Digital QB Series: What Are Digital Transformations: Not What You Think - a podcast by TBX Digital Inc.

In this video, I break down what a digital transformation really is, and how you can find success on your journey.

Digital Transformation is a fundamental shift in a company’s traditional, long standing business mode to a digital first models, by leveraging technology, culture, talent, and execution.

How does this look in action?

Simply, a business model is the way a business makes money. For B2C companies, traditional business models include selling goods in a brick and mortar location. For a B2C company undergoing digital transformation, this business model may now mean selling goods though e-commerce channels and online delivery service providers.

For this shift to become possible, a business needs to the following:

Technology: Build technological capabilities to shift revenue from in-store to online/mobile channels. This can be done by either (1) building the technology in house or, (2) finding vendors who can sell/licence this technology. Decision depends on company’s objectives, size, long-term outlook, and technology functionality.

Cultural shift: Align company culture to new way of operating. This includes re-defining the vision, mission, and company values. Re-aligned culture is more agile, OK with change, and welcomes uncertainty in the world of digital disruption. Key here is that cultural change needs to be organic, led from within vs. top-down

Talent: Build the required talent pipeline and internal capabilities aligned to new digital business model in order to to operate at the highest level. This usually requires hiring digital natives, and internally investing in digitally savvy leaders, while building a long-term hiring and talent development plan to better equip the business for the future.

Execution: Without execution, digital transformation strategy is useless. Execution includes having the right structure, methodologies, and performance management systems to bring to life the plan on paper. Successful companies include a mix of company wide, cross functional leaders, middle management, and key team members, all running point as a collective unit.

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