As business model evolve with emerging digital technologies, changing customer and workforce behaviour and product development, leaders need to keep up with the changes
CEOs need to recognize the on-going shift from the industrial to the digital era. If they are unable to tap the changing markets, it will result in a slowdown in customer engagement, revenues, and market share. To flourish in the ever-evolving digital era, some strategic ideas need to become sacred.
Drive the digital culture
Digitization is not merely technology adoption; it’s a change in company culture. If the company environment is not fertile to germinate new ideas, take up new technologies and new processes, welcome new skills and capabilities, the digital journey will not succeed. Investing in digital technologies without considering culture will only hide the problem temporarily following which it will resurface. The CEO needs to drive that change, rhetorically, BE the change.
Don’t push for data
An essential foundation of a company’s growth is master data management, which is difficult to establish if each of the business units has a different set of customer information and there is no specific structure on the categorization of your product lines. The second line of leadership needs to have the freedom to identify the useful data, to ensure there is clean, structured data for strategic decisions to be taken upon.
Any investment in AI and ML will fail to offer good results if data is not normalized, structured, and clean.
Appoint the right leader
Although the focus of CEOs needs to be on digital transformation, they need a business strategy and not a digital strategy. A well-structured business strategy that is defined by the arrival of newer digital technologies should be the main priority for a CEO. Pick the right leader and assign a person with significant digital experience to lead the enterprise business strategy. Lastly, make them accountable for driving digital transformation within the company’s business strategy.
Digital transformation is an ability
Digital transformation is not a set of technologies but a strength that should be a core part of everyone’s job similar to innovation, cost management, or teamwork. It is not a standalone strategy and is ubiquitous to the company’s growth and personnel strategies. All executives need to take ownership and accountability for digital thinking and not isolate themselves from the digital risk.
If CEOs rely on legacy strategies that no longer work, they get caught up in a legacy mind-set that starts affecting their role. Keeping the long term digitisation goal in focus while crafting business strategies, can make them leaders in digital transformation.