Digital transformation is the term given to the transformation of business activities, processes and models to fully leverage the opportunities of new digital technologies. According to a recent report by the World Economic Forum, companies that have implemented digital technologies across their business are more successful in enhancing revenue sources, competing against digital natives and outperforming peers.
The internet, robotics, artificial intelligence and data analytics are dramatically altering today’s industries. These new technologies can effect an organisations operating model to the extent that it is no longer fit to serve its customers. This is why it is essential for businesses to adapt and evolve to enable new types of innovation and creativity and meet new demands. Microsoft for example have recently adopted a more scalable subscription based model, with an increased focus on mobile devices. By 2018, 67% of the CEOs of Global 2000 enterprises will have digital transformation at the center of their corporate strategy.
WHAT ARE THE INFLUENCERS SAYING?
We reached out to some of the top influencers on our list to ask them for their views on digital transformation. We spoke to Brian Solis (#1), Dion Hinchcliffe (#2), R “Ray” Wang (#6), Ronald van Loon (#7), Craig Brown PhD (#8), Mike Flache (#10), Bill Bunting (#11), Daniel Newman(#12), Tim Hughes (#15) and Ian Gertler (#18). Be sure to follow them to stay up to date on the best content and resources on digital transformation!
“Digital transformation is a movement progressing without a universal map to guide businesses through proven and productive passages. This leaves organizations pursuing change from a known, safe approach that correlates with “business as usual” practices. Operating within the confines of traditional paradigms without purpose or vision eventually challenges the direction, capacity, and agility for thriving in a digital economy.”
“While many are focusing primarily on the technology changes required for digital transformation, it’s also vital that we don’t neglect the people dimension of what is one of the greatest shifts in business in recent history. Those who are prepared to continuously transform their business through the lens of what emerging technology makes possible while simultaneously educating, inspiring, empowering, and upskilling their workforce to lead change across the enterprise will create the best outcomes for themselves and their stakeholders. Today, making digital transformation successful and sustainable requires commitment to steady, ongoing yet adaptive change of nearly the entire organization.”
“We’ve seen 52% of the Fortune 500 get merged, acquired, and gone bankrupt since 2000. In 2015, 55% of the Fortune 500 failed to make a profit. The reality – digital darwinism is unkind to those who wait. The winners built digital business models. In fact, this is not a digital divide but a winner takes all market. In this post-sale, on-demand, attention economy, digital transformation is more than a technology, shift, it’s about transforming business models and how we engage. Success requires building trust and authenticity of the brand, designing business models to support the brand, and then building products, services, experiences, and outcomes that support the business models. Successful organizations drive digital transformation from the board level on down.”
“Digital technology – in particular the internet, mobile tech and Internet of Things – has changed and will change our lives drastically. Think about a few things in your daily life right now you interact with daily. They could be your phone, your desktop, your watch, your car, your refrigerator, your garage door opener…you get the idea. All these things will be connected and generate data in the coming years. The impact that data has and will have on customer experience, business models and industries is tremendous. As a result, many companies are searching for the best way to create a sustainable competitive advantage from data. This all starts with customer-centricity and relevance. Therefore, a Customer Centric Digital Transformation is essential for organizations to be successful in this era.”
Craig Brown PhD – Big Data SME & Technical Architect
“Digital Transformations involve so much more than the digital (Technology) Component. I see the biggest mistakes made by organizations, undergoing the digital transformation when more emphasis is placed on the technology side and not enough on the planning and strategy. Scope is the key to developing a successful digital transformation strategy, wrapped around some well thought out organization objectives. Requiring the business involvement on the development of these objectives helps with determining the right strategy. This also helps identify needed/missing skills. Digital transformation is not an overnight process so it is important that the organization commit, not only to the element of change but also to seizing the learning opportunities, that will present themselves. Digital transformations come with risks that can truly impact its success within the organization. The digital transformation process will need to be led by the technological experts and business leaders. It’s important that the digital transformation stakeholders properly set and maintain expectations throughout this journey.”
“Digital transformation is no longer a buzzword – it’s reality. Consumers have increasingly become more mobile, more connected, and more centered around the concept of ‘me.’ They thrive off of innovation and crave ‘what’s next,’ and the pace of change is accelerating as a result. At the same time, traditional businesses are turning a blind eye toward the future. They are being disrupted as digital and data-driven companies capitalize on consumer demand and niche growth markets. Uber and Airbnb are no longer the anomaly; they are the standard example of what happens when you don’t stop to see what is happening around you and correct course to remain relevant.”
“For too long businesses have tried to solve the digital transformation challenge by throwing technology at people problems. I believe we need to look at Digital Transformation a little bit differently if we want to successfully inspire our businesses to transform, innovate and disrupt in our respective industries. In its simplest form, Digital is technology and transformation is people. Therefore, the companies that will see the greatest results in the age of rapid technological change will be those that can create the most adaptable culture. This adaptability will allow organizations to fail faster and succeed sooner. In the end, digital transformation is about figuring out how to create a culture that can utilize the power of technology to create happier customers and more engaged employees.”
“The term Digital Transformation seems to have become the all encompassing term for transformation within organisation. Digital is really about the IT systems, where as, real transformation is people and behaviour change to make the transition to social based processes. This is where the real value and competitive advantage can be obtained for companies. So where in the past we looked at people, process and technology, we now review people, processes, technology and social.