Unlocking business impact through digital transformation

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Grace Andrews
Principal Product Evangelist
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Unleashing Business Potential Through Digital Transformation

Hi there! We're here to discuss embracing digital transformation in your business approaches. Discussing the ways it can redefine your business model, if implemented correctly. Our guide today is the adept Grace Ores C Andrews, a Senior Solution Marketing Manager at Equinox.

Understanding Digital Transformation

Defined by the Gartner glossary, digital transformation is the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model. However, this definition can differ in practice across different verticals, leading to a variety of interpretations. So, instead of focusing on purely theoretical aspects, let's dive into real-world stories illustrating successful digital transformation.

Real-life Digital Transformation Stories

Two companies that embody excellent digital transformation are Phillips and Netflix. Allow us to share their journeys.

Phillips: From Lightbulbs to Healthcare Tech

Phillips, primarily known for its lightbulbs, revolutionized its 130-year-old business model in 2014. The company decided to split into two entities; Phillips Lighting (now known as Signify) and Phillips as we know it today. The latter embarked on a health-based tech trajectory, which proved to be a huge success during the COVID-19 pandemic. In this time of need, they rapidly produced biosensor-embedded ventilators to help treat COVID-19 patients. It's a classic instance of company foresight, technical adaptation, and timing converging to yield impactful results.

Netflix: A Home Entertainment Game-changer

Netflix, once a humble DVD rental service founded in 1998, fully embraced digital transformation, becoming a media powerhouse. Along with award-winning series and films, the brand now boasts a digital infrastructure rivalling the likes of Amazon Web Services and Google Cloud Compute. The business effectively identified the right moment to pivot, reinventing their business model to meet evolving consumer needs.

Digital Transformation: Technology, Necessity, and Timing

Through these real-life examples, we can see that digital transformation in the business realm is significantly about discerning the right time to try something new. These companies successfully identified the intersection of technology, necessity, and timing, leading them to their current standing.

Gauging The Current State of Digital Business Transformation

While assessing the current state of affairs, two key data points stand out:

  • 3.25 trillion - The expected spending on digital transformation by 2023.
  • 70% - The estimated percentage of digital transformation initiatives that fail.

With so many initiatives failing, it's crucial to discern what sets successful transformations apart. The article "The How of Digital Transformation" from the Harvard Business Review helps shed light on the issue. It underlines the difference between simply digitizing (enabling business as usual) versus implementing digital transformation (building real, long-term competitive advantages to succeed).

Tools and Frameworks for Successful Transformation

In any digital transformation journey, having effective tools and frameworks is critical. However, there's no one-size-fits-all solution. A successful digital transformation is more than just technology adoption; it requires a deep, organic transformation within an organization. The transformation must permeate every level of the corporate hierarchy and be aligned with long-term visions and market opportunities.

The Four Pillars of Digital Transformation

For a successful digital transformation process, you need:

  1. Clarity: Understand who you are as a company and what you aim to become.
  2. Transparency: Make sure your employees understand the transformation process.
  3. Listening: Value feedback from employees and use it to shape the transformation.
  4. Improv to Improve: Encourage risk-taking and innovative solutions.

To wrap it up, remember: every company's transformation journey is unique and demands a distinct approach. Be bold and fearless in your pursuits and remember to leverage the power of 'yes, and.'

For more insight on this topic, feel free to reach out to Grace at GrandDrews@equinox.com or connect with her on Twitter at GraceOrsi.


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