“97 percent of respondents “agreed” or “strongly agreed” that organisations will not remain competitive unless they radically adapt to the demands of the digital era.” – Harvard Research.
Navigating through the digital era became a necessity rather than a choice.
Whenever it comes to digital transformation, many companies are not ready to change their business processes. Some might have limited information regarding the topic, and some are simply not aware of the transformation’s benefits.
No matter the case, most businesses recognise the need for digitalisation but are yet not ready to commit to this trend.
In mid-2020, Harvard Business conducted business research to understand the challenges of leading the digital transformation in the workplace. They received feedback from around 1700 leaders around the world, where the respondents showcased if their company is digital-ready.
In this article, we will cover the time scale of digital change and three main aspects of digital transformation.
Digital Transformation is a lengthy process
Harvard Busines conducted a research where most of the participants had some experience in the digitalisation of the workplace, some led the change, and some are in the process of it. However, they have noticed that only those companies, who are five years and longer in the transformation journey, can see the progress.
You can also notice that many identify how the digital era is helping companies to become more progressive and modern. However, how can your business do this successfully?
Harvard recognises three main steps to help companies start digital transformation:
Step 1: Your business must recognise what it means to be digitally mature.
Step 2: Next step would be for leaders to outline what it takes to create a transformed system.
Step 3: And lastly, your organisation should understand that the digital era is not only about changing the business but also changing its people.
Three key drivers in the digital era
When the participants of the study were asked what exactly “digital leadership” mean to them, it ended up being a narrow question. Many believe there is no such term, and the “leadership in the digital age” would describe the current situation better.
They also identified three main expectations of the digital transformation companies should be aware of:
Belief 1: New customer expectations
Belief 2: New employee expectations
Belief 3: New societal expectations
New customer expectations
In today’s world, where everyone is digitally savvy, companies must be prepared for customers who are looking for frictionless, quick and easy to use processes to be satisfied. Users in B2B and B2C markets are now focused not only on the quality of the product or service but also on the delivery of it. Having this information, your business should be ready to deliver the product to consumers as fast and intuitive as it is to type a text or play a video game. It might be possible only if you and your team are ready for a digital transformation.
New employee expectations
In the past, companies had a board of senior leaders who were responsible for the decision making processes because they had access to the inside information. Nowadays, employees expect to be a part of a transparent company where everyone can have access to the same data. It makes the working processes easier, however, it also identifies that workers are now expected to be heard and have their opinion during the decision making processes. Therefore, to be desired as a company to your employees, you must have a system in place that allows collaborative work and transparency of the data.
New societal expectations
One of the main generations on the market in the next few decades will be millennials and Generation Z. For these young people, the purpose of their work and fulfilment with a company is the driving force to care deeply about the organisation, especially for a long-term commitment. However, to achieve this success among highlighted generations, your business should be aware of the sustainable issues and be equal when it comes to the workplace. Although “societal expectations” is a broad term, your business must identify what exactly works for you and your business to help you hire young talent on the market.
Digital transformation is a trend that becomes a necessity to many companies across the globe. Although some believe it is not essential to be a digital navy, the majority of leaders realise the need for transformation in the workplace.
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