Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind
Digital transformation is no longer a choice. Utilising legacy software and processes negatively affects the organisation in a range of areas. It can be assumed that competitors now are lean, efficient, make much better use of their capital and delight their customers by engaging with them across multiple channels.
The fifth annual MIT SMR and Deloitte study of digital business reveals digitally mature organizations don't just innovate more, they innovate differently—leveraging ecosystems and cross-functional teams that play critical roles
These same competitors attract the best talent and are able to implement disruptive strategy at a faster pace. These economies of scale result in exponential advantage over a relatively short amount of time. The longer a business waits to adopt digitalisation, the more marginalized it becomes.
The big problem is that change brings with it uncertainty and for a large organisation that can be terrifying. Not only does redefining business models mean high-risk, the time and effort to implement them are significant. For senior executives, the time has come to start taking chances because doing nothing is no longer an option. From a position of dominance to complete irrelevance can come in the blink of an eye. The lessons of Blockbuster and Kodak are all too apparent for anyone who thinks a majority customer share will keep them safe
That said, often the most challenging aspect to digital transformation is not implementation but adoption. Seemingly about technology, transformation remains largely about people and mindsets. Integration of digital depends on new ways of working and adapting a different mindset that allows for growth and Change-Agility. Additionally traditional models of working do not support digital transformation in the manner that cross functional teams enable nimble hyper-responsivity.
Organisational capability to effectively deal with such an environment requires change-agile leaders and employees at all levels, throughout the business.
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