5 Success Mantras for a Successful Digital Transformation Approach

The words Digital Transformation has reverberated in boardrooms across the globe for quite some time now. With so many business, operational, and societal benefits, it is little wonder that every business – big or small – wants to crack the code of a successful digital transformation approach.

However, regardless of how well documented the benefits of DT are, the reality on the ground is that many organizations find it challenging to get an appropriate ROI. A recent survey of directors, CEOs, and other senior executives discovered that despite being the top concern in 2019, 70% of all Digital Transformation initiatives last year, worth approximately $900 billion, went down the drain.

Let’s try and understand what are the 5 takeaways from a Successful Digital Transformation Approach.

1. DT SHOULD SOLVE A BUSINESS PROBLEM

Digital transformation is not about technology alone. Successful implementation of digital strategies is only possible when it focuses on solving a business problem and beyond. When it is only seen as a technology integration, it usually fails to provide the desired RoI.

2. ENTERPRISE ARCHITECTURE: THINK GLOBAL, ACT LOCAL

Another key digital transformation takeaway is the need to think BIG. Organizations and CIOs must consider how they fit their DT efforts into the larger global architecture rather than just keeping them piecemeal. And to succeed, CIOs must evaluate their broader business framework and build a technology architecture that supports initiatives way into the future.

3. ADOPT AN INTEGRATED APPROACH

It is easy to fall into the trap of implementing quick fixes to grab low hanging fruits. But for long-term success, it is important to always keep the eye fixed on the big picture. Thinking long-term will turn your DT process into a string of interlocking projects that feed off the benefits of previous integrations to deliver exponential RoI.

4. GET THE PEOPLE ON YOUR SIDE

A successful digital transformation approach demands that Change Management should be put centre-stage. Make sure your people (from top to bottom) understand the benefits of DT and are firmly supportive of the process. Breaking down bias towards Artificial Intelligence and Machine Learning by creating robust data governance will ensure enhanced data trust, which is the foundation of a ‘Data First’ organization.

5. TRANSFORMATION MUST BE CONTINUOUS

The last of the digital transformation takeaways is to ensure the DT process remains ongoing. The current pace of technological innovation demands constant refining and optimization of processes and technologies. Rarely will any digital transformation journey be labeled as ‘won and done’.

CONCLUSION:

For 40% of CEOs (as per Gartner), digital technology, or its lack, remains a significant obstruction to the company’s growth. Paying heed to the above-mentioned five digital transformation takeaways can provide a sure-shot pathway to success for CIOs helming difficult and high-stake digital transformation journeys.