Digital transformation is the adaptive creativity of digital tools to enhance products, services, workflows, business models, resources and processes. These take place within a business infrastructure as improvements or as the development of new systems.
At VERITAS we have recently released a radical approach to changing and driving disruption in the inspection management sector. Our mission was twofold, one to reduce timeframes and cost for clients and two, removing the hassle of inspectors sourcing and managing contracts.
In short, our innovative system provides an unprecedented improvement for both clients and resources. Our cloud-based technology amplifies our overarching goal to shake up the market, thus giving easy access to our clients and control to inspectors.
To help understand how businesses can achieve success through digital transformation we have outlined 8 steps that we used to create our revolutionary new system:
1. Radical Idea
Are you looking to react to a competitor’s product? Do you have a visionary idea that will change the market? Or is your goal to improve internal functions?
Ideas stem from thoughts and brainstorming is still an effective way of putting brain waves onto paper. Simply gather a group of likeminded individuals, give them space and authority to shape a solution. Formulating a radical idea doesn’t always take time, it just requires revolutionary thought patterns and a will to create something entirely different.
VERITAS: “We saw a gap in the market and formed a powerhouse team to develop a solution to the problem. We banished constraints, starting with a blank piece of paper.”
2. Incentive (ROI)
What will the transformation achieve in terms of value? What is the outcome of the goal? Are you looking to increase efficiencies, cut costs, drive the market with new products and services, attract new customers or reduce overheads?
These questions are imperative to understand the what and the why which will ultimately define the purpose. The outcome is the business value released from the objectives and initiatives. Coupled with a comprehensive set of KPI metrics, to monitor and track value released at each stage. Successfully unlocking value is not always delineated into profit especially in the short term, digital strategies are often value intensive, increasing exponentially with time.
VERITAS: “Business incentive (ROI) is not forged purely on return of money. Our primary goal was to disrupt and shake up the market.”
3. Leadership
Identify key personnel who may be a hindrance? How will you get buy-in from such obstacles? Which areas might require further exploration?
To stand a chance of success key stakeholders must agree with the proposals providing a clear transformational road map from conception to production. Any influences that could cause the project to veer off track must be eradicated from the beginning. Unity and a common pursuit are the only way to ensure the project can go ahead without disturbance.
VERITAS: “Our small team united in mutual collaboration meaning hurdles of convincing stakeholders was not an issue.”
4. Money
Do you have the cash available? What areas in the business can be overhauled to release funds? Do you need to raise money through investor opportunities?
To bring a new idea to fruition you need money. This may involve halting projects or cutting back on resources and whilst such extremes may not be well received, they are essential to freeing up the cash. If there simply isn’t enough money seek out potential investors to help raise the necessary funds.
VERITAS: “A radical idea will succeed if investors don’t require convincing.”
5. Resources
Do you have the necessary in-house skills to develop? Will you need to elicit outside help? How will you train operational staff?
Having the right skills can make or break a project. Not all corporations have a readily supply of knowledge and experience. Outsourcing or utilising contractors may provide the necessary means of staffing the project without the need to recruit full time. At this stage emphasis needs to be applied to calculating resource availability, not only for the project but for the operational future. Training and tech support for staff and customers should be clearly defined.
VERITAS: “Our team consisted of radical thinkers and market experts, to put the idea into motion we outsourced design to an intelligent product development team.”
6. Development and Implementation
How will you implement the new system into your business? Will this affect core business functions or disrupt the whole infrastructure? Do you wholly trust the development team?
Breakdown your road map into definable segments to develop and implement. Retrace the above steps to ensure everyone involved understands the priorities. Business models may need to be adapted to sustain large infrastructural changes. Whilst adhering to the road map, there needs to be flexibility to redevelop, test and refine, not all outcomes will be easily defined from the outset.
VERITAS: “Clearly identify your motivation then hand over the reins to those you can trust to turn the concept into a workable product.”
7. Customers
Is there a definable market for your new creation? How do you plan to attract new customers? Will existing customers be affected? Which marketing strategies will you use to find prospective clients and buyers?
By this stage there will either be a workable end to end product or a prototype of your system. Now it’s time to start rolling it out. This may begin with demonstrations, presenting the functionality to prospective customers or using a named client to test the design. A well thought our content strategy with additional funding for advertising needs to be considered focusing on the benefits and what makes this a stand out solution.
VERITAS: “With a twofold mission strategy our end game can go in a multitude of ways.”
8. Competition
Have you succeeded in developing a disruptive innovative system that will drive sector change? Will your new found status be the envy of your competitors? How will you monitor success?
The answers will only become apparent once the product or service is released to market. Size of the project matters very little, if the change doesn’t significantly impact the business then this will dilute into the sector. It pays to keep a watchful eye on competitors, understanding what they are doing and how they react to the change. In the long term you want to revisit steps 1 to 8 to refresh your business and emulate rivals.
VERITAS: “We know our idea is revolutionary, feedback has shown no one else is doing it.”
Off the shelf solution
When deciding how to achieve the maximum amount of value with the least amount of effort and costs, an off the shelf solution can provide a business with the necessary outcome. Not only does this negate the need to build in-house or to outsource skills it also helps to distil pressure away from core services and resources.
It is widely known that smaller technical companies lead the way in developing disruptive systems. They have the budget, manpower and innovative ideas without the need of managing operational hassles that often govern corporate organisations. Their focus is on developing not managing.
At VERITAS our cloud-based system can be integrated with an existing client’s applications, purchased via a license, a complete solution or as a direct buy-out offering multiple ways for clients to decide what is best for their business. This approach minimalizes disruption, increases speed to market and ultimately cut costs.
Conclusion
Being an innovative thinker doesn’t come naturally to all. Achieving the best results means finding those that can, otherwise the idea will become just another project. To be classed as disruptive it must radically shake up the sector, striking fear into competitors. It drives others to copy or in some cases to push the boundaries ever further. This creates a playing field for businesses jostling for position and whilst this might not be conducive for companies it gives customers more choice.
Whether you chose to develop in-house or utilise an adaptive solution there has never been a better time to implement a digital transformation strategy. With the impact of COVID-19 circumventing the globe those visionaries that do will stand a much better chance of thriving in the future.