin in business goals. In fact, business goals and vision must drive the digital initiatives and strategy for successful and Sustainable DX.
- Address The Biggest Roadblock early in the DX Journey
Research reveals that the greatest challenge CXOs feel in DX is the resistance they face from the employees. This is not their fault, DX is a change of large magnitude and such radical makeovers are destined to have some backlashes. The trick here is to galvanize their interest early on in the DX efforts.
One of the most effective ways to do it is to INCENTIVIZE change. Draft policies that celebrate those who change, the momentul will shift in favour.
- Measure the Outcomes
Success and failure is one thing, inability to measure or even unwillingness to measure the outcomes can result in reiteration of mistakes in further attempts too. Thus it is essential to measure the outcomes to draw meaningful inferences from it:
- What percentage of digital goals has been met?
- What percentage of the business goals, for which digital initiatives were initiated, have been met?
- What is the percentage of delay in achieving DX?
- How successful have the training programs been in triggering the cultural shift?
- Was the cultural shift properly incentivized?
- Is the leadership team satisfied with the level of commitment they have shown in ensuring DX success?
Answering these questions can help in midcourse correction as well.
For curious CXOs, managers and researchers, the entire guide is full of cutting-edge insights that will go a long way in helping SMEs profit from a structured framework. Access the full white paper and mega success story of Luminous Power Technologies follow the link: https://www.techment.com/resources/whitepaper/a-digital-transformation-guide-for-smes-to-outmaneuver-uncertainty/
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