How Digital Transformation Is Reshaping Business - René Lumley-Hall
“The fourth industrial revolution is here. Advances in big data, artificial intelligence (AI), the Internet of Things (Iot), and high-performance computing are changing the way organizations compete and evolve. In this new age, winners and losers will be decided based on how quickly they can see trends and disrupt industries.” I recently read an article published by Fast Company, How Digital Transformation is Reshaping Business which outlines four mistakes to avoid in our complex, competitive environment.
Technological innovations serve as a key competitive advantage for many companies that helps distinguish them from their competitors. Due to the effects of the pandemic, digital transformation has exponentially advanced, forcing companies to stay up to date with modern technologies and trends. “In fact, 79% of executives reported an increase in digital transformation budges in response to COVID-19, and 69% of companies surveyed indicated they will spend the same amount or more on such efforts this year as compared to 2021.” To prepare for success in this digital transformation era, the article outlines 4 mistakes to avoid:
Mistake #1: No clear goals for digital transformation
In any business model, clear and measurable goals are essential to driving transformation. Think about what your customers need and how technology could improve efficiency and experiences. These questions will open up areas of opportunity that your business can capture to help provide you with a competitive edge in our highly innovative and competitive market.
Mistake #2: Not understanding the data available to you
“90% of the world’s data was created in the past two years, but we only use a fraction of it.” With the advanced technology that exists in our world today, data is readily available and companies need to use this valuable information to their advantage. “The value of working across different types of data is being able to find new insights that have never been seen before because the information never existed together.”
Mistake #3: Not building the organizational capacity to gather insights
In addition to gathering data, you need to find the right people, with the right skills and visions. When all aspects and people of the company align, it creates a driven culture that fosters decision-making. “To advance your digital transformation efforts, create a strategic data analytics capability.” By doing this, it will help “increase your business intelligence (BI) resources, define data governance, and build a roadmap for priority analytics investments.”
Mistake #4: Creating systems without employee buy-in
While technology helps make tasks more efficient and convenient for humans, you cannot forget to put the people as the focus of your digital transformation journey. Consult your employees about your technological purchases early on so everyone understands the benefits and purpose of the new technologies. In addition, it is crucial to train employees on how to operate these devices so that they can use them correctly and thus, increase productivity.
“Like any major organizational change, digital transformation initiatives are no easy task — but the rewards can pay off faster than you might realize. By investing in the right technology and giving yourself a plan for leveraging new insights, you can take a huge step toward making better, smarter, faster decisions that will help your organization thrive.”
You can read the original article here.
