As digital technologies continue to dramatically reshape industry after industry, various companies are pursuing large-scale change efforts to capture the benefits of these trends or simply to keep up with competitors. In a McKinsey Global Survey (2018) on digital transformation, more than eight in ten respondents say their organisations have undertaken such efforts in the past five years. Yet success in these transformations is proving to be elusive.
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
– Bill Gates
Digital transformation is a concept that has become so mainstream that it has morphed into somewhat of a catch-all, confusing at best and meaningless at worst. Although the phrase has a different value for each individual company, it ultimately marks a radical rethinking of how the organisation wishes to use technology, processes, and people to evolve its business performance. But, how do you get started on your framework?
The first and most important element of any business is the owner of innovation and digitalisation efforts or an employee with the relevant skills. Without informed and educated employees, the transformation will not be possible. Therefore organisations should heavily invest in digital transformation training and educate their employees on all three levels: CXOs, Managers, and all employees.
Everybody is talking about digitalisation but most enterprises do not have a clear plan on what to digitalise and focus mostly on customer-facing digitalisation. The real digitalisation means that organisational parallelly innovate their internal and external systems and focus on digital innovations of all sizes. This includes streamlining internal operations such as automation, mobility tools, digital processes, and increasing productivity as well as expanding the business externally in areas such as services, marketing & sales, technology partnerships, and product innovations.
We hear about artificial intelligence, virtual reality, augmented reality and how all these technologies will completely change how businesses and people operate. But if you really want to become an innovative organisation, you need to start smarter. You need to enable people to bring even the smallest innovations to life and start to change the way they operate on a daily basis. These technologies can range from small innovations such as apps and online services to medium innovations such as rapid prototyping and agile management to large and disruptive innovations such as new business models, new markets, and partnerships.
The digital world is all about cooperation, collaboration and technology interaction. The future of corporations will be co-corporations, enabling collaboration on all levels, connecting with the best technology, people and other organisations in the digital space. The value of tech cooperation is huge and it will be even more in the near future. Some cooperation sources include employees, business partners, customers, and startups.
Are You Ready For Digital Transformation?
Preparing your organisation for digital transformation can be a daunting task, but by creating a detailed plan and utilising your team’s strengths, you can ensure that you are prepared to make the process successful. Take the first step to transforming your business with our one-day course – digital transformation masterclass to prepare you with the necessary skills and knowledge required to develop and execute effective strategies for your organisation’s digital transformation journey.