We've moved beyond digital transformation as a buzzword. In 2020, it has become at once essential and challenging to corporations and enterprises across the spectrum.
The concept is becoming increasingly urgent. According to one survey, 85% of key decision-makers felt they had only two years or less than complete their transformation.
That sense of urgency has brought with it at once a more fruitful environment and a sense of dread. Almost 60% of decision-makers believe it's already too late to make the jump to a digital organization. The mere desire to go digital is replaced by a need to analyze increasingly complex data, a desire to scale rapidly, and a constant sense of falling behind.
That, in turn, has led to drastic changes and measures in the field. In this article, we'll explore the challenges facing digital transformations in 2020, as well as the roles a transformation team has to occupy in order to overcome these challenges.
Finally, we'll explore the ways in which leading companies can prepare themselves for the future of digital transformation in 2020 and beyond.
It's not easy to transform your business structure and culture. According to one study, more than 70% of digital transformations fail. They don't recognize or are unable to address the core challenges facing businesses that look to transform themselves without understanding and leveraging the environment.
Based on the above challenges, the digital transformation team of the present and future is beginning to shift. Today, a number of roles have begun to transform their responsibilities in order to account for the new environment of rapid, often non-strategic digitalization that needs to be as scalable as it is flexible.
Leading the charge should be the CTO. Whereas in previous years, the transformation was possible in almost any IT environment, only C-Suite involvement in the form of the CTO leading the transformation effort can succeed in bringing the entire organization on board. The CTO acts as the chief strategist, technologist, and evangelist of transformation.
Second, in 2020, the digital transformation team also needs to take charge of the organization's entire dataset. Marketing, sales, operations, and supply chain can all benefit from more effective data analysis and reporting. A singular team in charge of this effort can help get the entire organization on the same page and ready to rock.
Third, the digital transformation team needs to be the chief customer centrist of the organization. This role, previously a part of marketing's responsibilities, is in large part due to the data available. The transformation team can leverage this data to align various departments across the organization for more customer-centric strategies and initiatives.
Fourth, the transformation team has to be responsible for integrating digital insights and efforts into everyday business processes. Whereas this step was formerly reserved for each individual business area, an organization-wide approach has to include a central driver to implement new software, processes, and data.
Finally, the digital transformation team needs to make constant judgments on the right areas for digitization. Despite the now-widespread trend, not every business is prepared to go entirely digital. Strategic oversight and the ability to make a go-or-no-go decision remains a crucial piece of making digital transformation successful.
It's not easy to transform under the pressure of a changing global environment along with internal forces. But it's far from impossible. These steps help you prepare yourself for a successful digital transformation in 2020 and beyond.
First, inform yourself about industry standards and best practices. The widespread nature of this trend means that plenty of other organizations have gone through the same steps, allowing you to learn from both their successes and failures:
Often, these steps are not easy to take in isolation. As we move deeper into 2020, collaborations become more crucial than ever. The rise of AI and constant disruption should be embraced, rather than shied away from.
That means building partnerships with tech companies and startups who specialize in innovation and transformation. Don't be afraid to put aside the hesitation to disrupt your current processes or way of working. In today's rapidly changing environments, that disruption should be welcome.
The roles of the digital transformation teams are shifting. Learn more about these roles and how to prep your team for them at Asia's largest experiential conference, the Corporate Innovation Summit 2020. Visit our website to learn more about the conference and reserve your seat.