Despite varying definitions and specific steps, digital transformation (or “digitization”) is a common strategy that businesses use to innovate and improve productivity. Achieving a successful digital transformation requires more than simply integrating the latest technology tools, but rather a holistic approach to digitization that includes strategic planning, employee training, and the use of data-driven decision making. With a range of cutting-edge digital programs and resources, IMD helps companies accelerate their technology adoption and create a culture of continuous learning.
The first step in a digital transformation is often to address the tech infrastructure, bridging information silos and pulling data into a single, centralized space. This allows teams to surface insights and maximize the potential of new technologies like AI. It also makes it possible for businesses to look at their business anew with fresh eyes.
Digitalization can include everything from converting paper documents to PDFs to implementing new technology systems that help employees work more efficiently. It can also involve shifting a business model and creating entirely new products or services. Companies pursue this type of transformation to meet customer expectations, boost flagging sales, or compete in a changing market.
The most effective way to manage a digital transformation is to ensure all stakeholders are involved early and engaged throughout the process. It’s important to explain the benefits of new products and processes clearly, encourage experimentation and risk-taking, and provide incentives to support a culture of innovation. Involving employees also gives them ownership of the transformation, fostering buy-in and ensuring that everyone is prepared for change. Finally, creating clear timelines and milestones can prevent a project from becoming overly complex or bogged down by unnecessary features.