THE B

Digital Transformation

Episode Summary

Businesses globally spend billions of dollars each year on tools that aim at delivering specific outcomes. According to IDC (International Data Corporation), companies would spend 2.3$ billion by 2023. However, when we look closer, we see gaps in finding a cohesive approach that ties together all solutions under one umbrella. So how could leaders in the business run a successful digital transformation project?

Episode Notes

The magnitude of efforts required to drive digital transformation goes beyond the monetary investment to impact employees, customers, and business goals. So when digital transformation fails, the impact is detrimental. Resistance to change and the cost of retraining often overshadow the benefits of digital change. In an ideal world, everyone would embrace technological change with open arms. However, in reality, the change is much more complex. Therefore, it is no surprise that most digital transformation fails, and that isn't because of technology or wrong strategy. Instead, it is inadequate or incomplete execution. 

The solution lies in understanding key enablers to lead a successful digital transformation:

1. Define where changes are needed most: It is about developing clear direction, the impact of technological change, suggesting capabilities and areas requiring attention and investment.
2. Choreograph the change (define steps and sequence): creating a framework that makes sure the change stick. Whether that organizational or process change, who will lead the change, and how it will be sequenced.
3. Empowered people: it is the core of a change process. It is about enabling people to embrace the change.

Digital transformation isn't only about implementing a new solution. It is also about getting more value from the existing one. Hence transformation efforts become irrelevant with adoption and execution strategy in place.