Digital Transformation...
Digital transformation is everywhere. It enables organizations to compete more effectively in the ever-changing digital economy, yet it instills fear and misapprehension in many. As with any organizational change, either proactively or re-actively, it is essential to understand just how digital transformation can work for you.
Start by asking these five questions:
1 Is your digital plan increasing your business or technology agility?
Digital can make your organization more agile. It is why so many banks set up a FinTech arm to maintain their competitive edge and fight off new competition because existing banking infrastructures did not allow them.
2 Do you believe that you have enough technology and digital-literate executives to achieve your digital goals?
Most organizations have a gap between the IT department where there are pockets of deep understanding of how to use big data, Internet of Things (IoT), machine learning, and predictive analytics to drive innovation and the talent necessary to carry out all the functions. Often there is a lack of understanding and a fear of these types of technologies, particularly by those in management or executive positions, and an inability to understand how they can operationalize them to drive business innovation. However, since it is the management who hold the purse strings, it is in your interest to educate leadership on these technology opportunities, to get them familiar with and appreciate just how technology can help realize their ambitions.
3 Is technology helping you win against the competition?
And not just from competitors you see today, but those in the future from unexpected sources. Who could have foreseen that Airbnb, one of the leading companies in the Hotel/Travel industry, would not even own a hotel?
4 Do you have the right technology skills to deliver the technology innovation you need for growth?
Quite often barriers to markets are a result of the limitations of your technology portfolio. If this is the case, you need to ascertain what new technology skills are required to enter these new markets.
5 What skills do you need most to meet your digital transformation agenda?
Start with the brainstorm, the vision statement, then identify the needs and create a new business model. Organizations must find a way to empower employees, engage customers, optimize operations and business processes and transform products or services.
Thoughts from Vijayan