Digital transformation is quickly becoming the reality of most companies. Whether it’s digitizing a process, organization, or the entire business operation, it’s most likely happening everywhere you look.
In fact, there’s such a sense of urgency that 59% of executives view the failure to adapt to hyperconnectivity is their organization’s biggest threat, according to a study from The Economist Intelligence Unit. Unfortunately, there’s also a painful reality: 70% of transformation initiatives fail.
To help companies avoid becoming another statistic, SAPPHIRE NOW hosted the panel discussion Make Live Business Real with C-Suite Collaboration for Digital Transformation, featuring three executives who are successfully leading the charge to digital transformation:
- Darrell Riekena, CIO and COO, National DCP
- Will Whitehead, senior vice president of operations, National DCP
- Matthias Beiers, vice president of Information Technology, EDF Renewable Energy
These industry practitioners shared their transformation stories and offered advice, including:
- Get the digital core right: The Internet of Things and appetite for more and more data is paramount. With a digital core, companies can add additional capabilities and functionalities as they are needed.
- Embrace end-to-end transparency: Not only is information a critical component of running an enterprise, but it can also fundamentally transform the customer experience. By extending business transparency in the form of information, your customers can quickly see the value your products and services offer.
- Pay attention to your business culture: The rise of the connected and empowered consumer is sending down a clear mandate for innovation – unfortunately, people, by nature, do not like to change. By taking a baby-step approach to transformation, everyone associated with the business will eventually realize the importance and advantages of the digital strategy.
- Evaluate how your workforce uses technology: By using digital technology to train the workforce, companies can yield a higher adaptability rate than those that don’t. Train employees in a manner that match their individual schedule and style. However, it doesn’t end there: Be sure to test their aptitude for using the application as well as applying digital technology for a particular type of information.
- Seek, adopt, and share best practices from other lines of business: Digital transformation touches every aspect of the business. In turn, the traditional practices of one area may also help another. For example, techniques that typically reside in the world of IT – such as project management and change management – also apply to how companies evolve and grow new capabilities to disrupt competitors.
For more digital transformation success strategies, see Why A Digital Core Is Your Secret Path To Digital Transformation Success.