Digitally mature companies are 26% more profitable and fetch a 12% higher market value. These organizations have mastered the dance of technology, structure and strategy to embrace digital-first approaches. They invest in cutting-edge technology, but also in restructuring and doing business in new ways.
At New Path, we utilize a framework created by Google and Boston Consulting Group (BCG) to classify stages of digital maturity: Nascent, Emerging, Connected or Multi-Moment. We also help our clients assess the following factors that may influence their path to digital maturity.
1. Ongoing improvements
Does your business value ongoing iterations and improvements? Or do you have a one-and-done type of culture?
Digital maturity only happens through trial and error. Businesses are rewarded for experimentation and iteration. If you discourage risk-taking and innovation, your business will struggle with digital maturity.
2. Organizational structure
You need the right business structure in place to support digital maturity. For starters, that means having buy-in at all levels of the organization. Everyone from the C-suite to your employees has to believe in the value of digital maturity.
From there, you have to evolve every department—not just sales and marketing—to embrace digital transformation. If you implement it piecemeal, your organization can’t truly be digitally mature. Everyone from IT to accounting to customer service should invest in digital maturity.
3. Revenue
What is your main source of revenue? Do digital services and campaigns account for the majority? Are you winning more contracts than your competitors because of your digital processes? The dollars won’t lie; honestly evaluate where the money is coming in to see if your revenue is aligned with your path to digital maturity.
4. Omnichannel customer data
Digitally mature companies can track every touchpoint in the customer experience regardless of device the customer uses. Do you track the right data to support these types of insights?
Omnichannel is far from easy, and that’s why digital maturity is an ongoing process, not a finish line. However, the most digitally mature organizations can master omnichannel tracking and enjoy more powerful customer insights as a result.
5. Automation
AI, machine learning and automation are an essential part of digital maturity. Are you using this technology?
If so, that’s a good place to start, but remember that you need a strategy behind the technology. Automation tools are fun, but they must align with your business goals to keep you on the path to digital maturity.
There have been significant advances in automation within the advertising industry, and New Path uses these tools to give you the most efficient marketing spend. While some agencies have a tendency to get distracted by the latest technology, New Path keeps our clients grounded with strategic, data-driven paths to digital maturity.
Contact New Path Digital to learn how to get started evaluating your path to digital maturity!
Summary
Like most strategies that save time and money, digital maturity requires an investment of resources. Technology is just half of the equation; digital maturity is also about how your organization uses that technology. It is a constant process of improvement, which is the real key to succeeding in an uncertain future.
