Eight questions to ask as you embrace Digital Transformation.

May 30, 2017 by Rija Raharinosy
Eight questions to ask as you embrace Digital Transformation.

It is well known among most CIOs I talk to that industry is being disrupted by the role of digital technology. The world has changed. Digital Transformation is rapidly becoming a necessity. The role of digital technology has now shifted from being a mere technology fad to becoming an enabler of fundamental innovation and disruption. So what does this mean?

This transformation is driving large-scale and sweeping changes across multiple aspects of traditional businesses, providing amazing opportunities for value creation. Unfortunately, it also includes major risks. If you are a CIO, I would wager that you have started to grapple with the strategic implications of Digital Transformation within your organisation, your industry and your ecosystem.

Driving Digital Transformation requires some change - more than merely investing in the latest digital technologies. You will need to search for new business models, rethink your operating model, revamp how you attract and foster digital talent and consider shifting how you measure the success of your business.

Below are 8 high level questions to assist you in your Digital Transformation as you grapple with those important considerations:

1. As you identify, develop and launch new, digital business models in your organisation, is your corporate development approval cycle sufficiently agile? Should you move to a weekly or biweekly cycle like early-stage investors? Do you emphasize decisions informed by solid analytics?
2. Do you feel equipped as you anticipate digital disruption in your industry, your organisation, and your ecosystem?
3. Have you initiated an explicitly digital transformation across all your business functions?
4. Have you started to empower your employees through digital channels and content so they can make faster decisions and encourage more agility in your organisation?
5. Is your leadership team digitally literate? To what extent is it diverse, open and multigenerational with expertise in business and technology topics?
6. Have you put in place appropriate training facilities to overcome the digital skill gap within your workforce?
7. Are your internal business process policies up to date to allow collaboration and knowledge sharing using social media tools and digital tools such as Office 365?
8. Which steps have you taken to convince your investors about your need for Digital Transformation and the long-term value creation impact it will reach?

In 2005 it was estimated that there were just 500 million devices connected to the internet. Today, there are 8 billion. By 2030, it is estimated that there will be 1 trillion., It is imperative that you start thinking about how the pace of technological change is accelerating within your industry. More and more, we see that improvements in computing power have been in line with Moore’s Law. The infographic below will show you the plummeting cost of advanced technologies and it will only confirm that the world around you is becoming more connected. Are you ready?

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