Fostering generosity with our positive-impact solutions

Why agility holds the key to digital transformation

Agility - a buzzword that we are hearing more and more in the wake of the pandemic. But while the term might seem like another overused bit of commercial jargon, its popularity reflects the growing understanding that an organisation’s ability to pivot and deploy new processes quickly, to reflect market, change is critical in today’s recovering economy.

In recent years, the acceleration of digitalisation has made previously unimaginable levels of operational agility possible across businesses across of all industries. Driven by enhanced connectivity and extraordinary new data capabilities, businesses have an abundance of real-time information and insights at their fingertips, to make better decision-making and seamless changes.

Once upon a time, implementing change was tough. Fast forward to 2022, and change is a completely different story. In today’s economy, not only is change happening quickly, it’s forcing businesses themselves to change quickly. It’s a constant flow of innovation, disruption — and sometimes chaos — that is moving us ahead, faster than we ever imagined.

It is often said that agility is the key to surviving in an increasingly globalised age full of constant technological turns and twists. According to KPMG, 81% of companies have identified agility as one of their most important initiatives, by beginning their own agile, digital transformation within the last three years.

But what does an agile business look like?

A commitment to being better

How many times have you heard the phrase “But that’s how we’ve always done it”? In today’s marketplace, the most successful businesses are those who do not fear doing things differently. Instead, they are always looking to improve and enhance the way they do things, and this is especially true for those dealing with customer journeys.

If the last few years has taught us anything it’s that businesses simply cannot survive nowadays by relying on legacy systems, stubbornness or an attachment to the past.

Making Customer Experience (CX) a priority

Digital transformation is compelling companies to change their business models and adapt to the new market reality. But, in many cases, it’s not companies that are driving this change, it’s the customer and their journey. Today, customers expect relevance, convenience and speed, in the format and device of their choosing. And to keep up with this hyper-connected customer, businesses must embrace technology and be prepared to pivot, to deliver an unmatched customer service.

Fortunately, putting the customer experience at the heart of their agility strategy is already a priority for many businesses. According to a recent survey by HBR, 72% of respondents said they were excited about the accelerating shift towards digital because of opportunities to create better relationships with customers.

The embracing of failure

One of the greatest challenges for organisations in becoming more agile is overcoming the well-established fear of failure which continues to be engrained in so many businesses across different sectors. But in an agile environment, and in the context of digital transformation, failure is an essential part of what is otherwise known as the test and learn process. Ultimately, agility is all about doing something new, discovering how well it works and assessing whether it achieves the desired results. This approach is hugely valuable for companies today that are seeking to innovate and find new ways of doing things. It requires brave thinking, experimentation and a culture where failure is embraced.

A willingness to learn

The out-dated ‘fear of failure’ common culture has created a situation where leaders choose to somehow extract apparent success from a project that has not necessarily achieved its goals. As a result, businesses often continue to invest in unsuccessful initiatives irrespective. By embracing experimentation and ‘test and learn’, companies can create a new culture of transparency, where every stakeholder understands the true performance of a new project and, therefore, how to enhance it.

Taking an agile approach means setting an ultimate goal, but not being tied to a methodology, the amount of time needed to implement it, or the cost involved in achieving it.

In the end, change is inevitable and ongoing – there is always more to do. It’s this that makes agility so important in digital transformation. Brands must be smart and lean enough to stay ahead of the curve, no matter what size they might be.

When it comes to the digital transformation of your business, Worldline can assist in aligning your payment solutions with your chosen strategy. Click here to discover more about how our products and services can support you