Know your position on the digital continuum

Which key factor is often overlooked that makes transformation initiatives successful? A data-driven approach. Guesswork and biases can only take you so far. Digital transformation leaders rely on objective, insights-driven decision-making models to stand out from the crowd.

You may define success as relative to the health of the market or to your own set definitions or to the strides made by your competitors. But one thing is certain - if you fail to quantify your success in real and comparative terms, you are bound to lag in your digital transformation journey. And one way we quantify success is through digital benchmarking.

Why digital benchmarking?

Our insights tell us that only 7% of companies succeed in their digital transformation initiatives. Why? The answer is simple. These digital champions use a data-driven approach to base their critical decisions such as vision, priorities and execution plans. And what helps them achieve that? Benchmarking. It’s simple – to gauge your current maturity against peers within the industry and at a global level, you’d compare yourself against your peers within your company and industry. It’s the same approach with enterprises.

It’s not hard to understand why some succeed while others fail. When it comes to pursuing digital transformation in a time of unprecedented change, it’s often a challenge to develop a vision, correctly prioritize, lead transformation and measure success. Benchmarking offers you a sense of clarity into what transformations are all about, and powers your data-driven vision, strategy and priorities to put you in a position ahead of the competition. Knowing the best practices followed by leaders before you deliberate on where to begin, how to prioritize and execute must be in your groundwork plan.

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Our approach

After researching 5,000+ companies across 18 industries, we have co-developed a model to measure where companies are on the digital continuum and how they have evolved before becoming a leader. We call it the “Digital Enterprise Evolution Model” or DEEM.

Our benchmarking services extend to enterprises and business functions as well as the core IT function. You can benchmark against global peers, leaders and digital champions to know your digital maturity and direction of all your key functions. Gaining an understanding of a business function’s evolution against global peers will help you streamline your company’s strategy and prioritize your initiatives. With benchmarking then, you can allocate your financial and technology resources accordingly to optimally maintain—and even gain—a competitive edge.

At Trianz, we follow a meticulous approach. To start with, we conduct a series of short interviews and workshops to collect data from various leaders within your different business functions, analyze the data and plot your positioning on DEEM against your competitors and digital champions. Depending upon the size and complexity of a business or IT function, our analysts will develop benchmarking insights in a span of 8-12 weeks. It takes us anywhere between 3-6 months to benchmark a whole company.

Here’s what you will get after the benchmarking exercise:

  • Absolute and competitive positioning on the maturity model, comparisons to the global/industry averages as well as what “best in class” or “digital champions” are doing right and what can you do to get there.

  • Digital competitiveness of the function or company and its current trajectory.

  • High-level competitive priorities for the function or company to focus on.

  • Workshops and inputs for digital transformation strategy development and execution planning.

Knowing your organization’s strengths, weaknesses and opportunities is important to identify focus areas, so you don’t waste your time and energy on fruitless pursuits. Benchmarking can help you determine where you are today and how do you plan to get to the future.

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What can you accomplish with Trianz?

Benchmarking can help you determine your current digital maturity across product and service portfolios, value chains, IT and organizational models to get clarity on transformations, and develop a data-driven vision, strategy and priorities. You can gauge the gap between where you are and where you need to be in terms of digital effectiveness and prioritize accordingly to leap ahead of the competition.

Through our multi-year research on digital transformations worldwide, we have developed effective conceptual frameworks that visualize each major business operation or function post-digitalization. In these frameworks, we outline the sub-functions of a business and the underlying digitalized processes. We extend the same visualization approach to develop a series of post-digital KPIs for every major function in the company to help you objectively measure the effectiveness of a digital initiative and adjust in real-time. During our engagements, we will tailor these KPIs to your specific industry and company as well as add more through mutual discussions.

Knowing what you can focus on and what you can ignore will help you in charting an effective roadmap for successful digital transformations. Book a consultation with our benchmarking experts today to learn how we can help you get ahead in your transformation journey.

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