Digital transformation strategy: 6 steps for success

Determine your most critical business needs, said Tom Austin, CEO and founder of The Analyst Syndicate.

For example, does your company need digital supply chain transformation to take advantage of newer technologies, such as machine learning and analytics? Once you decide on critical business needs, decide how to address them, and give them a defining name so the goal remains in focus.

“Many an executive sits in mortal fear of the threat of Amazon entering and conquering its business segment,” Austin said. “So, they formulate business initiatives to defend and enhance their position vis-à-vis Amazon.”

Best Buy, Kohl’s, Trader Joe’s and Walmart are four companies that created several new initiatives to hold Amazon at bay — or at least to improve their competitive posture against the retail giant, Austin said. Those strategies were the following:

• Best Buy decided to defeat or reduce showrooming, which is people checking out the goods in the store before ordering the same on their phones. Best Buy achieved this “Technology was part of the business strategy, of course, but first and foremost, it was business strategy,” Austin said.