As digital technologies radically reshape industry after industry, many organisations are chasing large-scale change efforts in order to capture the benefits of these trends for their workplaces or only to keep up with their competitors.
In a recently conducted McKinsey Global Survey on digital transformation, more than eight in 10 respondents say their organisations have embarked on such efforts in the past five years.
However, success in digital transformation is proving to be elusive. Earlier research found that fewer than one-third of organisational transformations succeed at improving an organisation’s performance and sustaining those gains, the latest results find that the success rate of digital transformations is even lower.
Digital Transformation Is An Imperative
This being said, digital transformation is an essential for all businesses, from the small to the organisation. This idea comes through loud and clear from apparently every keynote, panel discussion, article, or study which is related to how businesses can stay competitive and pertinent as the world becomes more and more digital.
What’s not clear to many company leaders is what digital transformation means. Is it just a swanky way of saying moving to the cloud? What are the particular steps we need to take? Do we need to create new jobs to help us create a framework for digital transformation, or hire a consulting service? What components of our business strategy need to change? Is it really worth it?
Digital transformation is changing the way an organisation and workplaces operates. Systems, processes, workflow as well as culture are all evaluated. This transformation affects each level of an organisation and brings together information across areas to work together more efficiently.
Through taking advantage of workflow automation as well as advanced processing, for example artificial intelligence (AI) and machine learning (ML), companies are able to connect the dots on the customer journey in a way that wasn’t possible before.