Especially in the era of COVID 19, the path to successful digital transformation has never been easier. So, Intel CIOs see these three often overlooked realities.
Business leaders and CIOs often perform digital transformation with finite conclusions and endpoints. As innovation accelerates exponentially, it is clear that CIOs should constantly reform businesses to remain relevant and successful. So, the CSuite needs to drive continuous digital transformation, not just corporate technology. According to a recent KPMG survey, more than 70% of CEOs say the COVID 19 pandemic has accelerated digital investment. Therefore, this requires a broader perspective to rethink the customer experience and add value through products, services, and innovative business models.
We all have struggled with many harsh realities within the context of digital transformation. So, I present three major ones that people often overlook.
First Truth: You must interrupt yourself, or someone else will
Statistically, the culture piles up chances of survival in favor of new companies that hit the field and compete against old companies. Companies gain cutting edge through expert digital transformation consulting. Over the last decade, nearly 500 companies have emerged, each worth over $ 1 billion, and we’ve seen GE, the latest member of the original DJIA, remove that list.
Digital transformation can mean the difference between a company’s longevity and its demise.
The difference lies in agility and speed. So, these companies use innovative technologies to pursue new approaches. Therefore, they also develop innovative products, services, and business models to create new market opportunities and meet changing market requirements. Ultimately, Digital transformation can mean the difference between a company’s longevity and its demise.
Disruptive technology is often a catalyst for change. So, companies that adopt disruptive technology have a more significant advantage than those that do not. Hence, technology development is ongoing. As cutting-edge technology becomes mainstream, we need to look to the next wave of game-changers. Multi-cloud, AI / ML, IoT, SDI, 5G, and cybersecurity are emerging today. Therefore, companies compete to apply them as a segment of their digital transformation plans.
Second Truth: Digital transformation is not about an IT strategy.
Some Digital transformation projects are born out of “IT initiatives.” They risk being perceived as changes in favor of new technologies. Digital transformation should be seen as a business transformation that accepts the proposed plans and values of business leaders and drives the organizational and procedural changes needed for success.
The widespread adoption of technology means that companies do not gain a competitive advantage by using it but by using it. The
The Intel AI project is a perfect example of this in real life. Together, IT and the company created more than $ 500 million in business value in 2019.
Digital transformation is not a “from> to” process that reaches a static and fixed “end state.” Today’s competitive pressure and the speed of technological change are too great to “end” change. We need to see digital transformation as constantly evolving and constantly evolving. Executives and businesses are faced with a dynamic state of constant turmoil.
Intel is constantly evaluating the latest technology for its potential as a game-changer.
Third Truth: Transformation needs massive shifts in culture, operations, and people
One of the more challenging aspects of digital transformation is the human side. This is especially true for legacy organizations that are deeply rooted in culture. There is arguably isolated thinking, fear of change, lack of skills, and concerns about employment security in large companies. This ultimately all leads to resistance to change. Essentially, employees are the key to change. Success lies in moving to a digitally savvy corporate culture, employee involvement, employee skills, and how employees drive that change.
So, one of the most challenging aspects of digital transformation is the human element, especially in ancient organizations deeply rooted in culture.
According to a recent McKinsey analysis, companies have a success rate of digital transformation by having management think of a straightforward story of change, ensuring executive collaboration between business units, and providing that standard. You can double or triple it. The CIOs have extended the operating procedure to include digital technology. Another idea is for you to hire dedicated developers suitable for your business.
There are many twists and turns and harsh realities on the road to digital transformation. Building corporate resilience is essential to take advantage of the valuable opportunities of disrupting strategy and operations. Executives who see digital transformation as a journey to the final state, rethinking norms and keeping an eye on embracing complexity will find it a milestone worth taking.
