How to de-risk your digital journey
In the last few years, new channels and touchpoints have created a bold imperative for digital change. For businesses, abandoning age-old processes and investing in online innovation are key to creating compelling customer experiences. Although accepting the unknown is a part of progress, it’s also important to take calibrated risks. Here’s a three-point guide to de-risking your digital journey.
- Understand the market
The digital revolution has sparked a universe of opportunity, but it’s also seen hype take the place of common sense. Before you venture into new territory, it’s critical to analyse your customer’s buying behaviour and browsing habits and understand the trends that could disrupt the market. Data-driven insights and granular knowledge of your audience will lead to better decisions.
- Take a ‘test and learn’ approach
In the digital world, few mantras resonate quite like ‘fail fast’. De-risking your digital journey means taking a ‘test and learn’ approach and overcoming your belief in how things should be done. With this in mind,
- Organise focus groups to test new platforms and products.
- Let findings challenge your existing knowledge.
- Don’t be afraid to iterate quickly.
- Put the right controls in place
Embarking on digital change without robust risk management or governance measures can be a costly mistake. To help mitigate the potential damage,
- Implement third-party agreements with suppliers, partners, and stakeholders.
- Draw up clear policies for the protection of sensitive information and customer data.
- Introduce a contingency plan and crisis-control measures and make sure that staff members are accountable.
If you put the right controls in place, you’re more likely to get the best results.
From carefully studying the market to knowing how to resolve challenges before they arise, it pays to de-risk your digital initiatives before you leap into the unknown. How does your business approach risk management?