BUSINESS TRANSFORMATION

Here's the recipe to meet your digital transformation goals

The words transformation and change trigger many questions — Why change when things are working well? Is the change worth the effort and money? Will it be for the better? And so on. Such questions are often met with stiff resistance.
Digital transformation (DX) is more challenging. The broad array of technological solutions, the diverse range of industry sizes they serve and the mammoth task of changing entire business processes add to the complexity.

But, wait a minute, haven't we been using computers, sending emails, working with digital documents (PDF, text processors, etc.), and keeping records online for decades? So, what's the big deal about DX?

True, data has been digitised for a long time, even digitalised — a new term has emerged, and no, the two terms do not refer to the same thing. Consider ERP software — that is digitalisation of business processes.

The goal of digital transformation, on the other hand, is more grandiose. For example, remotely monitoring and controlling physical processes that were previously controlled manually.

When you understand the massive effort that DX entails, and know the dismal success rate of DX projects (an average of 87.5% of DX initiatives fail to meet their original objectives!!), you can see why a cheat sheet of tips will be helpful.

So, how do you make your DX project a triumph worth sharing and potentially inspiring? We hope the following 5 tips will do the trick:

Back your DX goal with a strategy

DX is not isolated; it pervades the entire organisation. A well-defined strategy will provide direction for its execution.

Because of its broad scope and far-reaching implications, it necessitates the coordination and prioritisation of the many independent threads of digital transformation.

For example, while it must align with discrete functions such as human resources and finance, it must also work on integrating the workflow between the two functions.

Because a digital transformation programme will have a significant impact on the processes, technologies, and outcomes of all teams, the strategy you develop must complement the product roadmap.

Leadership matters are serious business

Tech-savvy leaders are critical to the success of transformations.

Having a C-level executive position, such as a Chief Digital Officer, to plan and implement digital initiatives adds value.

Technology-innovation managers have particular technical abilities to oversee work on a company's digital inventions.

Integrators have business experience as well as an understanding of technical aspects. They have the necessary tools to connect the traditional and digital parts of the business.

Depending on the size of your DX project, you can open leadership positions and fill them.

Building a team and team-building are equally important

A technologically savvy team is a must in any DX project. Businesses that have carried out digital transformations systematically and successfully have a sound talent investment strategy, which includes investing in upskilling programmes for existing employees as well as hiring initiatives to attract the required experts.

Along with putting together the right team, it is critical to ensure that team dynamics function properly. Cultural and behavioural changes are unavoidable, particularly in DX initiatives. The staff must be prepared to adapt to the changing workplace culture.
Developing new behaviours necessitates constant encouragement and continual reinforcement, which is a task for leaders.

Meticulous execution makes ideas a reality

Planning and execution are two entirely different things. As you proceed into the execution phase, the three most prevalent strategic initiative flaws — communication, engagement, and consistency — constitute a threat to the success of DX.
This hazard can be mitigated by implementing processes and systems such as defining communication protocols, daily metrics input, and weekly reviews.

Learn from failures and commit to the task

Your DX journey will be a bed of thorny roses, studded with victories, but also setbacks. That is normal.

If you have fallen short of a goal or find your schedule slipping, begin by investigating the underlying issues and correcting the situation.

Committing yourself to the goal, despite the hurdles you face will ensure success.

People in key positions have an important role here. In challenging circumstances, they can provide the much-needed motivation to the team and lead your transformation to success.

Moving ahead

Despite DX project statistics not being very encouraging, DX has dominated corporate agendas for at least a decade and shows no signs of abating.

There are undeniable advantages to DX. Increased operational efficiency (by 40%), improved product quality (by 26%), better customer service (by 35%), increased revenue streams (by 21%), and many more.

You just need to keep the following points in mind to succeed in your DX journey: first, sensible goal setting and realistic expectations; second, robust execution; and third, a controlled pace of shifting from old to new.

Finally, don’t skip ahead. All the best!

*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.