Why Business Agility Matters in Digital Transformation
“Change is the only constant in life”
This well-known quote from Heraclitus has never been truer. Today’s extreme uncertainty, constant change and ever-growing complexity impact both business and public sector environments. Predicting what will change and when it will happen is an increasingly difficult task. Therefore, the current business reality is at risk and three out of four companies on the S&P 500 list today will disappear by 2027. What was once a 61-year life span for an average business in 1958, narrowed to 25 years in 1980 – to 18 years today!
At the center of this trend are the transformative effects found in technology. You have heard about digital transformation, but you are probably not sure where to start. Agility is the answer.
Here are 4 insights to consider:
1. Admit you don’t have all the answers and plan agile
Nowadays, the traditional business planning has become obsolete. As the world is changing and the complexity growing, so is uncertainty. Therefore, businesses need to have agile business plans that will allow them to adapt quickly and deliver results in line with market expectations and needs. It is OK not to know everything, but the thing about business agility is knowing that data can tell you what you need to know to move in the right direction quickly.
2. Create value & measure your progress
In the age of digital transformation, business agility says that it is better to fail fast in the right direction than to stay put. Think of companies like Blockbuster that missed out on big opportunities because they were afraid of change. Indeed, it is hard to know when an idea is good or bad. So, don’t get stuck on ideas without any data to back them up.
3. Win with continuous improvement & delivery
The reason why most of the projects do not finish on time or on budget is because of the delivery approach. Traditionally we are looking at this process: research the market, come up with an idea, plan, create a team, execute and then launch to market. However, the most productive and successful businesses think differently. They think agile: they build a product, test it, measure its success, learn from the data and then make necessary changes to develop and improve the product or the service.
4. Listen to your customers and to the data
Organisations should constantly communicate with their customers and market data to improve its products or services. Agile data -driven approach allows companies to fully realise digital transformation and using customer feedback generated data to create better results.
Do you have a project in mind? Are you looking to work with an agile software development company? We’d be happy to discuss your project! Contact us today to speak to a business expert.
Before you go, don’t forget to explore how ICON helps organisations on their digital transformation journies.Tags: Agile business, Agile Development, Business Strategy, Custom Software Development, ICON Team