It was interesting speaking to a group of around 200 CIO/CISOs in Singapore on the Opportunities and Challenges of Digital Transformation. You can read my Interview to get my views on a couple of their questions. I have also captured the key messages to spur a debate and get your views:
Opportunities:
- Recent Isobar study showed a strong correlation between Digital Index (aggregrate measure of Digital Performance of 1000+ companies in US) and Share Price.
- Increased revenue, improved customer satisfaction and a larger/stronger user base
- Improved employee productivity and better prepared for disruption
- According to IDC – By 2020 over 55% of organizations will be digitally determined through new business models and digitally enabled products and services
Challenges:
- Although 90% of companies indicated that they are engaged in some form of digitalization, only 16% said their company responded with bold strategy & scale (MIT Sloan Management Review – May 9, 2017)
- Budget constraints and lack of skilled personnel
- Lack of full visibility across digital or end-user experience
- Lack of buy-in from leadership on prioritizing digital initiatives
- Data Privacy regulations and increasingly sophisticated cyber attacks
- Outdated KPIs
- Inadequate Change Management and siloed org structures
- Siloed innovation
- Tactical plans and no long term digital strategy
Recipe to Win and Lead in a Digital Economy
- Develop new customer segments and create new business models
- Refine your value chain and build a high-performing agile workforce
- Focus on highly actionable trends for next 3-5 years and integrate digital strategy to company strategy
- Redefine market benchmarks with digital disruption and measure using new KPIs
- Create an enterprise wide platform with focus on architecture aligned to business strategy
I would love to know what worked and did not work at your enterprise as most of the readers may have embarked on a digital transformation or may be assisting others in the journey.