Is digital transformation the answer to growing your business?

‍How can my business attain high growth sustainably and become a market leader?

Have you ever wondered about these questions and looked for ways to boost your business growth?

Digital transformation, in many leaders’ eyes, is no longer an option but an imperative for business growth.

92% of company leaders think their business model will not remain viable at this rate of digitalisation. But 70% of companies failed in digital transformation. Doubts and questions start to prevail:

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‍Why doesn’t my digital transformation effort pay off?‍

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If you want a pointed analysis and practical advice for your own business, just go to the very end and join the free 30 minutes’ consultation with Binomial, an innovation-driven consulting company. And then, come back here to take a look at the 3 common myths that may hinder the digital transformation of your business.‍

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Myth 1: More investment into digital transformation means better business outcome

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‍Spending more doesn’t necessarily provide you with the desired business impact.

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We have witnessed many million-dollar investments in digital transformation that brought catastrophic returns to business. In fact, research shows that leaders of successful digital transformation don’t spend more money on technology than others. In some cases, they spend even less, choosing to fund digital transformation investment by de-prioritising non-strategic projects and being careful in the selection of specific solutions.  

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At Binomial, we advocate business transformation as a pre-requisite for digital transformation. Business transformation is about adopting a proven framework to fundamentally improve the way you deliver value to your customers and the way you run your company.

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Myth 2: Digital transformation is a one-step process

Digital transformation is a journey.

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Although we live in a time of rapid change in consumer preferences and technological developments, digital transformation requires patience and careful planning in stages. To do everything at once will only increase the risk of failure. Digital transformation is more like a culture, a way we think and do, and it is formed by four pillars:

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1) Strategy

2) Process

3) Technology

4) People

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At Binomial, we advocate first defining a transformation plan for the business by outlining each step of the journey to become a market leader, and identifying how digital technology might support the journey.

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Myth 3: Digital Transformation is about technology‍

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A technology-first approach almost always leads to a disaster.

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Indeed, there are many reasons for failed digital transformations: technology, people, culture, and so on. However, one of the most critical is the failure to define and anchor the business growth strategy, which is the fundamental factor for your final success. We have seen multiple times massive technology projects delivering outcomes that are far below expectation. These cases suggest that companies need to have a clear business roadmap before jumping into technology, to make sure that digital solutions fit with their future-state business and operating model.

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At Binomial, we advocate you start by transforming your business using customer-centric design thinking.

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Of course, listing myths alone will not make your company's digital transformation 100% safe and successful. But all these myths centre around one thing:‍

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If you want to achieve truly transformational business growth, don't start with digital transformation. Start with your business growth strategy,  and use technology and digital solutions to support bringing it to life.‍

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‍Binomial is an innovative consulting firm. We combine practical growth strategies, design thinking, and agile execution for your company to succeed in digital transformation.

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‍Want more practical and detailed advice directly related to your business? ‍

‍Schedule a 30-minute consultation with Binomial. It is free and worthwhile.