Companies around the world have highly anticipated the need for digital transformation as it is taking shape in all aspects of operation. Over the next five years, massive change will be evident. Digital Darwinism’s tight grip is proof that the pressure to transform continues to intensify. However, not all organisations can adapt fast enough.
In a new global survey conducted by Harvard Business Review Analytic Services, with 376 business leaders participating in the survey, almost all of the participants believe that the pressure to transform will only increase day after day. Although the benefits of transformation have been continuously highlighted, many businesses are still having apprehensions and are not 100% open to change. So what keeps these organisations from embracing digital transformation?
According to the survey, only 7% of business leaders are extremely open to change. Most businesses fear that their inability to change fast enough will reduce their chances for survival. About a third of respondents admitted that their organisation has not completely switched to digital technology.
The path to embracing digital transformation is not easy. This is because changes in systems, structures and processes must be taken into consideration. There is also a need for greater investment in culture change and employee support. It is also essential for IT departments to move into leading roles to keep an eye on innovation. There is also a demand for aptitudes, ways of working and new skills. Without a doubt, digital transformation does not offer one-size -fits-all solution. There is no exact timetable as to when an organisation can completely adapt.
These are the steps to preparing your organisation to digital transformation:
It is difficult to introduce change to people if they do not know its purpose and benefits. Everyone in your organisation should understand why a change is necessary for your company. Communicating your strategy will also help you prepare for the next big change. Since change is the only thing inevitable in this world, your company should develop a culture that welcomes change.
The survey revealed that 89% of respondents are already taking steps to creating new organisational structures and teams that will support business models and digital operations. The structure needs to be kept flued so it will have the ability to keep up with the dynamic nature of the digital economy.
Digital innovation should be embraced rather than feared. Digital organisation should take the transformation a step further by exploiting data in different ways. The shift will also make way for organisations to develop faster responses and use assets to the fullest.
Most legacy IT systems are rigid and slow for digital organisation. Speed is important for digital business. Aside from using new technology, organisations must also take the time to rethink IT’s role. IT should be introduced to new business models, services and products. It is expected for IT people to collaborate closely.
Peter Broberg is a bookkeeping professional with over 20 years experience in the finance sector. With more than 2 decades of experience, Peter provides payroll and bookkeeping services on a professional level. His services cater to small and medium enterprises in Cannington, Kalamunda.