The term “digital transformation” is often over-used to describe any form of digitalization that a company is undergoing. According to McKinsey, digital transformation is defined as “an effort to enable existing business models by integrating advanced technologies”. If we adopt this definition, it clearly shows that digital transformation is the revamping of the entire business model by using the strategic intervention of technology that would allow the organization to create new products, augment its Go-To-Market strategy and reach out to a wider market.
Digital reinvention is taking place across all industries. This would entail a restructuring of existing business and operating models by using digital technologies and other digital capabilities. For example, the rise of online news and the decreasing trend of consuming media via traditional means have given rise to Digital Media Entrepreneurs (or influencers), who leverages off digital platforms such as YouTube and Social Media to deliver content.
Covid-19 pandemic has accelerated the digital transformation for all organizations. This is on the backdrop of progress made as part of the Industry Revolution 4.0 journey that most organizations we already undergoing. Hence, organizations need to follow a holistic “whole of organization” approach in their digital transformation journey. Below are three (3) tips that organizations can immediately adopt.
- Embrace an Agile Project Management Culture- Most digital transformation journeys end up in failure due to a lack of clear goals, no robust project management culture and/or lack of a dedicated project team to undertake the digital transformation journey. An Agile Project Management Culture is highly recommended as it ensures the project team works in “sprints”, the digital transformation journey is customer-centric and there is the opportunity to pivot in the event the business environment changes.
- Engage all levels of the workforce in the organization- This is also a critical facet of a digital transformation journey. Typically, most organizations will only engage top and middle management. However, organizations fail to realize that it is the working level that will be the most impacted as it requires a total revamp of their day-to-day work.
- Lastly, celebrate small successes- The digital transformation journey is a long road ahead and usually spans several years. To keep up the momentum among the project team, it is healthy to celebrate small successes, appreciate the hard work of the project team and ensure there is a feeling of togetherness among the project team.
Looking ahead, it is critical for organizations to sort out their strategic priorities and following an agile approach will help to achieve success. Along with that and the right talent mix among the project team member, and most importantly commitment to the digital transformation, there’s no stopping any organization to undertake a successful digital transformation journey.
