Uncertainties have alarmed to transform the way you do business. Typically, it’s really hard to sustain the condition where footfall in offices is minimal and remote working is on. Because of this fact, most of the companies have started shifting to digital transformation.
Unfortunately, not many of such companies are successful in embracing that transition.
Why?
Here is a roundup of the top 3 reasons of why it happens.
- Not aligning with the corporate vision
A corporate vision means how a company sees itself in the upcoming time. The success of any such vision depends on how realistic and attainable it is.
A recent McKinsey study, for example, has observed that only 30 percent of organizations are successful in aligning their AI strategy with the corporate vision. This is shocking, as almost 70 percent of the organizations are burning their cash for no reasons.
In essence, the organization should look up to the transformation for addressing their pain points in business activities. Despite being turned a blind eye to the ongoing trends, they should anticipate outcomes being aligned with the corporate strategy.
If you don’t have any idea about where to start from, you can start with the vision and then, move towards data transformation. Before doing so, ensure who your stakeholders are and how the transition will look like for them.
Upon that, you can define what strategic initiatives they should take step by step to steer towards a business goal. This doing would lead you to a transformative vision.
- No planning for ROI
This is the silliest mistake that most of the organizations make. They wait for the success of digital projects so that they can start planning for ROI.
It is something that you ought to anticipate much before making them live. However, improvement in efficiency, achieving a brand value and making customers happy are something you always dream about. But, anticipating return on investment is also equally important. You should predict demand and how to cut on losses that would benefit your business before digitising any project. You can opt in both choices or go for the either one while defining which of these will help in earning more profit.
How can you do this?
Here is the tip.
Identify the beneficial and lagging factors that may affect outcomes. Collect data on these factors to get deep with their values. Then, monitor your investment while going beyond networking, hardware, software and technical expenses. Do include the cost of adopting the transformation and managerial cost. The assumed ROI should also be included as a critical factor in making final decisions.
- Adopting no provisions for digital culture
Expecting for transformation without fixing the corporate culture could be challenging. You won’t be able to make the best-laid transformative strategy failsafe unless you carefully shape the office culture beforehand. An annual survey by Gartner in 2019 showed that culture can be a big challenge in the makeover.
So, you cannot ignore it.
The change must start at the top level because leaders are able to overcome challenges if any come their way. Their success story would inspire other professionals down the lane to achieve their vision likewise.
The topmost leaders should look up the fear around digitization and improve data literacy amongst employees. They should set some examples to follow your footprint, as they would be an influential figure for a long time. It can help in adapting the cultural shifts.
Most of the food delivery brands, for example, are playing on this digital shift. They have successfully adapted the change and set for technology transformation. After all, sustaining the change is the only option to survive in this critical time.
Like them, most of the organizations are cheerfully embracing the data-driven decision-making culture. It is sailing them to achieve their brand vision by deploying digitization across sales, customer experience and delivery, which was a dream a decade ago.
However, the adoption of technology is a big challenge. These are innovators who can kick-start the journey to a change. Thanks to the initiators and openness to the change!
But, this makeover really needs speed. It is still sluggish, which is all due to a lack of visibility, uncertainty in outcomes and a broader resistance for this change. You need to come across these barriers and become a leader who has a strong corporate vision aligned with digitization.