C-Suite Blind Spot – Digital Transformation Avoiding Shortcomings – Leadership & Innovation

Blind Spot

As we close out 2020, the corporate digital transformation has moved to center stage in corporations across the globe. While we have read and written about the speed at which digital transformations progressed due to the Pandemic, the need for transformational success over speed would appear more valuable to the C-Suite.

Whether survival or growth mode, successful digital transformation efforts due to Pandemic and Post-Pandemic customer and business-model shifts is key to business success and profitability during 2021 and beyond. While the majority of C-Suite’s executives understand this, how do they increase the probability of transition success? What are the proven and successful elements or actions that will lead to success for those who have embraced and implemented successful transitions? What can be learned from others?

Illumination

Much has been researched and written by Gartner, Deloitte, McKinsey, Harvard, and others over the last twelve months about the era of digital transformation. Each of them from slightly different perspectives and angles. However, there appears to be some common elements which raise the probably of success for C-suites when developing and implementing their digital transformation strategies.

While leadership, excellent project management and innovation are general topics, I believe they identify the framework and elements needed for success. More specifically, some common elements of the most successful enterprise digital transformations include some of the following:

· Having a firm grasp and understanding on the meaning of digital transformation and its relevance as it specifically pertains to your business.

· Presenting a clear definition of the scope, obtaining buy-in and promoting collaboration among the entire team and across all levels.

· Being ready for and accepting of a culture shift. Identifying, promoting, hiring and investing in securing the right talent.

· Balancing the need to invest in innovation and managing budget to maximize value and mitigate risks without inhibiting results.

· Team leadership that shows themselves aligned with the defined objectives, have accountability, focus, clear communication and flexibility to adjust as needed.

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. When winning or losing are the only two choices, choose to win.

C-Suite Blind Spot – 2021 Digital Transformation Effectiveness

Blind Spot

Based on available research and corporate activity there is no question the pandemic has sped up the corporate digital transformation. The Twilio, Dell Technologies, IBM and Cloudinary research all confirm that senior executives’ acceptance of this need has accelerated the corporate digital transformation by as much as 6 years.

While the transformation is necessary, are corporations conducting deep dives into their strategies and tactics? Can a six-year acceleration implemented in mere months driven by survival, hybrid structures and radical changes in customer interaction ensure effectiveness? The 2020 Agents of Transformation Report by Appdynamics (Cicso) highlighted some of these concerns:

· 59% of IT professionals admit they are fighting fires and introducing short-term fixes to technology problems

· 76% of technologist express concern about the longer-term impact of digital transformation initiatives they have had to rush through during Covid-19

Have corporations outside the IT powerhouses fully accepted the complexity, disruptive nature, and strategic importance of their digital transformation? How do corporations ensure their efforts are timely, effective, and suited to the specific long-term needs, customer interaction and success of their specific organization?

Illumination

In a more predictable and less disruptive past, corporations developed strategies in more of a static fashion, based on advantage, position and scale. The result, markets were molded, and transactions took place. Their enterprise IT systems were more supportive and operationally focused. Customers purchases were processed, and data was stored for future use.

Flash forward to 2020; while some might consider the challenges of the hybrid work environment as the major focus of digital transformation, it is more complex than simply managing a remote workforce.

Today and in the future, internal and external social and environmental factors affecting corporations are also more complex and are continually changing and evolving. No longer is data simply stored for future use. Consider the introduction of AI, real time data, privacy, cybersecurity, corporate silos, data lakes, a hybrid workforce, and the stakes are even higher. Most importantly consider that most non-IT centered corporations such as airlines, insurance companies, banks, manufacturing, and many others are operating with older legacy systems. This intensifies the effort to develop the best and most appropriate digital strategy.

When developing, implementing or refining your digital transformation strategy, executives may want to consider the following:

· Do not evolve for the sake of evolution

· Start with your customer interaction and the associated needs

· Conduct a sober determination of your enterprise structure and capabilities

· Develop clear goals and objectives

· Involve the entire enterprise – end to end – do not let silos dedicate

· Ensure corporate wide collaboration

· Invest what you need

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. When winning or losing are the only two choices, choose to win.

C-Suite Blind Spot – 2021 The Digital Spend – Generate Success Not Wasted Efforts

Blind Spot

For corporations struggling to cope with and or capitalize on increased demand throughout the past nine months, digital efforts have become a major focus. In fact, multiple media and consulting sources have recently been quoting the 2020 Covid19 Digital Engagement Report developed by Twilio, a leading cloud communications platform. Twilio conducted an online survey of 2,569 decisions makers in Australia, France, Germany, Italy, Japan, Spain, Singapore, the United Kingdom, and the United Sates with all the respondents at or above the Director level.

According to this study, 97% of executives say that the pandemic has sped up their digital transformation initiatives and 79% say that budgets for digital transformation have increased in direct response as a result of COVID19. On average, the study found a six-year acceleration in digital transformation efforts across the board. Recent studies by Dell Technologies, IBM and Cloudinary, a leading cloud-based image and video management platform, found somewhat similar results.

Is digital transformation the only answer to accelerated adaptability for organizations? Unlikely. The Twilio study also reported that 95% of those same respondents acknowledged that in addition to digital efforts, they are also looking for new and better ways to engage customers. How can the C-suite ensure that efforts and resources invested in those areas will be successful?

Illumination

The reality is that not every proactive effort put in place to address an identified need is successful. In the case of digital transformation efforts, the Boston Consulting Group (BCG) reported that only 30% of these projects met or exceeded their target value. Another 40% created some value but resulting changes were somewhat limited in scope. Despite this, the need for digital transformation is emerging as an area to be given priority in 2021 and the years ahead.

For those already engaged in digital transformation efforts, continuous reassessments, refinements and reevaluation will help to keep the initiative on track. For those preparing to embark on implementing these efforts within their organizations in 2021 and the coming years; the following suggestions will be helpful to consider.

· Promote education on the elements of digital transformation at all organizational levels

· Retain individuals who have the talent and expertise to develop a robust and effective strategy

· Ensure all stakeholders understand, commit and are held to account for timelines and deliverables

· Identify and commit required resources

· Continually assess and evaluate efforts and deliverables

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. When winning or losing are the only two choices, choose to win.