Digital growth is often driven by leadership’s vision and strategic directives. Many of our clients come to us because they have a vision, but it needs definition and an execution plan. This is where the business pillar that lies within Echidna’s Digital Journey Maturity Model emerges. The business pillar of your company is directing and driving your company’s innovation. Digital maturity fuels that drive with tactical efficiency and efficacy.
We discussed in last weeks post that the Digital Journey Maturity Model brings to light a common misconception in digitization, “if we are going to be successful in digital, then we need to create something completely new”. Echidna’s principal leadership comes from leading digital commerce businesses like Walmart, Target, Best Buy, Lexmark, Dell, National Instruments, and Teleflora, along with technology solution leaders like ATG, Oracle, and Demandware. They know, from experience, that you can not just walk away from your existing business and transform. Digital transformation isn’t a single event; it is a continuous process of maturity which will allow you to create innovative new models. Continuous Innovation and Optimization.
The business pillar contains six sectors within it to evaluate when improving upon digital maturity.
- Visionary Leadership: Beyond a general vision, are your plans clearly defined each step of the way? Perhaps you have a vision, but it needs more definition. It is very common to put the cart before the horse, meaning the general vision is there, but the plan still has many unknowns. Before proceeding further in digital maturity, any hole within the plan should be filled in.
- Strategic Directives: Act as a guide to those involved to implement the vision and measure success. Important and common questions to have team conversations around include, “Does everyone involved understand and align in the overall strategy for the business?” and “Have you identified tactical initiatives and is everyone clear on the their goals?”
- Return on Investment: The ultimate measure of success is the financial return realized on investment. To properly calculate your return on investment requires you to be very aware of the meaning around your business’ framework and goals. This will ensure you are not missing out on revenue opportunities and accurately optimizing your ROI.
- Roadmap Planning: Strategic roadmaps chart a course for tactical execution and progress milestones. This single part of the pillar will align and direct your organization through the journey toward accomplishing your strategy and developing practice maturity. Placing guideposts along that journey to denote milestones that represent progress and also provide the opportunity to reassess the travels ahead are imperative.
- Channel Orientation: Channel conflict offers unique complexities. What will be done to mitigate risk? With thought, planning, and collaboration, conflict can be overcome by aligning with your sales channels to grow collaboration and find mutually beneficial opportunities.
- Innovative Research: In today’s digital economy, change is constant. Emerging trends and changing markets require continuous research & planning. Understanding which trends are most beneficial to follow based on your strategy and staying on top of markets will give your company a distinguished edge.
The business pillar within the Digital Journey Maturity Model plays an important part in successfully moving forward with your digital journey to allow you to achieve the success your company strives for. Being able to chart a course for tactical execution, mitigate risk of channel conflict, and understand emerging trends in all six pillars of your company is the groundwork to digitally mature and a competitive advantage.
Does your business vision have definition and an execution plan? At Echidna, we can help you find out and walk with you every step of the way.
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