Digital Transformation Roundtable – Factors for Success
Our latest Digital Breakfast event opened with the view that increasingly, digital transformation is being perceived to be a critical driver of organisational success as well as an essential factor in creating competitive advantage. As it moves from innovation to core competency and becomes a major revenue generator, CIOs have to rethink their approach and toolkit. As the progenitor of this transformation, how can you drive the capacity and wiliness to change and shift cultures to ensure your organisation is designed effectively to be successful?
Key Discussion Points
What do we understand by Digital and Transformation?
- Is the term ‘Digital’ out of date? It relates to the introduction of the web and the dotcom era but can it really define what is happening now?
- ‘Transformation’ has multifarious interpretations. Transformation is a continuous process and organisations have to keep looking for opportunities to innovate and deliver change.
- Can digital transformation therefore be defined as an evolution in the same way as every other change?
Many organisations struggle to transform
- Technology supports and enables business processes, its transformation in turn leads to a change in the way that business is done.
- The struggle comes as this requires changes or adaptations to existing business models.
- As change becomes continuous, agility and flexibility are needed to catch it as it falls so that organisations can adapt efficiently. In some industries such as media, businesses have had to digitise in order to survive.
- Other industries, such as professional services, have been slow to embrace digital transformation in part because of their organisational structure as partnerships. Indeed, legacy is seen as an inhibitor to change with internal organisational structure and culture as key barriers.
- Risk and disruption are an inescapable element of transformation and organisations must look at where it is most likely to occur and act quickly to mitigate it.
- Office jobs’ days are numbered and will dwindle through the increase in AI/BI and machine working. The automation of transactional professional services job was cited as an example.
Does the CIO lead the transformation?
- CIOs and IT leaders are now advisors rather than leaders and guide the executive board in respect of new ideas.
- CIOs can also be absorbers of change. Innovation can be a gamble: some new ideas fall into place whilst others fail, but the CIO has to try them all out.
- As ever, teamwork is pivotal to success. The CIO does not have a monopoly on good ideas.
What is the future of data and ‘Big Data?’
- Younger generations are becoming more data savvy and resistant to giving out personal data. How do organisations overcome this?
- Some organisations work on deciphering to great degree of detail which of the data they have is actually worth using.
- Other organisations have come off the cloud as the idea of big suppliers holding masses of data has lost currency.
- The use of block chain could increase revenues.
The lifecycle of change
- As technology improves so the lifecycle of change becomes shorter.
- This feeds and is fed by agile ways of working which put pressure on traditional business models and make longer-term business planning more difficult and supported the development of ‘pay as you go’ models.
- Transformation itself gives rise to new working practices. The use of Slack and Yammer were given as examples.
- Customers get a much better technology experience which sets expectations high.
Would you like to join us at future events?
For further information on Impact Executives, please contact Vicki Ludlow, Impact Executives, Tel: 0044 20 7314 2011. Email: email@example.com