By Katie King | @katieeking
Today, the growth and evolution of an organisation strongly depend on its ability to integrate technological innovations, and the general thought process is that to thrive in these changing times, a company must adapt quickly. The rapid pace of digital transformation has caught many established businesses off guard, and we’ve seen the demise of big names in recent years because of it. But decline isn’t inevitable, and not every company will die and be replaced by a digital start-up if they do not adapt to digital transformation.
Here are the Top 5 ways digital transformation will change your business:
A company’s culture can be the most important determining factor in its success, allowing for a quick adjustment to new conditions and encouraging employees to adopt new digital transformations.
However, in order to fully benefit from these technological changes, companies have to re-integrate humans into their digital workflow, and failure to do so can erode a company’s profitability, as both consumers and employees are quickly becoming fully autonomous with the onset of digital platforms and AI embedded apps.
A company’s ability to be effective is tightly tied to its ability to be efficient, and that efficiency comes from employees’ ability to identify, integrate and achieve the transformations required by the environment. Not a simple task.
It’s imperative that companies recognise the differences, and the adaptability they will need to show, within their strategic agility (the way a company decides to transform), organisational agility (how a company transforms) and operational agility (how quickly a company transforms).
The vision, and culture, of a company can strongly influence the ways in which these agile methodologies are leveraged and used to achieve digital transformation. Don’t adapt and the results could be highly detrimental.
The mindset of the senior leaders is also a determining factor, which is why training and hiring the right staff are so crucial.
Collaboration and cooperation
Having a strong organisational culture enables leaders to rally employees around a shared vision, so that everyone is contributing to business growth – all of which stems from their collaboration and cooperation.
Many companies are having to move away from the rigid hierarchal structures they have been built on, as digital transformation requires a much more collaborative approach to work. This is essential in a social media world where your Instagram or Facebook can be used simultaneously for people to buy, complain or ask for a job.
Historically, flat organisations that promote collaborative workplaces have proven to be more creative and productive than the highly vertical ones. The culture built within these flat structures is designed to encourage efficient communication between employees, and therefore makes it easier for them to adopt digital transformation. Furthermore, cooperation must also happen with external partners and customers in order to create collaborative eco-systems. Again, not a simple task.
With the rise of smart technology, companies have gained access to advanced analytics that gives them precise insights into customer behaviour. This means organisations can now anticipate customers’ behaviour and deal with them seamlessly and efficiently, in real-time.
Smart products also make it possible for an organisation to improve its interactions with customers and provide them with seamless buying experiences. But what if you do not promote smart products? A well-established company culture can ensure that these technologies are used strategically by employees in order to interact with customers with the most sophisticated level of personalisation possible.
The common belief is that leadership teams decide on the strategy, and employees have no choice but to implement it. This traditional “top to bottom” organisational structure no longer works in today’s evolving business world. Information and ideas need to be shared fluidly and openly within the organisation on a constant basis.
Any form of digital transformation will have an inevitable change on a company’s leadership team. Leaders will need to drive the creation of innovation, while understanding that everyone can contribute to both innovation and strategy. Only by adopting a new flexible mindset can companies create a workplace where everyone can use his or her own set of skills to generate ideas that will help achieve corporate and personal goals.
Sounds simple doesn’t it! Maybe not… The fact is that not everyone has their ducks in a row yet, in which case you would be ill advised to jump on the bandwagon just yet. Although 90% of CEOs believe the digital economy will have a significant impact on their industry, only 25% have plans in place and less than 15% are funding and executing the plan. A mere 10% of companies describe themselves as fully digital.
Here are a few further revealing digital transformation stats:
55% of companies that do not have a digital transformation programme in place say the timeframe to adopt one is a year or less. 85% of decision makers feel they have a timeframe of 2 years before suffering financially or falling behind competitors.
52% of senior executives consider a lack of familiarity with technology to be an obstacle to digital transformation.
43% of senior executives see developing new business models and strategies to increase connectivity, 39% see executing a digital strategy across an entire organisation and 32% see hiring employees with the right skill set as the key challenges of digitial transformation.
If you need help, we’re here to support you. You can contact us here – http://www.social-experts.net/contact
Sources: Boardview, Business 2 Community, Present, Microsoft, CMO, DATUM, Digital McKinsey
We are a Social Media Agency. We do three things: Social Media Strategy,Social Selling and Social Media Management. Drop us an email and let’s talk about how we can make an impact on your organisation.