Digital transformation is essential for eCommerce success. According to a Deloitte survey, 55% of companies that made at least one step towards digital transformation saw higher net revenue growth. Finding digital solutions that will increase efficiency requires discovering what may work and testing it.
The process of digital transformation begins with identifying problem areas and finding digital solutions. While these solutions are being tested, measuring progress is essential. There should be a solid focus on the return for the time invested. Insights discovery is an important part of this process.
Find ways to integrate platforms into a seamless ecosystem. At the same time, pay attention to what competitors are doing. Finally, keep testing these solutions, and don’t be surprised if you have to revise the approach and start again; discovery often happens after more than one attempt.
Insights Discovery: A New Business Model That Is Here to Stay
Digital transformation involves a dramatic adoption of technology to improve business performance. It requires integrating tasks and working with several departments to create a unified approach to reaching customers and opening up new revenue streams.
Companies are adopting algorithms for measuring everything from customer satisfaction and engagement to inventory management. The pandemic has required businesses to increase their digital reach and interact with customers on social media and eCommerce platforms.
Digital transformation requires matching objectives with business goals and to make improvements that are going to be ideal for your business. The customer journey map should provide clues on where to make changes. Look closely about what needs to be changed and digital solutions will provide the means to making these changes.
What Is Digital Strategy and How Important Is It?
A digital strategy is the practical side of digital transformation and it outlines practical steps towards implementing technology into every aspect of the business. Not every solution or tool is ideal for every business.
Investigating the processes that need improvement, introducing new high-tech methods, and testing these methods allows businesses to discover the best approach.
The first step is to develop a digital strategy is to take stock of the company’s current digital approach and compare it with the way competitors are using technology. Evaluate tools and SEO strategy and find areas that require upgrades. Research trends and promising new solutions.
Examine your digital presence and identify strong, weak, and neutral areas. Figure out why the strong areas are succeeding and what needs to be done to revitalize weaker aspects. Focus on a digital solution that will correct each problem and improve processes that could be more efficient. Always keep in mind short and long-term objectives and what the solution is expected to achieve.
Your website is the headquarters for your digital transformation, so ensure it provides the optimal experience for customers and incorporates advanced features. Updated your site’s graphics, interface designs, and web analytics. Tweak your SEO strategy and perform fresh research on keywords. Revise your content with new keywords and links that will attract more conversions.
Think about data. Ask questions such as, what kind of data does your company need, where can it be obtained, and what tools or methods will you need to collect data. The answers to all of these questions form the basis of the digital strategy.
The Discovery-Driven Approach
The discovery-driven approach provides flexibility and supports a certain amount of risk. It uncovers new ideas, tests them, and revises the process. This approach unfolds and grows with the methods and defies the linearity of conventional planning.
The discovery-driven approach begins with framing expectations about what the business should be like and creating realistic objectives to reaching this goal. To balance framing, benchmarking is required to ensure that KPIs are met and that specific problems are being addressed.
The next step is to define operational requirements and ensuring that procedures are in place to deal with issues that come up. Document assumptions and find solutions that may work better than previous ones.
When planning milestones, think beyond conventional boundaries. Digital transformation involves going beyond the parameters set by regular business planning. Taking bold steps and thinking beyond modest goals while still maintaining measurable progress and meeting KPIs is the key to the discovery-driven approach.
The Discovery-Driven Approach to Digital Transformation
The sea change in eCommerce has been a boon to many businesses but it has overwhelmed others with the pressure to change overnight. This had led some companies to make bold moves that might not have succeeded because of uncompromising strategies rather than incremental changes.
Discovery-driven planning provides a step-by-step approach to going digital. It allows companies to grow at their own pace by setting specific and realistic objectives, testing solutions and approaches, and revising as necessary.
Measuring according to KPIs along the way provides a solid indication of whether the strategies are working, what more needs to be done, and what can be phased out. Discovering the most suitable digital solutions, testing them, and incorporating them into your business operations is the most effective way to grow digitally.