Organizations today must transform themselves and jettison the heavy baggage that comes as a result of decades of institutionalized methodologies and paradigms, developed and codified in an analog era – an era operating at a far slower operational tempo. Enterprises must recognize that the pace of business, and the pace of change in a digital world surpasses anything yet experienced. We must recognize the new digital realities, and look for guidance from industries that have already experienced rapid technology and digital transformation.
Our survey findings reveal that becoming a digitally transformed enterprise is not something that can be delayed, as digital leaders are already gaining competitive advantages and recognizing increased revenue and reduced, costs but there are even more rewards available. Executives believe that if they did everything possible to digitally transform today, they could increase the revenue impact of digital technologies by a third. Looking forward to 2020, executives in our recent survey predict a 67% increase in revenue impact from digital transformation.
Hyper-transformation is upon us, and if we haven’t jumped on the train yet, we must do so immediately. The good news is that ROIs (return on investments) from digital transformation initiatives are compelling. Nearly 30% of the surveyed firms are receiving an ROI greater than 100%. Even with promises of compelling ROIs, however, the implementation of digital technologies must be aligned with the following 5 missions:
- Developing and implementing an OILS (optimized information logistics systems) for managing the real-time lifecycle of data from collection to archival
- Achieving real-time business operational tempos to respond to digital interactions and user expectations
- Implementing intelligent process automation using artificial intelligence and machine learning to augment human thinking and work
- Ensuring shared situational awareness through the use of collaboration platforms
- Utilizing real-time contextually relevant data to personalize digital experiences
To succeed in a hyper-digital transformation world, leaders must study harder, work smarter and adapt quicker than ever before.
Follow Kevin Benedict on Twitter @krbenedict