How to Build a Digital Transformation Strategy Around Emerging Technology

Despite uncertain economic forecasts, spending on digital transformation strategies is set to rise to reach $3.4 trillion by 2026.
What’s more, the pace of digital transformation strategy has increased in recent years. McKinsey research suggests that “best-in-class transformational speeds” from 2018 were slower than average in 2021.
As such, senior leaders have to oversee larger and faster innovation cycles. However, emerging technologies could hold the key to unlocking your digital transformation strategy.
That’s why, in this article, we’re exploring what makes a transformation easier, along with how emerging technologies and digital strategy agency expertise can help you further. Read to learn more.

Your digital transformation strategy at a glance

Push and pull factors

The divers behind a digital transformation strategy are numerous. As identified by Accenture, businesses stand to realise new efficiencies and value for different stakeholders.
However, as competitors also seek to realise these gains, digital transformation strategies have become, no longer a competitive edge but an avenue to ongoing business resilience.
Combined, this means businesses simply can’t ignore the dual benefit-necessity of a digital transformation strategy.

The road ahead

But how can firms undergo a successful digital transformation? By now, most business leaders have heard of the three-pronged approach of ‘people, process, technology’ model.
In brief, it’s about planning a strategic direction, identifying tools that enable and enhance the journey, and securing buy-in (as well as training!) from the people you rely on to get you there.
Of course, this all sounds easy enough in theory. However, there are many risks and pitfalls along the way.

Challenges and solutions within digital transformation strategies

Digital transformation strategy pain points

Digital transformation strategies largely run into two main problems: implementation delays and budget overruns (often occurring at the same time). Surveys show the average digitalisation delay lasts five months and costs organisations up to £20,200 a day.
Given these pressures, organisations need to carefully contain the scope of their strategy and identify ways to maintain their operations to protect customer relationships and revenues as a result.

What makes a transformation easier in business?

Fortunately, there are a number of ways to ease the digital transformation process.
Namely, digital strategy agency partners and emerging technologies. We explain how below for each:

What are emerging technologies and how can they support my digital transformation?

Emerging technologies generally refers to cutting-edge tools like machine learning and artificial intelligence algorithms, 3D printing, blockchain-enabled ledgers, augmented or virtual reality experiences, and others.
There’s been lots of hype around some of these tools over the past few years; however, they could be useful within your business.
By offering a unique approach or more efficient way to complete certain tasks, you can realise new efficiencies and free up talent from your staff to focus on other business areas.

How can a digital strategy agency support my business?

Equally, digital strategy agencies can also be an invaluable partner.
By specialising in digital transformation projects, agency partners can identify and bypass the typical problems business leaders face when undertaking projects themselves. As a result, businesses can achieve their strategy on time and to budget more reliably.
However, your success with a digital strategy agency relies heavily on which one you partner with, so make sure to do your research and work with a

Modernise your business with help from a leading digital strategy agency

Future platforms is a leading digital strategy agency that’s worked with clients from across the globe. Our end-to-end services cover all aspects of your digital journey, from conception to design to delivery; helping propel you into the future.

For more information on our services and working style, make sure to check out our website today.