The reality is that it’s challenging to transform an organisation to compete in a digital world. Many won’t be able to realise it but it’s realistic. For instance, in 2014, car manufacturers Ford, attempted to transform their organisation digitally and they failed. Their failure showed that there is a need for a unified approach before transforming.
Presently, the evolution of digital is increasing. Based on research, over 70% of organisations claim to be carrying out a digital transformation. Nonetheless, it is generally recognised that there are numerous myths about digital transformation, even though some are not true.
Myths about digital transformation
The first myth is that digital transformation is solely for B2C Companies. This is not true as digital transformation is for every organisation. Even though the implementation of digital processes is quicker in some sectors. Companies such as; fashion retailers, financial services, huge infrastructure manufacturers, and so on have something in common; customers, partners, and suppliers.
All the aforementioned make use of digital technologies daily. The second myth is that digital transformation solely has to do with technology. Although technology is an essential part of digital transformation, cultural transformation is too equally required. This is needed by an organisation to move to the digital world.
Based on research, a digitally transformed organisation is one in which digital solutions have changed processes, business, and recruiting. It’s not only limited to customer experience but also the whole business structure which will make internal and work procedures more efficient. The third myth is that the IT department of your organisation has the digital transformation covered.
To be clear, digital transformation shouldn’t take place solely in your IT department. Just as the rest of the main strategic changes, it needs to be led by the business.
Examine your business readiness
Before you invest in technology to direct your digital transformation, there are certain things to consider. You need to examine if your organisation is ready for it and if it will lead to an advancement in your main business. The following are signs you will see, to know if your organisation is ready:
1. Your leadership fully understands what it is
Digital transformation is more than just creating an app and offering your customers daily connectivity. It’s also more than purchasing technology and educating everyone on how to use it. Rather, digital transformation enables a change to your whole business; thereby making it more effective and efficient. Thus your leaders should be fully engaged and driving what digital transformation is.
2. Your CEO is completely on-board
The CEO must be committed to transforming the business digitally because of the enterprise-wide impact of the change. The CEO occupies a senior position at the organisation and everyone takes direction from them.
3. Management has the necessary quality
Nobody is an island on their own, which is why the CEO has the leadership and management structures in place. Management needs to possess qualities and skills such as:
The ability to have foresight when thinking
Powerful collaborative skills
A transformative vision
A change-oriented mindset
The organisational leadership must be ready to embrace technology for change to happen.
4. Your Organisation is agile
Agility in business can be defined as the organisational ability to quickly adapt to change in effective and efficient ways. The organisational leadership must not only embrace technology but also seek it. Your chances of being successful with digital transformation will greatly depend on how quickly you recognise the opportunity for change.
5. You have a capital investment plan
When you invest in digital transformation, you are investing in your organisation’s future and the success is dependent on the technology and teams that you put together. Thus, your recruitment should be top-notch. You also need to expect lower profits in the near term after making the capital investment.
Although it is for the greater good. Your capital planning is required to take those fluctuations into account, especially adopting suitable benchmarks of success at each stage.
Digital transformation is important for every business that wants to succeed in a world driven by technology. It will, however, be successful if it includes an enterprise view. If your organisation is ready for it, it can also stimulate a change in the way of executing business. You will be able to take advantage of the digital relationship that flows between your customers, suppliers, and partners. Check out for the aforementioned signs and you will know whether you are ready or not.
Do you have the right tools to identify, track and measure your digital transformation? At Laevo, we have a digital Project Management Office that will build your project delivery capability and take the risk out of missed opportunities. Contact us at email@example.com, to learn how we can transform your business.