When it comes to successful digital transformation, there are several prevailing truths that span all industries:
Initiatives that are customer-centric and based on technology-enabled innovation are the ones that will be successful in generating growth, profit and sustenance.
CEOs who can clearly communicate their customer value-based vision in real working terms, and who closely monitor its progress, are the ones who will transform their organization in a well-orchestrated manner.
Leaders who personally and proactively evangelize change will find it far easier to gain buy-in from the various stakeholders of the company.
And above these silver truths is a golden one:
Organizations that leverage data to drive digital transformation tend to prosper at the highest level.
And speaking of data…
In the Trasers Ab-Initio survey of leaders in R&D/Product development, we asked questions pertaining to product and service portfolios and competition. Consider the following insights about companies across all industries:
From this, we infer that one-third of all companies, regardless of their industry, will perish in the coming decade. Despite this rather grim outlook, we observe many CEOs not embracing the digital revolution wave taking place within their industry with the appropriate level of urgency.
What are progressive CEOs and top management doing to advance digitalization efforts and transform their companies? From our studies, research, and empirical experience, here are the fundamental elements we’ve noted:
Companies and leaders that master these fundamental elements will lead the way in transforming their organizations to become more relevant, competitive and prosperous in the digital age.
Assumptions, personal experiences, individual perspectives and risk profiles often distinguish the behavior of leaders. Herein lies the greatest challenge for CEOs: a misalignment among the leadership caused by personal human factors. Because of the variance in their respective points of view, each leader sets different priorities for themselves, their teams and so operates in a silo. CEOs must first develop a harmonious view of transformation starting at the top management level, with a clear vision of the affect such initiatives will have on the company-wide level.
That’s why the golden principle of the digital age is that data trumps assumptions, trumps hunches, trumps personal bias—this is certain. Use of data collected within and by the company, or from independent research, will hedge against these biases and personal agendas thanks to their objectivity and inherent commitment to company-level priorities.
CEOs and Boards utilize Trasers digital transformation research to raise industry-specific awareness and align leadership as well as their teams. CEOs who rely on benchmarking better understand their competitive digital maturity on both business and IT levels. Finally, they ask very specific questions tied to their customers, markets, operations and technologies. A combination of these data points helps CEOs manifest a coherent, customer-driven vision and strategy and to prioritize their execution optimally.
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