#BusinessTransformation

Strategy, Planning, Executing, and Confirming are the core elements of your Digital Transformation journey and digital transformation framework. Together, they build a foundation for a successful program that transforms your business. This video provides and overview on how to create a cohesive digital transformation program. ---------- Resources: More information and complete video series: https://www.captivix.com/digital-framework/ Download SPEC Framework Guide: https://page.captivix.com/2020-digital-transformation-guidebook-new ---------- Hi. I am Rahul Maheshwary, founder of Captivix, a digital implementation firm. After serving more than 30 companies as a transformation consultant and chief digital officer, I developed the SPEC framework for the sole purpose of driving digital transformation and digitization initiatives. Today, I’m going to walk you through the SPEC Framework at a high level and show you how it can help you successfully transform your business. So what is the SPEC Framework? It stands for Strategy, Planning, Executing, and Confirming. STRATEGY Digital strategy is nothing more than business strategy. Right now, you may see these as two very different things, with different stakeholders responsible for separate areas of the business. But as you transform, there will be no distinction between your business and digital strategies. Developing a solid strategy can be a complex process, but here are two tips for success: First: focus on your core competency. Like Britannica understanding their core competency was accurate content not publishing. Digital technology can intensify your competitive advantages when you focus on what you do best. And second: make sure you have digital-savvy leaders in the room when creating your strategy. These leaders bring tremendous value by seeing a future where technology isn’t just faster, it’s truly transformative. If you don’t have these kinds of leaders in your organization now, consider hiring a chief digital officer or a partner with a proven track record. When you align your strategy with your core competency, you have a strong foundation. This should be your mantra. PLANNING The first step in your planning should be to start building a culture of transformation within your organization. A culture of transformation is driven by three main factors: people, capabilities, and communication. By making sure that you have digital-savvy leaders in place, boosting your capabilities, and ensuring clear and effective communication, you can increase your effectiveness 3-fold. You can begin by digitally transforming governance issues. Once you’ve started to build a culture of transformation, you must focus on initiatives for both internal and external transformations. Internal transformations include initiatives focused on driving operational efficiency and cutting costs. An example of an internal transformation is implementing or upgrading your enterprise resource planning. External transformations include initiatives that drive customer experience and revenue. An example of an external transformation is an e-commerce or sales portal. After a thorough evaluation based on multiple factors, initiatives are prioritized within your digital roadmap. And always remember that technology is put in place to support your employees not the other way around. Involve employees in planning activities and use communication and on-going education to keep everyone on the same page. And take it from me...don’t waste your time creating detailed plans for more than a quarter. The pace of technological innovation makes detailed tactical planning more than 90-days out subject to constant revision. EXECUTING I recommend using agile or scaled agile methodology to implement your digital solutions. Agile provides shorter iterative development cycles called “sprints.” Sprints are ideal for incremental product builds, reducing project payback time, market risks, and waste. Pairing with the right DevOps techniques can be extremely efficient. CONFIRMING Each step in your strategy should have a desired outcome that is measurable. Your digital success matrices should include all the KPIs that will indicate success. It is critical that you continuously confirm whether your goals are being met. Without this step, your transformation benefits may be short lived. Incorporating feedback in your roadmap will make your organization agile and set you up for sustained transformation success. I hope this helps you understand the SPEC framework at a high level. But, as the saying goes, the devil is in the details. #digitaltransformation #digitalstrategy #business transformation #digitaltransformationstrategy #digital #digital transformation #digitaltransformationconsulting #businesstransformation #digitalbusiness #digitalbusinesstransformation #digitalframework #digitaltransformation #digitaltransformationframework #transformationframework