Prioritizing digital transformation in your business roadmap

Strategies to help you decide where to modernize now—and next.

Download the Purple Paper (PDF) to learn more about our Purple Paper.

“You can’t be competitive in today’s market without being technologically up to date.”

Stellar Tucker
Head of Technology Investment Banking at Truist Securities

Digital transformation by the numbers

Putting advanced technology to work for your company is both a challenge and an opportunity—neither of which business leaders can afford to overlook.

89%

of companies globally are in the midst of a digital transformation.

72%

of companies surveyed expect to increase spending on digital transformation efforts.

$3.9 trillion

of projected spending on digital transformation globally by 2027.

3 steps towards a digital transformation strategy

Evaluate your needs and legacy systems.

To know where to begin, you must understand where your needs are today. For example, consider:

 

  • Your enterprise resource planning (ERP) platform
  • Your key personnel
  • Your revenue-producing systems
  • Any accumulated tech debt

Use ROI to plan your digital transformation.

Grounding yourself in the outcomes you want to achieve will help you navigate through the noise.

 

  • Choose a specific goal and metrics.
  • Think big, then start small—and learn fast!
  • Balance short- and long-term goals.
  • Learn from your competitors.

Factor timing into your implementation.

Digital transformation is a yearslong process, with some projects demanding more time and effort than others.

 

  • Know how long a transformational project will take.
  • Build in extra time.
  • Develop a transformational culture.
  • Optimize for efficiency over the long haul.

Common challenges in the digital transformation journey

How can your team plan to face these challenges head-on?

Managing change and its impact on key personnel
Be open, be honest, and work to build a forward-focused culture from the top down.

Fostering a process-engineering mindset
Challenge your IT team to think through digital solutions with a process mentality. If needed, build in time to provide the upskilling to help them get there.

Integrating key systems
Investigate how your ERP system can integrate with any digital tools you want to use—as early as possible.

6 digital trends you should know

With these terms in your lexicon, you’ll be better prepared to discuss digital transformation initiatives and opportunities.

Big data

Large, complex sets of data that can reveal patterns and trends and lead to more informed decisions.

Cloud computing

The delivery of computing services (such as servers and storage) over the internet.

Fintech

Technology focused on improving and automating the delivery and usage of financial services.

Internet of Things

A collective term for the many physical devices that connect and exchange data over the internet.

Machine learning

A form of AI that uses data, algorithms, and stats modeling to teach computers how to recognize patterns and make predictions.

Vaporware

Software that’s been announced or advertised while still in development—and may never actually launch.

3 things to keep on your radar

Many of our clients are adapting their business strategies to take advantage of new digital technology.

Managing cash flow with embedded finance

Improving the customer experience with generative AI

Boosting efficiency with robotic process automation (RPA)

How Truist can help

Your Truist banker can play a key role in your digital transformation journey. They can share insights and help you map out your strategy.

“You’ve got to start with the objectives and outcomes you’re trying to achieve,” says Chris Noe, Head of Product for Wholesale Payments. “Consulting with an expert at Truist to understand best practices is a phenomenal way to do that.”

Download (PDF) to learn more about our Purple Paper.

Stay informed and get connected

Looking for fresh thinking and new insights to help uncover opportunities for your business needs?

Connect with a Relationship Manager

Work with a partner who sees your vision and has the resources to help you achieve it.     We’re ready to focus on the specific needs of your company—and where you are in your business lifecycle.

Existing Truist clients are encouraged to contact their relationship managers with inquiries related to commercial products and services.

Contact us

Helpful links

Business Insights
Truist Business Lifecycle Advisory
Business Resource Center
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