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Growth and digital transformation are the top business priorities for the present day CEOs. As per the latest CEO survey by Gartner, around 56% global CEOs say that digital transformation has helped them in increasing their organization’s revenue. Also, 58% CEO’s have made the digital transformation as their topmost priority.
CEOs now have a crucial role to play in navigating various parts of the digital journey. Additionally, to capitalize business success CEOs and CIOs should work together to scale up digital efforts. To be precise, digital transformation is crucial for legacy companies to be successful as technology has taken over every single industry today. Cloud computing, mobile, analytics, now followed by Artificial Intelligence, the Internet of Things, 3D printing and manufacturing, drones, genomics, wearables, etc. have transformed everything.
For implementing a successful digital transformation, a company needs a roadmap and strategy in place. Here, is a step-by-step guide to digital transformation:
Today legacy is more of a problem than a solution. Digital and network-based industries are organized and managed differently than a traditional business. Hence, the transformation has to be kept as the topmost strategic priority. It is needed to equip the board and executive management team to adapt the new technology advancements required to develop, operate, and nurture a digital business.
According to Harvard Business Review, the speed at which digital innovation is affecting the global industries, CEOs are bound to look for newer technologies. The talent and set-up that supports the company’s existing operations cannot meet the needs of a digital and networked future. This change will need teams with new skills. Even the existing resources need to be trained and made digitally equipped. One good idea could be to create an innovation lab, which allows employees to put their talents to good use to introduce inventive technologies. Also, the infrastructure of an organization needs to be improvised to deliver the tools the workforces need to dive into a digital world.
Big Data and Analytics can drive innovation, growth and customer service. The full potential of both data and analytics is yet to be fully realized, which can bring about a significant increase in the revenue. Deriving insights from analytics will help in making better decisions, increase inefficiencies and gain competitive advantage.
A digital leader creates an organization that is nimble and can detect what type of change is needed. Most importantly a leader of this kind can provide the most viable solutions. A digital roadmap needs to be created by such a leader incorporating all the elements that a company needs to succeed. Projects that are not in alignment with the company’s digital transformation must be done away with.
Very few companies have the in-house capability to do the project on their own, so they should reach out to third-party experts who can fathom the situation and business objectives and provide the best expertise to work on implementation. The organization can hire consultants, to make their journey of transformation smooth and who can work within preset goals.
The steps mentioned above will entail modifications to your entire organization’s structure. While policies or talent gaps may thwart major shifts, make the changes you can make, no matter how insignificant. Slowly, as the momentum builds and comfort comes in, you can bring in the major changes. The future is about business models that are holistic. The opportunity is to learn and go digital just in time. Single improvements may not help, but a complete transformation is required.
Lastly, it is needed to have the capability to measure the effectiveness of the digital transformation tools for the organization. It is imperative that there are some tools that can be deployed to observe the changes in experience this digital transformation is bringing. Continual testing and collection of reports can give a comprehensive view to track the effectiveness and overall impact of this transformation.
Only a CEO or a CTO can achieve this transformation by breaking down the boundaries, giving teams a go-ahead to set new procedures, and providing the strategic framework to support the new order. A digital transformation is no longer an option for companies. Every company has been impacted in some or the other way. Since the digital agenda is led from the top, the only question now remains, are you and your organization ready to do what it takes?
