Transformation at the organizational level through digital activities is not an instant process. It’s not easy to sell the idea of investment for transformation to leadership or organizations. This is particularly so for old economy companies, but ironically, this transformation is imperative for them to be able to adjust to the 21st-century market needs.
As per a 2020 research done by Gartner, 87 percent of senior business leaders claim digitalization is a company priority, yet just 40% of companies have scaled digital initiatives. For businesses attempting digital business transformation, the gap between aspiration and accomplishment is widening. Digital transformation strategies will continue to lag unless there is a clear vision across the enterprise.
Since a digital transformation strategy has so many moving parts, executive leaders can find it difficult to prioritize the most important issues and projects. So, let’s look at a few tips to stay focused and make real strides toward digital transformation.
Choose one broad target for digital transformation
First, agree to one primary target that can add significant value to the company. This value can manifest itself in the form of new markets, cost savings, or other fields. The most difficult part is deciding on a target for which businesses are able to plan investments for.
Businesses may think they can achieve many objectives at the same time, but this rarely happens in reality. Regardless of how carefully a company defines its primary goal, it will frequently interfere with other aspects of its environment. These distractions can easily accumulate a long list of tasks, diverting attention away from the primary target.
CIOs need to keep in mind that not all of these projects must or can be completed. Organizations may have to sacrifice some tasks in order to prioritize their primary goal.
Make mid-sized ventures a priority
It’s not easy to decide which tasks to skip or work through. Organizations should consider the following questions to assess which smaller tasks would have the greatest effect on their main goal:
Will the primary goal be in jeopardy if the mid-sized initiative fails?
For instance, consider an aging file server that still functions but no longer receives support. Businesses may be able to get remote staff to connect to the server via VPN to use the file system, but it’s actually better to place the requisite data in a cloud-based solution, even though it means taking on another mid-sized project.
Look for easy wins
Watch out for low-hanging fruit – tasks that can be done efficiently, comfortably, and with little investment that can pay off instantly. Choose implementation plans whose RoI can be easily measure project value in terms of time, so this data can be used by companies to achieve their objectives. This involves activities that are often replicated and strategies that they already use to improve performance, such as onboarding and off-boarding.
It’s never easy to set priorities for change management. However, if companies stick to a single primary objective, work on only mid-level tasks that promote that goal, and look for simple ways to improve performance, they will be well on the way to success.