In just a matter of a few weeks, the world we live in is disrupted in more than one way. COVID-19 was the most undesirable factor for any of us to make digital transformation a priority. Business leaders across many industries were coasting along with Digital strategy as a nice to have feature but not with the vision and rigor of making it a priority. So, digital for most businesses has arrived from the future to the present.
With the current economic situation and the uncertain trajectory we are threading, business leaders have to make some tough choices. Organizations that are already on their path of digital transformation will be better positioned to handle the current situation and will emerge more robust post this crisis. For many, it will be building the parachute as they are jumping off the cliff. Thankfully, there are solutions built using technologies like Automation, Cloud, and AI, which are business-ready and can accelerate digital transformation.
Here is a sprint approach to digital transformation and critical questions you as a business leader needs to address:
Day 1: Create a Digital RoadMap and choose a target. The key questions are:
- What are the emerging customer behaviors?
- How has my supply chain changed?
- What new channels have formed to reach my target market?
Day 2: Sketch Compelling Solutions. Revisit your products and services to understand which of them will hold relevance in the new world and what new offerings will find value in your customer’s hearts. The questions you have to tackle are:
- What products will accelerate my recovery path?
- Which products/services will have the least resistance to adoption?
- What price-value considerations do my customers hold in the digital world?
- How quickly can I build a new product/service?
Day 3: Decide on the best. While there could be many choices for your recovery, we will have to pick the winner. Some key questions to help you make that wise choice are:
- What is the agility of my new business model?
- Which Digital channel will have higher customer lifetime value, low customer churn, and earn higher ARPU (Average return per user?)
Day 4: Build a realistic Prototype. Here time is the essence, so building something quick and functional is essential. We are trying to create something that will last forever but also have to develop it for change. A few questions to consider:
- Which tool/technology can help me launch faster?
- Which features/functionality will win me, customers, fast?
- How quickly can prototype emerge as a complete offering?
Day 5: Test with Target Customers. If you have a business that has earned the trust of your customers, you will always have some ready to take chances on your experiments. A few things to watch out for:
- Watch and perform analytics on your customer interactions with your products/services.
- Create an ecosystem for your customers to consume your products, which makes their lives complete.
- Emphasize collaboration to increase adoption.
The underlying considerations for you to get this Sprint right are to have the right talent mix which owns an agile mindset.