A significant challenge of operating a scientific company is taking time away from the "what" of your business to consider the "how" of it. Digital technology impacts every aspect of modern business, from how we deliver quality experiences to customers, to how we protect valuable data assets, to how we drive employee satisfaction and retention, to how we create efficient internal processes. Technology options change rapidly and keeping current can feel like an overwhelming distraction from the important work of science.
Still, it’s critical. Digital technology can be where competitive advantages are won or lost, where intellectual property is secured, and where efficiency and incremental savings are realized. Taking time to keep fresh on technology options and create a robust technology strategy is increasingly a mission critical task for companies that want to remain competitive and keep up with expectations of a digitally savvy world.
Here are some important questions life sciences teams can ask to help define and structure their technology business plan and create a successful digital transformation.
How do we create agility across our organization?
Having the ability to respond quickly, accurately and securely, both internally and externally, is vital. Oftentimes we do not pause to assess current processes and consider how they might impact speed, accuracy and security. Take a critical first step. Auditing your processes will clearly identify and help prioritize where technology can impact your business.
What is our holistic digital technology ambition?
How does technology fit into serving your target market? What digital transformations are needed for your strategic and competitive needs? Monitoring the needs and expectations of your target market is critical to delivering a valuable customer experience and enables a proactive stance toward understanding how technology impacts your brand.
How can I create value through digital transformation?
Digital transformation can be expensive, but not investing in it can be even costlier. Spending time understanding opportunity costs is important and can help identify where you want to place technology resources vs human resources. Create a bottom line, structured value model for digital technology that consists of value, operational performance improvements, and capabilities.
How do I recruit others to accept digital transformation and successfully execute the plan?
Getting buy in for digital transformation can be difficult. As a critical team member in a life science company, you might leverage a non-traditional approach. Create a story around the four challenges of transformation: cash, capacity, competency and risk.
Adopting new digital technology solutions in a Life Science company is not easy. It requires vision, buy-in, and organizational change, which can feel overwhelming. It’s sometimes easier to simply put these concerns to the side. But that can be very costly. In an increasingly digital world, reacting to technology needs with a scattered approach to digital transformation is no longer effective. Connected digital technologies are not a fad. They are a competitive imperative to help amplify science, improve productivity, and support collaboration to succeed at today’s digital pace.
Interested in exploring steps toward digital transformation? Contact us today. We have years of experience to bring to the table, and we’d love to help you grow.