Digital Transformation Strategy is one of the latest hot topics. Allow me to introduce my perspective on how to prioritize, implement, and measure Digital Transformation Strategy (DTS).
Digital transformation strategy (DTS) is reinventing or inventing your business in a disruptive market. The strategies may include 1) spin up a startup within a larger organization, 2) create a few digital experiments, and / or 3) leverage technology to reduce costs and improve efficiency. Gupta (2018) opined the Digital Transformation Strategy Canvas framework will help you cut to the chase so that you may:
- Innovate your business model
- Strengthen your value stream
- Think about your customers empathetically
- Create an agile organization
Business agility is enabled by DTS and allow companies to respond to threats and opportunities to enable business and human growth to achieve strategic goals. The goal is delivering customer value that represents a measurable outcome that can be realized and shared. The delivery DTS outcomes will allow companies to outpace the competition.
The nine elements of the DTS that describe attributes critical to business success or operations. The details of each element inform leaders of the organization from a business context versus a technology lens. The following are the DTS canvas elements:
- Driving purpose (why) for the change
- Top one to three customer jobs to be done
- Technology agility needs
- Time urgency
- Cybersecurity measures
- System integrator partners
- Optimized value stream steps (max. 5)
- Payback (ROI or Service based costing)