How to Lead [Not Just Survive] Digital Transformation
Due to the rapid emergence of disruptive technologies like the Internet of Things (IoT), autonomous systems, artificial intelligence and big data analytics, business leaders across the globe feel the pressure to restructure their organizations to incorporate these solutions and stay a step ahead of the competition.
Stanford University Professor Pamela Hinds led a webinar to discuss the impact of digital transformation on the business community, offering her expert guidance on the best ways for organizations to manage this major technological shift and excel in a digital-focused world.
What is digital transformation?
Digital transformation involves much more than technology upgrades. It necessitates holistic improvements across all operations and processes of an organization. Because of this, it can be difficult for businesses to set clear objectives and goals for successful transformation. In her webinar, Pamela Hinds shares key success factors that differentiate business who have successfully begun their transformation. These companies typically:
- Identify new cost-saving opportunities and efficiencies.
- Deliver a better customer experience.
- Change how they approach day-to-day business processes.
- Support continual innovation and evolution.
The important thing to keep in mind with digital transformation is that there is no end point. It’s an ongoing process where organizations pursue continual improvements to the way they operate and drive innovation as much as possible.
Create a business culture that supports innovation
Businesses have a lot of potential starting points to consider with digital transformation. So where’s the best place to begin?
The truth is, according to Professor Hinds, successful digital transformation isn’t driven by specific technology solutions. Organizations that excel do so because they cultivated a company culture that embraces change and innovation, even when it threatens the status quo.
So, how do you build an organizational culture that’s ready to support digital transformation? Professor Hinds recommended prioritizing these factors:
- Basing strategic decisions on the customer experience.
- Supporting cross-team collaboration.
- Increasing organizational agility.
- Providing the leeway to take risks.
- Encouraging staff to learn and seek out better ways to work.
Everyone has a different path to follow as they pursue digital transformation. There is no one-size-fits-all roadmap to follow. That being said, businesses that are able to thrive in this environment have, across the board, established a company culture that values innovation and rewards employees for bucking against the established norm. As much as anything, digital transformation is a state of mind, rather than a collection of shiny new technologies.
Be sure to watch the full webinar to catch all of Professor Hinds’ insights.
To learn more about digital transformation and learn concrete steps that you and your organization can take to stay ahead of the curve, consider enrolling in Stanford’s online digital transformation program. Digital transformation isn’t going away anytime soon, and you can rest assured that demand for digital skills will continue to climb for the foreseeable future.