In this digital era, there exists the new challenge of keeping your organization up to speed. Customer expectations are higher, the speed at which you must deliver products to market is faster, and the competition is more aggressive. Organizations today are expected to transition from being product- and project-centric to customer-centric, which can require a tremendous amount of change across every department. Now, this often creates a lot of stress for the business, particularly C-level executives, but it doesn’t have to—not if your organization successfully undergoes digital transformation.
This means creating unprecedented levels of coordination across the business—encompassing products, services, resources, applications, geographies, etc.—that enable greater visibility into work and improved accuracy of initiatives. C-level executives are faced with leading this transformation and ensuring that the work being done is not only effective but aligns with strategic goals.
While this can be a serious undertaking, the financial gain and increased market share to be realized are real and measurable. Essentially, the change is worth it. However, it can be tricky to measure digital transformation, but not impossible. Let’s walk through some of the challenges of rewiring your organization, accompanied by just how you can measure the change, as taken from the eBook, “Deliver Your Digital Transformation Strategy at Speed.”
Tips for Measuring Digital Transformation
Challenge 1: With digital transformation, there are staggering interrelationships and dependencies of initiatives.
Solution: This is where the “unprecedented levels of coordination” come into play. There must be coordination not only within each separate initiative, but it must span across a broad set of outcomes and organizational silos. This means adopting the right work and resource management application and getting rid of all those emails and spreadsheets.
Measurement: With the expansive coordination, you will have more accurate data and insights that tie into the bigger picture—you’ll have something you can actually see and manage. This way, you’ll find you have the ability to make faster and more effective decisions, achieve growth targets, adapt more deftly to changing conditions, and better plan for the future.
Challenge 2: Attempting to keep everyone on the same page, amidst tremendous change.
Solution: It’s time to eliminate those static, desktop-tools, as they are entirely inadequate for such a complex endeavor. Instead, internal processes and tools must be as digitized as the products you are trying to develop in order for people to maintain effective collaboration.
Measurement: Be the master of your realm through a strategic dashboard that gives you control over your digital transformation. This will enable you to properly measure changes through real-time visibility into performance, financials, and investments from across the enterprise. Additionally, you will have a decreased risk of failure, improved ability to meet growth targets, and the capability to quickly make trade-off decisions when necessary.
Challenge 3: Accurately measuring progress of digital transformation and the benefits delivered.
Solution: Keeping the right information and real-time analytics at your fingertips will enable you to most effectively measure progress. The solution, once again is the strategic dashboard, which should be accessible across the organization.
Measurement: Demonstrate the results and benefits through the organization’s improved ability to quickly adapt to new competitors and the rapidly changing marketplace. Not only this, but the organization can stand out by having the ability to exploit game-changing technologies.
Not being in full control of your strategic initiatives can negatively impact your bottom line and reputation; thus, it’s time to regain control through digital transformation. Don’t contribute to the statistic that half of all strategic initiatives fail; instead, be a leader for change by standing out from the competition.
To learn more about navigating your business in this world of digital transformation, download the eBook, “Deliver Your Digital Transformation Strategy at Speed,” in which you will find the 7 key elements that will help you rewire your organization for the digital era. Stay tuned for part 2 of this series where I will cover how you can ensure your organization is delivering on strategy in this digitally connected world.