Benchmarking: The Foundation for Your Digital Transformation Strategy
Benchmarking should be the first step on your digital transformation journey. It will provide you with the insights needed to determine the digital gap between your organization and your competitors. It will also help you develop your vision and strategic priorities to catch up or leap ahead of your competition.
Using a data-driven approach, we help companies understand where they are on the digital transformation spectrum, per our Digital Enterprise Evolution Model.
Digital Enterprise Evolution Model™
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The Importance of Post-Digital KPIs
Along with digitalization, business models and processes are changing from a traditional way of doing things to a new paradigm that requires new data inputs: “post-digital” key performance indicators (KPI), or new KPI.
Although many companies struggle to put their analytics infrastructure together, industry leaders use analytics for setting up their agenda and measuring progress. In fact, our research shows that more than 95% of companies that report industry-leading performance use this new KPI to frame their digital transformation agenda and drive their business.
Leveraging new KPI for benchmarking helps organizations:
Determine what world-class performance looks like and how to get there
Evaluate their investments and operations quickly and objectively
Gather insights needed to inform strategic prioritization and allocation of resources, driving process improvement and transformation
Strategy for Getting From Your Current Status to Level 5
To compete and win, businesses need to remember what should be central to their digital strategy: the customer. Digital transformation can help provide your customers with better service and preserve revenue during periods of economic disruption, enabling you to remain relevant in a rapidly developing dynamic market.
Improving the customer experience and market relevance should be your short-term business goal and No. 1 digital priority.
Digital champions – or, those most likely to succeed – know that uncertainty is a certainty. They expect it. They plan for it. And they don’t get upset or derailed when it inevitably occurs. Why? Because they have anticipated the emergence of new customer needs and new industry dynamics; it was included in their roadmap from the beginning.
Design the Roadmap
Execution in the digital context is vastly different from traditional implementations. Agility isn’t just helpful—it’s paramount. Like a game of chess, companies must plan their moves in advance and yet do so with many different scenarios in mind.
Our experts advise mapping out scenarios to cover five important bases:
Changes in consumer behavior and emerging unmet needs
Evolution of your customer and business value chains to meet those unmet needs
Operational service planning to deliver best in class experiences with your products and services
Tactical planning: the translation of the above into measurable objectives and key results (OKRs)
Contingency planning: predictive yet agile forecasting
Strategy is both intended and emergent, therefore we believe that one of the most important layers of digital road mapping is contingency planning. That is, “If X happens, then what?” We can work with you to design contingency models that theoretically apply to near-infinite scenarios. This is what we refer to as a “living roadmap” that is multi-layered and covers every angle.
We Will Position Your Organization for Success
Leveraging our extensive experience, research, and data-driven approach, we will work with you every step of the way to assist you in reaching the highest level of digital transformation – reinventing your value chain and reaping the rewards.