Times they are a changin’ and companies are transforming their structure and culture in order to succeed in digital transformation. It’s a big undertaking but a necessary step in keeping up in today’s world. Bill Briggs, Deloitte Consulting CTO, explains what this new digital definition means today.
“We look at the combination of all technologies converging together to say, how do we reinvent how work is done and how do we reshape our markets around us? That isn’t just the mobile social web, it’s blockchain, it’s cognitive, which is AI, and machine learning and natural language, and automation, and how does that play into it? It’s the convergence of IoT and AR and VR, potentially. But for us, the individual pieces of what of the technology is really not the point. How do you shift it into the combinatory? And then that’s when you get into the how do you make it actual.” Bill Briggs
Every company is going to be different, so figuring out the best strategy to transform is key. There are some hurdles organizations may face including limited budget or lack of expertise in the subject, but what should companies be focusing on in order to reshape for digital transformation?
Your company could have a half million followers on social media, but if you are not engaging with them effectively, you need a new strategy in order to capitalize. Take a step back and plan out what’s appropriate for your company and employees. Clarify exactly what digital will mean for you, decide how urgent this change needs to be and most importantly, get talent management recognizing how to ultimately change and adapt.
Last year, Forrester reported that more than 50% of organizations have started using some form of AI and another 20% are planning to do so in the near future. Using both AI and big data is influencing business decisions by understanding the way users are interacting with sites and apps. This will not only positively influence your company in numbers, but your employees will also become more efficient in their work.
“For sustained growth, C-suite leaders should treat AI as a journey that will continue changing and evolving over time.” Rohit Adlakha
The journey will start with processes that are proven to work, but along this path to digital transformation, it will become an experimentation process to eventually utilize and successfully impact your company.
The Role of the CEO
It’s important for the CEO to be onboard with “going digital.” The transformation needs to start from the top, so it is imperative for the CEO to understand digital correctly.
“Visionary CEOs, individually, are the engines of massive change that is unprecedented in the history of information technology—possibly unprecedented in the history of commerce.” Thomas Siebel
It is also vital to act quickly. Companies are moving more towards speed, innovation and quick learning rather than trying to perfect the product. With the integration of digital technology in all areas of business, this transformation is clearly essential to stay competitive and relevant in today’s world. This means organizations need to jump in and journey through this change – experiment, challenge and enjoy the ride.
About The Digital Enterprise Transformation Assembly
As more and more businesses look to digital technology and strategies to transform their business, CIOs know that data and information technology have never been more important. Understanding the convergence of mobile, social, and cloud is the first critical step for organizations looking to create opportunities and stay ahead of the competition.
The Millennium Alliance is thrilled to present our bi-annual Digital Enterprise Transformation Assembly, put together by the industry, for the industry. Join us on June 21-22, 2018 at The Mandarin Oriental in Miami, FL. for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company maintains its competitive advantage.