Modern organizations are digitally transforming workflows, processes, products, and services at an unprecedented rate. IDC predicts that direct investments in digital transformation will reach $6.8 trillion between 2020 and 2023, and McKinsey & Company found that 38% of executives plan to invest more in technology to make it their competitive advantage.
Done well, digital transformation can help organizations leverage the latest strategies and technologies to connect with prospects in meaningful ways and drive business results. It can unlock new revenue streams, improve sales performance, and optimize the customer experience.
But getting started with digital transformation can be challenging if you don’t have the right framework in place. The D3 Methodology is BDO Digital’s tried and true framework for identifying and implementing tools and strategies for driving demand. It consists of three key dimensions — Demand Creation, Demand Management and Demand Expansion — and provides structure and direction to fuel your digital transformation efforts and ensure success.
In our 10-Step Playbook to Digital Transformation, we outline key steps to take as you progress along your digital transformation journey and provide resources that explain how the D3 Methodology can support you along the way. Here are some key takeaways from the playbook to get you started:
1. Know where you’re going, and how to get there. Where are you on your digital transformation journey — and where do you want to end up when you arrive at your destination? What are your strengths and weaknesses in terms of generating demand? What tools and strategies are in place, and what new tools and strategies will you need to achieve your goals? Using the D3 Methodology, you can take inventory of specific Demand Creation, Demand Management, and Demand Expansion activities you’ve put in place to identify areas that need attention. Then, you can leverage this information to conduct a formal gap analysis, and compare that with your desired future state to determine where to focus your investments of time and money.
2. Set achievable, incremental goals. Once you understand what tools and strategies you need to put in place, you can create a digital transformation roadmap with realistic short-term goals. Rather than tackling everything at once, set priorities that align with your business goals and objectives for an incremental rollout.
3. Document and measure your progress. If you’re investing significant time and energy into planning and executing on your digital transformation initiatives, make sure to document your processes, implementations, and integrations so you can analyze the strategies and results to inform future decision-making. Be sure to establish and standardize KPIs across all stakeholders — sales, marketing, and customer service — to ensure alignment and a common understanding of success.
4. Make ongoing refinements. Nothing should be set in stone. If your goals change along the journey to digital transformation, remain flexible enough to refine and adjust your strategies and processes, as needed. It’s okay to pivot or revise the roadmap. Remember: the end goal is less about perfect execution, and more about creating an optimal customer experience by building a strong digital foundation for your organization.
In our 10-step guide, we offer prescriptive advice and valuable resources to help you leverage the D3 Methodology to its fullest in order to power digital transformation within your organization. Download the 10-Step Playbook to Digital Transformation today and get started.
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