How can you fuel acceleration of innovation and transformation?
There is no magic recipe for successful digital transformation.
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Every year, the landscape changes a bit more, requiring new tactics, strategies, and tools.
That fact – permanent, continuous change – makes it necessary to:
- Stay agile, flexible, and adaptable
- Innovate and disrupt … before competitors do
- Deliver products to market quickly
Below, we’ll look at a few ways to accomplish these objectives and accelerate your transformations.
5 Tips for Fueling the Acceleration of Innovation and Transformation
Let’s look at a few ways to speed up innovation, digital adoption, and digital transformation.
Automation is one of the best ways to increase efficiency and fuel business growth.
Here are a few benefits of automation:
- Increased process efficiency
- Reduced error rates
- Boosted employee productivity
While some worry about the negative impact on employee jobs, many companies simply reallocate their human capital.
Automating certain tasks, after all, frees up employees to take on more value-added activities.
2. Develop Employee Skills
Employee training is an absolute must in the digital age.
In today’s digital skills crisis, companies must take action in order to avoid a potentially disastrous skills gap.
Companies that train their workers will boost employee productivity, engagement, and retention.
As a result, employees will be more supportive and effective when engaged in digital transformation projects.
Here are a few strategies to consider:
- Implement employee education programs. Employee training should be a mixture of in-house and outsourced training. Fundamental skills, such as technology skills, can be outsourced to online platforms, for example. In-house training, though, should handle job-specific workflows and software training.
- Use digital adoption platforms (DAPs) to automate training and onboarding. Digital adoption platforms are cutting-edge tools that offer significant ROI when it comes to employee training. By offering in-app, contextualized guidance, they increase knowledge retention, employee engagement, and productivity.
- Support employees’ goals through career development. Employees want to work for employers who can help them grow. Career development – through mentoring or education opportunities, for instance – is one of the best ways to help employees. In turn, they will be more likely to support the company.
It is important to keep employees synced with technology.
If companies fail to implement effective digital adoption projects, employees will fall too far behind the technology curve.
This gap, in turn, will significantly undercut the bottom line.
3. Become Agile
Agility is a must-have trait for today’s digital-first organization.
It offers a number of benefits – from speeding up transformation to reducing costs.
For an organization to be agile, it should apply agile methodology wherever possible.
- Agile Software Development
- Agile Product Development
- Agile Change Management
Each area that adopts agile strategies will become more flexible, adaptable, and responsive.
Thanks to the speed of digital communications and distribution, these traits can confer a significant competitive edge.
4. Increase Efficiency Through Data
The correct implementation of data technology is another factor that can confer a major competitive edge.
As with many other technologies, data technology is becoming a new standard – that is, a prerequisite for success.
Here are a few applications that can help companies accelerate their innovative transformation projects:
- Analysis and Insights – Analytics offer insights that range from competitive intelligence to performance insights. These insights can also offer new perspectives and even seed new innovations.
- Process Optimization – Any business process can benefit from data analysis. Metrics and analytics can help companies improve productivity and increase efficiency.
- Prediction – Predictive modeling can be applied to many business functions, including digital transformation projects.
To accelerate digital transformation, consider applying this to departments that don’t currently 1implement data technology. Low-hanging fruit can include HR, change management, or other non-IT functions.
How vulnerable is your industry to disruption?
Accenture points out that disruption levels have increased significantly since 2011.
Not all industries are impacted equally, of course, but there is real risk in “playing it safe.”
In fact, “playing it safe” may be the most dangerous decision a business can make.
At a certain point, companies should commit to an innovative pivot.
Accenture recommends strategies such as:
- Embracing new technologies. New or “reborn” markets should attempt to develop disruptive ideas and expand into new markets.
- Investing in your future bets. If an industry’s innovative potentials are slowing, this is a good time to experiment and place bets on future technologies.
- Forming the right partnerships. Industries that are vulnerable to disruption should partner with companies who can offer the right talent and knowledge.
- Building innovation hubs. “Innovation labs” or “digital factories” should be established internally to counteract periods of rapid disruption and volatility.
A strategic, innovative pivot could become a much-needed antidote to accelerate transformation and growth.
Today’s market is a market in transition.
When new technologies are released daily, innovation and transformation are not an option…
They are a requirement.
The tactics and tips listed here represent a few ways to enhance your transformation efforts and speed up your innovations.
For more tactics, strategies, and ideas, be sure to browse the rest of our digital adoption blog.