5 Things to Focus in 2020 for Success of Digital Transformation
It's been a couple of years since organisations have planned and implemented digital transformation for their business. However, out of that less than 20% of organisations have achieved expected results. Rest of the organisations are re-thinking and evaluating their transformation strategies. In today’s article, I am going to discuss 5 things which can help to keep your
digital transformation strategies on-track and focusing on these you can expect a high amount of results.
Here are those 5 things to Focus for the Success of Digital Transformation Journey:
1. Make sure your executives are committed to the Transformation Journey:
We all know that employees are an important part of every organisation and that’s why top executives and managers should be having complete knowledge about your transformation strategy. They can help you to guide, train and motivate other executives to get optimum results out of it. Digital transformation is a continuous process and it is very important to keep your workforce align with the your transformation journey. Innovation and desire results can not be achieved by a single person's efforts. It is also important to build strategic partnership with your top executives which enable them to give their best and lead the initiative.
Bain and Company says that “#1 factor in successfully executing a digital transformation is executive alignment.”
2. Focus on results that are Tangible and Sustainable:
Transformation strategies should bring tangible and sustainable effects on the organisation’s performance during its transformation journey. Small wins and positive impacts will encourage your transformation strategies and your organisation keeps embracing it. No organisation wants a strategy that doesn't bring significant results. A good strategy will bring practical and positive results and to prove your strategy you can also build POC’s (proof of concepts) and after its success you can implement in your organisation on a large scale.
Report of World Economic Forum state that “70% Of companies are yet to scale their IoT pilot projects even after 2 years”
3. Plan your Budget & Resources:
Organisation should plan their budget and resources for the transformation journey. To get desired results your best players should be working on the strategy and to align the digital initiative you should also allocate a dedicated budget. Many successful companies have seen great results by investing in their future, they have taken big risk by allocating their resources and investing huge amounts in digital initiatives.
Capgemini and LinkedIn in their report "The Digital Talent Gap" mentioned that “54% of organizations feel that the digital talent gap is hampering their digital transformation programs.”
4. Build a strong & innovative Culture:
To keep your transformation journey on the track, leaders should also plan to create innovative and positive culture throughout the organisation. Transformation is not only about technological advancement, it is also about people and culture. Leading companies are hiring distinct talent and creative minds who can add value in their organisation. Organisation is also investing in culture by developing creative workspace, people friendly HR policies and work ethics. In the long run culture can definitely impact your digital transformation journey.
Boston Consulting Group - BCG in one of their blog says “80% of companies that focused on culture as part of digital transformation sustained strong performance”
5. Centralized all your Data & Skills:
Data is the real fuel of digital transformation. Data is the most valuable asset in today’s digital world. Organisations should plan to align their data and develop a skill within the organisation to implement various operations and take out useful information out of it. Data-centric approach will help organisations to extract valuable insights which will eventually drive the transformation. Organisation also partner with some 3rd party company to develop data-centric architecture, strategy and help them to convert their data into useful insights.
In Big Data Executive Survey held by NewVantage Partners - NVP stat that “2 of 3 executives indicate that business adoption of data initiatives remains a major challenge”
Conclusion: Digital transformation has impacted the whole world in an unbelievable way. Many organisations have already started their transformation journey and many will start in near future. If organisations focus on these 5 points then they can definitely get positive out of their digital strategy.
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