At times, software companies embrace clever marketing which involves taking a general phrase or concept and At times, software companies embrace clever marketing which involves taking a general phrase or concept and building a narrative around it. This often explains and supports the sponsor’s associated sales narrative, business opportunity and revenue potential. Digital transformation is at its core, the adoption of digital technology by a company to improve retail sales performance, business processes, value for customers, and innovation. Fair enough, in an increasingly digital economy, as customer habits change, a strategy is required to reposition resources to allow companies to grow. It’s also appropriate to consider the on-going pace of change and the longevity of elements of that change which has been driven most recently by the global pandemic.
However, some large software providers market the change as a revolution. The framing of “digital transformation” is therefore to re-think everything. To some, it’s in fact a change as large as, moving from paper to smart applications. Along with the reimagining of your business and the required transformation comes the requisite large budget and the significant upheaval of the business. Often the transformation and reimagining are not supported by realistic return on investment calculations or growth assumptions. Let’s face it… the words transformation and reimagining, are usually associated with high budgets and long project timelines.
There is no doubt thoughtful transformation is required but successful businesses have been transforming themselves for years. It is possible and prudent to look at the past and evaluate your organization’s strengths before planning the future. Successful transformations include remembering the basics and approaching it as an ongoing process rather than as an event.
Overcoming technical challenges and leveraging the skills of the people and tools you have invested in and developed over the years, is part of that process. Milestones and measurement of each step and critically examining the components and pace of the transformation while decerning the facts from the hype is essential to ensuring an appropriate positive return on the transformation. This often serves as a sanity check on the amount of spend and the limits of ones’ reimagination.
To find out more on how your CPG organization can benefit from digital transformation and improve their current retail execution strategy contact our team at email@example.com.
Written by Tom Buckley