The fallout of COVID-19 has resulted in a dynamic shift regarding where we work resulting in companies examining the productivity and viability of an agile remote workforce. Companies are rethinking about investing in office space and commercial real estate. COVID-19 is spurring the innovation when it comes to how we work with funding coming in for building platforms that enable remote teams to work together and more effectively communicate and for sharing information.
Even though COVID-19 is resulting in a great deal of change in how we work but there is no guarantee that the change would result in greater digital transformation success for companies. According to McKinsey, 70% of digital transformations fail even when executives understand how it is important for them to evolve with technology and streamline digital solutions.
Being effective for a digital transformation requires hard work and understanding the five obstacles as discussed herein could help businesses in overcoming these blocks and improve the success rate in the process of digital transformation.
- Lack of consensus and isolation –
Usually, organizations tend to believe that to move quickly they need to set ambitious deadlines without briefing up their workforce and they do not fully realize all the challenges that the company is facing resulting in a lack of consensus at the outset and not deliberating on the question of “Why’’. Employees should question, why we are doing this and without thinking on the question of “Why”, employees just typically retreat to the comforts of their team or group and only focus on themselves and deliverables creating internal silos or isolation.
It is important to ensure that everyone is on the same page from the beginning and understands the organizational challenges, as well as those arising in their respective teams or departments as being in isolation (silos) badly, affects the agility of an organization.
- Transformation should begin from the top
Just agreeing for the transformation of the organization does not mean that senior managers are aligned with respect to the budget, KPIs, etc. It may be possible that the CEO’s vision for the outcome will differ from that of CFO or CDO and as such, it is important to be prepared to address any disconnection and competing priorities. To ensure that top managers are on the same page it is necessary to be eloquent and communicate not just, what you are trying to achieve but also about the problem you are solving. This will result in painting a broader picture of how the new organization would shape up with all the stakeholders being on board with transformation strategy and business goals.
- Avoid lone wolf mentality
Organizations should avoid embarking on a major transformation journey alone, as it is difficult to stay ahead in your business without building a partner ecosystem in the wake of new technologies. Picking up the right technology partners will help you in achieving your business outcomes and be serious in sharing upside. A healthy and incentivized relationship by recognizing, selecting and constantly assessing the value and culture that you need will help your organization to become a leader in the market.
- You are as smart as your talent
It is never too late to become a data driven organization with technologies such as Artificial Intelligence, and Machine Learning continuing to make your data and talent smarter. It is important to use digital transformation to evaluate your talent. Acquiring, training, and retaining the talent (employees) that you need to achieve the outcomes for your business to thrive requires that as an organization you should put efforts in building community. Companies and those responsible for leading digital transformation must operate with a mindset where innovation and transformation are continuous.
- Not scaling up quickly
Managing expectations when it comes to Return on Investment or ROI for a digital transformation is quite difficult. As greater is the investment, the quicker the executives want to see some form of return. Therefore, it is important for organizations to move and scale quickly by setting up objectives at the outset thereby ensuring that the stakeholders/organization get smarter every step of the way.
Finally, we can conclude that by avoiding the above-mentioned obstacles, companies can embrace digital transformation in a big way.
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