When needing to embrace digital transformation, you must first look to what your company and your customers value most. Some of which might be to speed innovation or accelerate growth as you navigate today’s evolving and competitive market. Successful digital transformation requires making fundamental changes to business processes and models so that you can react faster to changing market conditions.
What better way to illustrate this, but through a real-life example?
A large financial services company knew they had to embrace digital transformation to keep up with customer’s expectations. The company’s customers use iPad-based kiosks located in partner retail stores to apply for financing purchases. They wanted to replace the kiosks and rebuild the application to run in a browser on a variety of custom-built, branded store kiosks, and make it more available outside of stores.
The project was completed within the estimated timeframe. Plus, the newly developed product increased the number of financing applications the company received by 100% in just the first five months.
How? They realized that value is the foundation for digital transformation and made value-based decisions and subsequent adjustments as they discovered wrongful assumptions and opportunities for improvement while development was still ongoing.
Thus to achieve business goals, your strategic decision-making processes need to be quicker. Our Whitepaper on Value-Driven Transformation discusses how strategic decision making can be more responsive to change. Value-Driven Transformation outlines processes that allow you to take advantage of these transformational outcomes and benefits. To start you must first clearly identify what you value.
Value is about more than just economics. Your organization’s business and fiscal values are unique to your industry and vision. They can be quantitative or qualitative, and include the entire network of products, services, suppliers, and partners that enable you to meet customer needs and business goals. For example, our financial services client identified two primary values: receiving more customer applications for services and making sure that they demonstrate respect for their customers’ time. To begin, ask questions like:
What products and/or services do we deliver?
Our client provides financial services. Getting more applications from customers is valuable to their business, and they decided to transform their application system to achieve this value. By quickly ascertaining that their initial strategy could be improved and quickly agreeing to changes, our client was able to deliver services that their customers found useful.
Who are our stakeholders? How do they help us meet business goals?
Store associates were as important to meeting business goals as our client’s customers. Associates found the company’s credit terms and approvals process confusing, hindering their ability to support the product. Customers were also confused and would abandon using services even after approval. Aligning their strategy with their values, our client decided to add tools for store associates verifying services and expediting the customer checkout process.
What customer needs are important to our business model?
This client values and respects customers’ time. When they discovered that customers were abandoning financing applications due to the lengthy process, they reduced the amount of paperwork and screens customers had to navigate. This decreased the time and effort to complete an application.
Understanding your values is critical to developing an Agile strategy and should be the basis for your transformation efforts. If you align your business and operating decisions with Agile practices, you can quickly respond to market changes and enable successful digital transformation. You need the ability to constantly and rapidly make decisions about product development and business changes—and the first step is identifying what you value.
Rob joined Small Footprint as an Engagement Manager and Senior Consultant in January 2010 and now serves as VP Global Practices & Strategy.
He has over 25 years of experience in technology leadership positions at start-ups and major corporations. He has held a number of executive positions (C-level, VP, and Director) in Application Development and Enterprise Architecture directing small and large professional teams at companies such as GMAC Financial Services, United Airlines, Comdisco, and SHLSystemhouse (EDS). He has significant experience in building large scale enterprise solutions and eBusiness systems.
the culture behind the code
Founded in 2003, Small Footprint is a software innovation company. We offer ideation, design, development and managed services to organizations that rely on innovative software to differentiate themselves and improve their businesses. Small Footprint makes custom software easy to manage through client partnerships based on collaboration, transparency and business value generation. We build intuitive software products, integrated enterprise systems and compelling digital experiences. Each of our employees shares the goal of being a part of innovation that impacts people’s lives and invigorates companies.
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