Nearly a decade ago, people questioned the relevance of digital technology. Artificial Intelligence was still fiction-not science; eCommerce only made less than 5% of retail sales and the concept of the Internet of Things or IoT was laughable. But the prime decade of 2000 changed everything, all viable technologies crashed the thorny process of implementation and digital transformation entered into a wider reality.
Evidently, this process of digital transformation is not about technology, since the role of chief executives, tech-directors and tech architects is fundamental to this transformation. According to a survey conducted by MIT, around 23% of companies were able to digitally transform their companies, all because of people guiding the whole digital transaction.
Few statistics on Digital Transformation (Source-Forbes)
$ 2 Trillion is the amount predicted to spent by companies on Digital Transformation.
89% of companies have adopted strong digital business strategies.
56% of CEOs have admitted that digital transformation has helped them increase revenue.
Focus on customer experience and digital transformation can generate around a 20-30% increase in economic gains and customer satisfaction.
Companies that are digitally forward are 23% more profitable than their competitors.
Around 55% of startups have used digital strategies unlike 38 % of traditional companies.
In this article, we talk about how digital transformation under strong leadership can change the business and revenue outlook of any public or private sector company-
Digital Transformation is about having a staunch vision-
Digital Transformation with time has been misunderstood. Transforming the purpose of any business with digital disruption can be designated as a digital transformation. With a strong vision, organizations can deliver a greater business value proposition and later translate it into a clear, and comprehensive strategy with a definite focus, and measurable milestones. In short, digital transformation is the future currency that leaders and organizations can bank on, but with a commitment and investment to change.
Digital Transformation uses the “Human Factor”
A well-implemented and accomplished “digital transformation strategy” is most visible in business relationships. Be it between stakeholders or co-workers or customers or partners or clients. How to achieve this?
- Change the way your employees interact
- Shift to a collaborative work style
- Create well-defined roles instead of well-dictated roles
- Create a team structure that is based on employee’s dynamic skill sets
Above all, your work environment should be fluid, where your employees find leaders easily approachable. As a leader responsible for driving digital transformation, your adequate planning must have security measures that have to be implemented in your digital strategy.
As a leader, you should? Create a data-driven approach in your digital transformation strategy since results are safer. More, you can focus on collaborations, and partner with companies who have agendas inline with your company. This way your collaborations will resonate with the audience and give a genuine impression.
Traits to aim for driving a digital transformation-
- Learning Agility
- Emotional Intelligence
- Cultural Dexterity