Firms must master their ecosystems to stimulate innovation and get things done. New technologies provide a lever to increase return on equity.
The purpose of digital transformation is for a company to embrace new technologies to thrive in the digital era. The target state is continuous self-disruption to sustain a competitive advantage.
A fully integrated governance framework (see link) improves the chances of a successful transformation.
Digital swat teams can experiment with ideas, assess commercial viability and scale accordingly. This kind of set up encourages entrepreneurship, facilitates collaboration and inspires creativity.
A solid program foundation allows an enterprise to capture the behavioural advantages of small firms and combine these with the material benefits of large firms.
The existing digital landscape focuses on topics such as Cloud Technology; Process and Service Externalisation; Robotic Process Automation; Advanced analytics; Blockchain; Smart Contracts; Artificial Intelligence; Internet of Things; and Cybersecurity.
To seize the benefits of digital, a central program needs to run in parallel to day to day operations. Alignment of business activities to a common objective minimises impact to business as usual.
Breaking down divisional boundaries, active stakeholder involvement and end user participation navigates execution risk. To address digital myths:
- New technologies can complement rather than substitute existing infrastructure
- Human dimensions such as face to face communication remain key to progress
- Transformation creates roles more directly impacting commercial growth
- Tailored customer solutions continue to exist
- Governance cultivates agility
- Specialists simplify
In addition to commercial growth, digital transformation creates a platform for a company to optimise its location strategy, upgrade risk & control frameworks, evolve its organisational design, enhance client experience and upskill its workforce.
For example, business intelligence can identify data patterns to develop tool sets which streamline workflow, mitigate proximity risk and improve end user experience.
A digital program needs to effectively leverage networks, clients and external service providers. Listening, taking notes and business process mapping are important ingredients to success.
Industry convening events, seminars and workshops are a great way to gain exposure to best practice. Innovation is owned by everybody.
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