From advanced technologies and disruptors to climate change, pandemics, and political riots, what the future holds is all about adaptability. For business leaders and companies at large, thriving and surviving is linked to finding ways to stay competitive. To stand out, the key is to embrace change in order to generate out-of-the-box strategies.
Adaptable businesses are driven by digitalization and are constantly leading with purpose. And yet, a significant number of companies still fail to embrace digital transformation. For some, accepting cross-functional changes, creating data-driven strategies, and using one tech stack at a time remains a core challenge.
Accelerating digital initiatives is critical for business success
As advanced technologies move forward and organizations become more open to new strategies ideas, creating a universal language for digitalization could be the key to remaining ahead of the competition. Even though 85% of C-suite executives have embraced numerous digital initiatives throughout the pandemic, the majority still can’t pinpoint the progress made or communicate their new strategy clearly.
For real change to happen in a business context, executives are advised to focus more on creating an adaptable business model that can succeed in today’s fast-paced digital economy. If for some reason, CEOs can’t articulate real strategies or tactics that helped them digitally transform, it’s most likely digital transformation hasn’t happened yet.
There’s more to digital transformation than technology
Having a digital-oriented business strategy demands more than technical know-how. And yet, leaders often have the impulse of asking about AI strategies to use or attending tech conventions to invest in early-stage startups. Although it’s more than recommended to have a vision in mind, when it comes to goals and focus areas, digital transformation should be seen as a mix of decisions.
First of all, going digital is teamwork. Without proper collaboration, digitalization cannot materialize. Coordinating strategies, communication demands, and expectations, and implementing feedback, are all essential elements that help modern businesses thrive and stay competitive. The new language concerning all-things digital-related breaks through structural barriers and human behavior. The more leaders can realize that interconnectivity is the key, the better chances they have to understand the transformation their companies need.
Digital transformation – finding a common language between all stakeholders
For leaders to be able to speak digital, they must first understand the digital in plain terms. Not every department in an organization is technical. The same thing goes for C-suite executives. Most of them are not familiar with the underlying benefits of technology, and they can only relate to the potential it can bring in the business context. As a leader, speaking the language of digital transformation comes down to bridging the gap between the technical and the soft side of technology.
To build up the new language, five digital imperatives come into place:
- Experience: the focus here should be on user interaction optimization, whether we’re talking about customers, stakeholders, or the company workforce.
- Insight: to drive digital transformation and enable realistic organizational strategies, the main focus should be on data, operating business model, analysis, and employees.
- Platforms: framing a viable digital strategy depends on information. For that information to have value, it must be managed accordingly, meaning that it has to be located and easy to access by everyone involved in the organizational structure.
- Connectivity: This is where information flow comes into place. Experience, insights, and platforms together with a sensible overview of what the future holds help keep the business united, connected, and ready to adjust in case change is required.
- Integrity: via integrity, leaders have an opportunity to improve trust, resilience, ethics, and security across all business processes and systems. Armed with cyber-minded company culture, they will be able to address challenges ahead of time and tackle unforeseen threats with a lot more clarity.
In any modern business context, digital transformation matters. Although detangling its new language might seem challenging for most C-suite executives, the key is to combine disruptive digital transformation technologies – e.g. 5G, AI, IoT, blockchain, data analytics, cloud computing, etc – with a human-like approach towards strategy and communicating goals and objectives.
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