What is a Digital Business Roadmap?
There is untapped potential in your business right now. Understanding how to unlock greater profitability and increased productivity lies in enabling your operations with the appropriate digital tools for your business.
Knowing Your Starting Point
There is reason why we call it a “Digital Business Roadmap” – you have to start with the business. You must ask yourself – What do I need to execute? How does my business work together? What tools do I have at my disposal?
We’ve often witnessed organizations, just like yours, implement technology solutions without understanding why or how these solutions will produce the outcomes they want. Digital tools need purpose and must support the business in some meaningful and measurable way.
There are four primary areas of your business to focus on in building your digital business strategy:
- Customer Experience
- Order to Cash
- Business Intelligence & Reporting
- Collaboration & Communication
Successful businesses utilize digital tools effectively in each of these areas. The most profitable and successful have a single digital business roadmap integrating all four.
The Customer Experience
One of the easiest ways to generate value and enhance your top-line growth is to look for simple ways to digitize the customer experience. There are many examples of how organizations have implemented technology to deliver customer experience excellence.
Understanding your customers, how they evaluate buying decisions and how they consume your product and/or service drives your technology strategy. Look for opportunities to enhance the customer buying journey with the technology you already have at your disposal.
This may be as simple as providing order status through your website. Perhaps there is a way for your business to utilize online chat. The key is to understand your customer and how they want to experience working with you.
Order to Cash
Another significant opportunity to leverage technology is assessing your business processes and current systems and determine how well your order-to-cash value chain is using technology. In our experience, the quickest and easiest way to increase profitability and efficiency is to make adjustments to your processes and enhance how your existing systems enable those processes.
Digitally connecting your operations may be as simple as automating workflows, using specific triggers to notify the next step that an action is required can often be achieved with your current tools and software. Another method to connect your business is to ensure the data you collect and use is accessible across the organization. It’s likely you have reams of data sitting in shared files, spreadsheets and your accounting software. Unlocking this data can be simple, but first you need to understand how the business will use this information.
Business Intelligence & Reporting
Your ability to make decisions quickly is primarily dependent on the data you have access to and how you consolidate this data. The biggest challenges we see with our clients is data spread out across many systems.
Understanding how a business creates and stores actionable data, who holds this data and how to best compile it, can still be a challenge. Fortunately, there are a number of inexpensive solutions available that allow you to create actionable reports and metrics without having to make sweeping changes to your business processes and systems.
It is our belief that the simplest and least disruptive way to start to your digital business plan is through integrating your data. Why you might ask? The ability to evaluate business performance and you evolve through digital maturity provides the foundation for measuring these changes and adjusting your plan.
Collaboration & Communication
How many channels does your organization use to communicate and collaborate with each other, with customers, with suppliers? You may think you know the answer to these questions, but I argue that you’ve just underestimated the number.
Having a set of company standards focused on how you communicate and how you collaborate to deliver customer value is critical. Knowing how the people in your business work together to deliver customer value requires engaging them and building a common understanding of how value is created and what components of your business need to work together.
But how do you know what digital tools are right for your business?