Digital transformation is the process of adopting new technology to improve an organisation’s processes to remain competitive in an evolving business environment. Regardless of industry or sector, critical decisions are almost always based on data produced by technology, so it’s no surprise that digital transformation is often cited by CEO’s as being near the top of their corporate agenda. That said, most CEO’s don’t have a technological background and are often approached to invest in new tech with the promise of revolutionising growth. So, how can you make the best business case for a digital transformation to pitch to the board? Here are the common steps that case studies, anecdotes and research suggest you take:
1. Outline the need for change
Detail what impact a digital transformation would have on the organisation and the difference it could make to the business, its employees and its clients and customers on a macro level.
2. Identify the drivers
Specifically, what needs to change and why. Whether it’s to answer demand for products or services; to improve staff retention; or to increase revenue, identify what is driving the project and therefore what needs to be measured to show success.
3. Show the journey
A digital transformation project needs a roadmap that will show the board exactly how you plan to get from A to B. It needs to include milestones that can be celebrated with stakeholders, as well as points where the metrics can be measured to track progress.
4. Detail your communication plan
A digital transformation affects everyone internally and possibly clients or supply chain externally. The board need to be reassured that the project will be communicated effectively from the outset and that a certain level of transparency will maintain momentum and keep everyone engaged throughout the journey. Highlight potential barriers and contingency plans, but don’t forget to publicise the successful milestones along the way.
5. Forecast the results
The board will want a certain ROI, so it’s important that there are metrics and a benchmark in place to assess the transformation from day one. Be as detailed as you can and realistic in what they can expect from their investment and reassess this throughout the project. While some of the benefits may not be tracked in terms of hard numbers, they should filter down to improve the bottom line – which is where the board will be looking.
If these steps secure a green light for your intended transformation project, it’s important to continue to monitor results outside of their requested metrics to take back to the board afterwards too. If the project’s legacy is a newly highly skilled workforce after the training that has taken place, or an unexpected
Follow us on Linkedin now!