Digital transformation is the newest wave encompassing the world. As the world turns ever so gently on its axis, the revolution of digital transformation that has brought about tectonic change- in business models, customer preferences and technology. Business leaders and CIO’s are all on the same boat of leveraging it for business advantage.
Digital transformation, for many companies, is no longer a choice but an imperative. More often than not, it is misunderstood, sometimes even deemed as a threat. With many varying definitions that provide simple answers as to what digital transformation is, the reality is far more complex. And, like all great concepts, there are many myths surrounding it. Here are four must-knows:
- Digitization is linked to new business models and technologies instead of changes in leadership
Through digitization, the power of the customer is increased every day. This is because it is a live multichannel, and far more informed mode of communication. This fact facilitates the entry of competitors in many sectors and hinders strategic anticipation by the presence of multiple technologies.
It is no longer possible for a few managers to successfully lead and make the most decisions. The brutal and accelerated disruption of many business models requires the entire workforce with an entrepreneur mentality to seek opportunities from each of their roles. For this, a leadership that inspires and accompanies this collective change of approach is a must.
- Digitization revolves around relationships, and new processes with external customers
It was Peter Drucker who once said, “culture east the strategy for breakfast”. Opening the door to the idea that, having a good employee experience is the basis for getting an excellent and profitable customer experience. Therefore, before modifying the processes we have to focus on good management of our team’s change. Maintain the positive essence that led us here, evolve the mentality to remain competitive and with the involvement of employees to be more solid and sustainable.
- Digital transformation is not quick
It is a long, trying passage. Filled with stomach churning ups and downs and severe doubts, disruptions along the way. The primary quality needed of a CEO to traverse this path is not mercurial brilliance, or a driving ruthlessness or even faultless execution, but sheer, limitless patience. As the world-renowned artist, Michelangelo remarked: “Genius is eternal patience”.
Of course, merely applying these tips will not necessarily move a company, the elite cadre of companies that are seeing real value from their investments in digital technology. But clearly grasping what is necessary—and acknowledging that change is difficult—may be the first steps in a renewed approach to a successful transformation.
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