Digital transformation – 5 critical success factors
“Digital Darwinism is unkind to those who wait.”
R. “Ray” Wang
When Microsoft Dynamics 365 was introduced last year, R. “Ray” Wang, Principal Analyst, Founder and Chairman of Silicon Valley based Constellation Research, Inc. delivered a keynote on the importance of taking action today in regards to digital transformation. Tricia Morris from Microsoft picked up 5 critical success factors from this keynote and we repeat them here because they are highly important to pay attention to:
- Understand your mission. It’s important to be clear about which outcomes you strive to realise. Start with the final brand promise. You have to understand your mission and what you’re trying to do in order to achieve it.
- Build a digital culture. Organisations must be digital to the core – have a digital DNA and a culture of digital – in order for us to humanize digital. It’s not enough just to talk about technology and outline business models. Combine left-brain and right-brain people in order to balance it out, and magic will happen.
- Remember form follows function. First get those business models right. Then think about the cool disruptive technologies. Get your basics such as social, mobile, cloud, big data, and unified communications in order. Then focus on all the (other) cool stuff such as IoT, cognitive, AI, robotics, or AR and VR.
- Move from gut-driven decisions to data-driven decisions. Data is the heart of digital businesses and digital transformation. Tap into insights and take advantage of these insights – that’s what will help to differentiate.
- Encourage co-innovation and co-creation. Use the P2P models that are already in place. Use network economies. And build a platform that everyone, even your competitors, will build on top of.
The report Aligning the Organization for Its Digital Focus from MIT Sloan Management Review and Deloitte University Press states that approximately half of the globe surveyed managers, analysts and business executives trust that their organisation has prepared sufficiently for digital disruption.
In fact, 26 % claim they are among the furthest along on the path towards preparing for digital disruption, while the majority (42 %) believe themselves to be in the middle.
Is this the reality?
It’s not that digital transformation has a clear-cut finish line, but preparation helps, and in a recent interview (follow link below to listen to the entire interview), R. “Ray” Wang covers the top trends impacting digital transformation, which technologies are necessary to succeed, who is best fitted to lead digital transformation initiatives, digital impact on sales, customer service, IT, finance, marketing, etc. Click here to read the whole interview.