Whether looking at a specific technology or business practices in general, when a company is stagnant, it is actually losing ground to the competition. That is why all companies, regardless of their current market position, are looking to constantly transform and improve. This is truer today than ever before thanks to the incredible pace of technological advancement.
Our data says only 7% of companies are successful in achieving their digital transformation goals. This is largely because most of the companies push their technology and business forward without a firm understanding of where they currently are, or how they can achieve their future goals.
When undertaking any kind of journey, it is important to know how to get where you want to be from where you are. This is especially true when working on a digital transformation initiative fora business. Digital benchmarking is a proven process to gauge your current position against where you want to be and against other companies. Looking at how companies, both in your industry and throughout all industries are accomplishing goals, will ensure you take effective steps.
If your business has been making reactive changes to technology based on the current business demands, it can seem like you are constantly working just to put out fires, but never making any real progress. By starting with a detailed evaluation of your current position and future goals, the digital maturity benchmarking process can provide the much-needed structure required for success. This process begins by gathering key information, including:
Current IT infrastructure – Having a detailed picture of the current IT infrastructure is an essential component of any benchmarking effort. This would be the starting point of the process and the plan will materialize based on this information.
Current and planned future business needs – Knowing what the business requires currently and what their needs will be during the coming year is critical for planning
IT strategies of competition– Looking at your competition and the type of IT strategy used by them will help to identify what needs to be done to maintain any current advantages you have and build on them going forward.
IT strategies of digital champions – Digital champions are businesses (in any industry) that are leaders in how they function. They have successful business strategies as well as robust IT systems in place to support their day-to-day operations.
This is just some of the information that will be gathered as part of a comprehensive digital benchmarking strategy. When done properly, it will allow you to effectively move forward with minimal delays or difficulties along the way.
Trianz has co-developed a unique model to perform digital benchmarking for our clients. This model, which is called the Digital Enterprise Evolution Model or DEEM, was created after researching over 5000 companies across 18 industries. Based on this research and ongoing efforts, we have created the Ab-Initio (Latin for “from the beginning”) database, which contains over 1.5 million constantly updated datapoints.
To start, our consultants will gather data from your business by conducting a series of interviews with your function leaders, performing workshops and analyzing existing information about your IT and business infrastructures. This will establish a benchmark of where your business is today on the DEEM model. Based on that information, we offer guidance and insights on how to emulate digital leaders. In addition, we will also help craft an effective digital maturity strategy that will enable you to outperform the competition in the coming months and years.
If you want to take your business’ digital transformation up a notch, contact us to discuss how digital benchmarking can help you achieve that. Book a consultation today!
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