evolve or die
Evolve or die
Digital transformation is the industrial revolution of our age
By Michael Priem, Modern Impact
Around the globe, across all industries,
every organisation intent on surviving
the next decade of economic disruption
is shifting from analogue to digital. Any
company serious about advancing its
brand, capturing its best customers and
expanding its future is in the process of
integrating digital technologies that will
help them reimagine every aspect of
their business.
And most of them are failing.
According to a recent McKinsey global
survey on Digital Transformation,
more than 80% of organisations have
undertaken such steps in the past five
years, but only 16% of respondents say
their efforts have successfully improved
performance, while also equipping them
to sustain long-term change. Reported
success rates in more traditional
industries – like Automotive and
Pharmaceuticals – are even more dismal
(4%-11%).
Why? That 50-page proposal made
the idea of insinuating new digital
technology into everyday business
processes, operations, communications
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and other systems seem so simple. So
why then, are almost 9 out of every 10
organisations who attempt any type of
digital transformation dissatisfied with
the results?
Because digital transformation isn’t
just about technology.
It’s about leadership and partnership
and stewardship.
It should come as no surprise that
one of the most important influences
McKinsey identified when it comes to
determining the ultimate outcome of any
transformation is a team of leaders who
not only understand digital tech but also
feel a sense of urgency about leveraging
it; who can’t wait to start the process and
bring the rest of the organisation along.
That’s a tall order, becoming that kind
of leader. Being someone who’s willing
to challenge the status quo, experiment
with the unfamiliar and get comfortable
with the prospect of failure. But the
only time we see any organisation
enjoy dramatic growth is when they
tried something (and hired someone)
dramatically different.
Which brings us to an equally
important ingredient of transformational
leadership: integrators. According
to McKinsey, the leaders most likely
to succeed in exacting change are
those willing to step back and recruit
uniquely qualified partners who’ll help
them integrate – and translate – new
digital tactics into existing and evolving
business strategies.
Given that description, it follows
that the best integrators do much
more than just provide technical specs
or practical explanations of the digital
solutions being developed. They also
excel at crafting and communicating a
“change story” that helps employees and
other stakeholders understand where
the organization is headed, why it’s
transforming itself, and what will happen
when it does.
The integrators you choose and the
change story they tell are particularly
important when it comes to the
evolution of your marketing systems.
That digital transformation will eventually
affect every aspect of your business,
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