A 2015 MIT/Deloitte study explained Digital Transformation as a ‘Strategy’ not a ‘Technology’ and provided a contrast between maturing digital businesses that leverage integrating social, mobile, analytics, cloud, AI etc. towards transforming the ways they operate, survive and grow, against the ones that focus on solving discrete business challenges with individual digital technologies.
These observations are alarmingly true (even in 2019). As Boards, CEO’s and their lieutenants continue to try to get a grip on the length’s/breadth’s of what Digital Transformation represents (and enables in the short and long runs), it is becoming increasingly more complex to define true parameters of its success (especially considering the evolving AI, Machine Learning, Blockchain etc. landscape). And while disruptions are becoming more and more rampant in every industry in every part of the world, many leaders still continue to find the right answer for the simple question – How do aspiring organizations get ready to tackle the demands of the complex digital economy of the future? The answer to which is a combination of many ideologies, thoughts and strategies, some of the ones below provide a perspective.
Reimagine your Vision of Success
Injecting a digital mindset into an already successful enterprise can be a daunting task. Yet, the handful in the developed world and way too many in the developing world that are still not totally bought into the realities of the Digital World, will soon learn the art of survival. And like all things trivial, the shift must start with a ‘Vision’. But what is vision anyways when it comes to Digital? and why do so many still equate Digital thinking with social media thinking? While such leaders ponder on the answers, successful ones routinely go back to the drawing board and reassess their parameters of success and craft a re-imagined vision which factors in the disruptions that are upon them both internally and externally (again and again and again).
Make Digital Transformation a top business priority
It’s surprising that in 2019, many Board and C-Suite members are still not caught up into the value and the importance of Digital as a strategic and top business priority (very true for the developing world). The skill gap many of them possess guides them in seeing this as an IT initiative and at the most to be run by someone hired with a fancy (and cool) Digital title. Unless Digital Transformation gets a front row seat on the priority list of the Board and C-Suite, it will not have the impact it requires for the health, longevity and the long term survival of the business.
Be ready to adopt new business models
Thinking digitally and thinking in traditional ways are polar opposites. Digital approaches typically lead to new avenues of growth which requires a mindset in tune with managing change on a continuous basis. The opportunities that present themselves as a result of this mindset typically lead to outcomes that become the centre of business transformation and new revenue streams that were previously uncovered. This can amplify any organization to the next level and the new ways of realizing these revenue streams and measuring the growth as a consequence can be explored and mastered.
Map Data Goals to Business Goals
Most organizations do not have a perspective about the mountains of data they possess on their processes, customers, vendors, etc and often struggle with trying to make sense of it all towards meaningful business gains. Many scramble for the right technological tool to analyze the data but often fail to map this strategic asset to the goals of their organization. They also do not invest in creating a holistic data strategy of not only the data in their possession but avenues to continue to collect more. The clearer the mapped goals, the more sense the data makes, the more the business can thrive and achieve newer and higher goals.
Expect and Embrace Failure
Innovation initiatives often fail, but they can be great to learn from. Therefore success on the Digital path is extremely dependent on the organization’s ability to charter into the unknown (in a relatively calculated manner) and take risks via this ‘try and fail’ culture. The further deep this tenant of culture embeds into an organization, the more chances the organization will have to take on bold innovations and newer business models for ultimate growth and profitability of the business.
So where does the Digital Journey begin?
TransformX is a global firm focused on Human Centric Transformations. The TransformX Employee Enablement Solutions are built on the TransformX Digital Maturity Model that enables organizations in taking on the demands of the next generation of digitally connected businesses.
Success is achieved in 3 phases:
Diagnostic Assessments that provide a baseline for how Digitally Mature the organization and its employees are and identifies the areas that need skill building across all levels of the organization.
Transformation Roadmaps that strategically bring customized Learning Journey’s, Innovation focused events, deep dives and workshops into the mix and build the requisite skills needed to innovate for the future.
Partner Assisted Executions are carried out for specific solution, process or innovation areas that are identified during the Assessment or the Roadmap phase.