Taking the lead with digital transformation
There’s a lot of jargon thrown around in the world of business and technology. One phrase which seems to be gaining a lot of attention these days is ‘digital transformation’. But what exactly is it – and what does it mean for you and your business?
Digital transformation is a broad term encapsulating a complete overhaul of business strategies, organisational structures and technical processes, making sure the vast opportunities from a growing number of powerful digital trends and forces are fully leveraged. It’s designed to ‘future proof’ businesses, shifting their strategy into a forward-thinking, proactive mindset.
Did you know that only 12% of Fortune 500 companies from 1955 are still in it? That means nearly 9 out of 10 of those large, successful and powerful companies didn’t respond to change rapidly enough. Maybe they had outdated technology – perhaps the methods of training and strategy they used became obsolete.
But, the key factor between companies that survive and thrive, whatever the conditions of the global economy, is openness to change and willingness to leverage the power of the latest technology.
Most companies are willing to just tweak existing ways of working. But the data shows that that’s not going to be enough in the future: reports from Forrester show that less than 30% of businesses have a coherent, workable strategy in place to transition into this increasingly connected age of information we’re rapidly entering.
So, why is it important to lead this change? Because, in another 50 years, the companies that are still around will be the ones that weren’t afraid to completely transform the way they did business. They’ll be the ones who were willing to look at the research, try out that new app or that disruptive, innovative technology – and make it work for them. That doesn’t take mere facilitation: that takes guts and leadership.
We can see examples of this all around us: banks are experimenting with AI and focusing on user experience. Retailers are exploring the world of AR and VR. Large corporations are discarding regulations and switching to agile working methodologies.
It’s crucial to recognise that the need to undertake digital transformation at a massive scale is here to stay.