IPS has driven digital transformation for many years. In this series of articles we will explain what digital transformation is and how it impacts the future of all businesses and employees. In coming editions we will provide information and tools that help you build and execute a digital transformation strategy for your organization.
Often when people think about Digital Transformation, or as sometimes called Digital Disruption, a particular piece of technology will come to mind. Digital Transformation goes far beyond deploying innovative technology that improves a particular aspect of a current business process. The challenge of creating a digitally transformed organization requires thinking beyond mobile, data analytics, cloud and social activities. Digital Transformation is about culture, taking risks, reinventing your business and thinking outside of the box.
Although digital transformation discussions have been taking place for some time, most companies are just beginning their journey. Organizations are realizing that success in digital transformation will result is tremendous advantages and benefits for years to come. For example, organizations that accellerate their digital transformation attract the best talent, have higher employee retention rates, higher morale and soaring productivity.
Employees of all ages are attracted to organizations that have embraced digital transformation. In a recent MIT study, 85% of millennials stated it was very important to work for an organization that was a digital leader and 75% of boomers felt the same. The result is a much higher performing company that is far better suited to meet the competitive challenges of today's economy.
Leading the digital transformation revolution are a few industries that have reported having a clear strategy and the talent to execute. The leading industries include IT and Tech companies, Telecom, Entertainment and Media; while laggards include Health Care Providers, Manufacturing, Public Sector and Federal Government.
Looking at the overall market landscape, it is surprising that 85% of all companies have not completed the development of a digital strategy. However, 45% of organizations are currently developing a strategy, leaving a wide margin of organizations “playing it safe”. There are many reasons that organizations delay adoption, which we will discuss in future articles. Topping the list of road blocks in developing and executing a digital transformation strategy is the lack of digital talent and far too many priorities.
Adding to the challenge of digital transformation is the need for leadership from the top. Only top down driven digital transformation strategies have proven successful. A top down driven digital transformative culture encourages and rewards risk takers while eliminating the fear of advancing a digital initiative. Their culture embraces risk and celebrates both success and effort.
In today’s highly competitive landscape “playing it safe” actually costs more than any potential cost created by risk when you factor in the positive impact of innovation, hiring the best talent, creating job satisfaction and reducing the costs of doing business. All of which are true competitive advantages.
Join IPS in our future articles as we help organizations develop a digitally transformative vision committed to collaboration and innovation. Follow IPS on LinkedIn.
Our next edition will discuss how to build your Digital Transformation Strategy and provide a blueprint for success!
Download our most popular AP eGuide below!