The currently hyped notion of “Digital Transformation” has moved to the top of the strategy agenda in most enterprises today. Its strategic relevance has grown alongside the disruptive impact of digital technologies on business models, industry structures and competitive landscapes.
Management teams around the world are developing strategies on how to use digital technologies like mobile, advanced analytics, social media, cloud computing, or connected devices (internet-of-things) to provide for a unique and seamless customer experience, to create innovative new business opportunities and to improve operational processes. However, the success of digital transformation is not predominantly determined by the scale of technology investments.
If applied in innovative new ways and combinations, technology by itself does not transform a company. Successful digital transformation is primarily determined by the degree to which people are empowered to actively embrace constant change as an opportunity for growth and innovation.
The key challenge therefore is to create and promote an organizational culture that encourages people to actively embrace change and continuously fosters organizational resilience. The ability to quickly adapt to new market trends and opportunities – may they arise from disruptive technologies or changing customer demand and behavior – is pivotal. Creative innovation beyond customer expectation is indispensable for survival.