Here is how to make sure you’re not among the 87.5% of digital transformation projects that fail.
1. Build the Strategy, then adopt the technology
Start by building a strategy to maximize digital technology’s potential — then pursue upgrades, as necessary, to achieve that vision.
Take a holistic look at the organization and how it functions. Then build a road map and plans to use technology to achieve strategic goals across the business. Your digital transformation strategy should have regular milestones, cost estimates and success metrics.
Don’t set the plan and forget it. Fail fast, be agile, learn from mistakes and adjust along the way.
2. Improve employee and customer experience
Technology becomes transformative when it improves the way employees and customers connect to one another.
Look for ways to unify online and in-person systems or to create automated customized offers for customers. Use enhanced data insights to halt costly advertising campaigns that generate low-quality leads, and adopt marketing tools that make customer interactions more meaningful and efficient.
Employees need a 360-degree view of services, service requests and their status. Move data out of clunky spreadsheets, automate routine processes and consolidate system logins to single sign-on.
Use artificial intelligence and data to anticipate customer needs and move them through the buying journey. With first-, second- and third-party data available, you can learn a lot about your customers’ financial search experience before they even reach your website.