How To Lead Digital Transformations
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The document outlines the need for digital transformation in organizations to adapt business models, processes, and culture using digital technologies, driven by changing customer behaviors. It highlights key findings from a leadership study indicating many organizations are unprepared for these changes, with a significant percentage fearing obsolescence and lacking understanding of future industry landscapes. The text also discusses the importance of developing capabilities through assessment, learning, and innovation, while considering the impact of emerging technologies like AI and the growing gig economy on workforce dynamics.
How To Lead Digital Transformations
- 1. How To Lead Digital Transformations Digital transformation can be defined as a process whereby an organization shifts their business models, processes, and organizational culture with digital technologies to adapt to changing customer behaviors. They adapt to meet ever-changing customer expectations and engage with consumers in innovative ways. Copyright © 2018 by Faisal Hoque. All rights reserved. By Faisal Hoque Founder, Shadoka
- 2. AGENDA • Defining Digital Transformation • What Is Shaping Our World • Assess, Learn, Grow, Monitor
- 4. Technological transformations will continue to reshape the way the business world is organized.
- 5. However, a recent leadership study on digital transformation by Dell unveils most organizations are unprepared: • 45% fear becoming obsolete in 3–5 years • 48% are unaware of what their industry will look like in 3 years • only 5% are classified as Digital Leaders
- 6. Digital transformation can be defined as a process whereby an organization shifts their business models, processes, and organizational culture with digital technologies to adapt to changing customer behaviors. They adapt to meet ever-changing customer expectations and engage with customers in innovative ways.
- 7. Being different has always mattered, but now it matters even more.
- 9. If vision is an expression of the soul of an organization, platform is its body. The assets, whether internal or external, lend the company its "core competencies," which tend to grow organically. Competencies are platforms, or assets with business applications.
- 10. A digital transformation strategy aims to create the agile capabilities of fully leveraging the possibilities and opportunities of new technologies and their impact faster, better and in more innovative way in the future. It starts with answering essential questions such as the what, why, how and who.
- 11. Sooner or later almost every organization needs to transform or diversify from their original market intent. Disruption & Transformation is nothing new.
- 14. AGENDA • Defining Digital Transformation • What Is Shaping Our World • Assess, Learn, Grow, Monitor
- 15. Optimism is itself a strategic asset—as long as it's backed up by a strong grasp of the facts. With that in mind, here's a look at some of the business trends that seem most likely to impact professionals of all stripes in the year ahead.
- 16. Still in the early stages of development and use, AI, machine learning, and deep learning are already impacting how we live, work, and play. It’s time for every organization start experimenting with the many ways these technologies are helping organizations work smarter, better, and faster.
- 17. Source: “How AI Is Pushing Man And Machine Closer Together”, PwC Survey Report
- 18. “However infatuated or convinced you are about the possibilities of AI and automation, it is simply not realistic to expect it to entirely replace human radiologists in the near future, if at all.” – Dr. Hugh Harvey AI is NOT as smart as you think. AI will allow us to do more meaningful and ‘Human’ work... “Artificial Intelligence Is Not as Smart as a 4-Year-Old Child.” – Miles Brundage
- 19. To do more Human work, we have to double down on our humanity. We must learn... • To be mindful, emphatic, and resilient • To inspire, influence, and lead • To champion creativity, diversity, and cross-border collaboration
- 20. The Gig Economy creates more Opportunities Increasing numbers of skilled professionals are driving the growth of the gig economy. And while there are those who ultimately expect that growth to level off, it doesn't appear ready to do that within the next few years.
- 21. Fueled by cheaper cloud computing, remote work tools, and the spread of enterprise-level technology platforms for independent workers, the gigging trend will continue to grow. That's good news for established companies, which can tap into the talent they need for the time they require it. Savvy businesses can become more efficient, reducing fixed costs and improving their bottom lines.
- 22. Big Data gets Even Bigger Not all data analysis qualifies as "big data," of course, but solutions are multiplying, and more companies are seriously ramping up their investments in the field instead of just talking about it.
- 23. Big data spending is projected to grow by a CAGR of 23% each year until 2019. The ability to develop an integrated, analytical view of customer activities and business operations will separate the wheat from the chaff more decisively and rapidly than we've seen so far.
- 24. Social selling goes Mainstream With LinkedIn, Facebook, Twitter, and other social platforms making major moves to enable social selling with original content, businesses will have to ‘open their hearts’ to influence the masses.
- 25. Some social selling statistics: • 79% of sales people that use social media outsell their peers. • 53% of buyers said they listen to peer recommendations before they make a purchase. • 65% of buyers feel the vendor’s content had an impact on their final purchase decision.
- 26. Generation Z Comes into Focus Generation Z, the youngest demographic of new workers now entering the workforce. Gen-Z roughly encompasses today's teens and young adults born after 1995, the oldest of whom are 21 years old—next year's entry-level employees.
- 27. A recent Northeastern University study on Gen Z concludes: • 42% expect to work for themselves. • 72% would prefer to design their own college courses and majors altogether. • 79% want colleges to integrate work experience with coursework.
- 28. Some of this trepidation is well- justified, in light of issues like the student debt crisis and college affordability. But many of Gen-Zers' traits seem likely to propel them toward innovation and growth hacking in a wide range of current and emerging industries.
- 29. The fact is that for independent workers, tomorrow's entry-level employees, entrepreneurs, growing startups, and establish corporations, sustainable growth and innovation are never one-time things. It takes a deep emotional, systemic, and cultural stake in the changing climate—which starts, of course, with an understanding of it.
- 31. AGENDA • Defining Digital Transformation • What Is Shaping Our World • Assess, Learn, Grow, Monitor
- 32. Assess, Learn, Grow, Monitor Transformational journeys require acurate assessments, learning, growth, and monitoring of: 1) People and Culture; 2) Capacity and Capabilities; 3) Innovation; and 4) Technology.
- 33. Research — Do extensive cross-industry research to understand current and changing customer behavior. Define — Define the problem that needs solving. Ideate — Consider many options from many perspectives, disciplines, and sources. Execute — Develop rapid prototypes to gather feedback from stakeholders. Apply Design Thinking.
- 34. A digital transformation maturity assessment identifies an organization's current state by focusing on: 1. People and Culture; 2. Capacity and Capabilities; 3. Innovation; and 4. Technology.
- 35. People and Culture: Level 3 Maturity Characters • Staff understand the benefits and opportunities to them and customers of the digital strategy. • Focus is on customers and how digital can meet their needs. • Digital transformation change management plan implemented.
- 36. Capacity and Capability: Level 3 Maturity Characters • Digital policies and procedures regularly audited and improved. • Digital budget appropriate to current needs. • Staff productivity gains and benefits from embracing digital solutions are identified and sought. • Staff training regime helping to improve online presence and service delivery.
- 37. Innovation: Level 3 Maturity Characters • The potential for digital channels to create new ways of engaging with customers and delivering services is explored and digital projects formed. • Digital channels are used to create new relationships with customers.
- 38. • Technology strategy and systems are aligned to the digital strategy. • Technology is focused on digital channel delivery and delivering the benefits articulated in the digital strategy. • Greater integration of multiple technology systems that assist development of integrated services and a single- customer view. technology: Level 3 Maturity Characters
- 39. Plan, design, and execute programs for Sustainable Growth
- 40. Define KPIs and Monitor program Impact and values
- 41. Practice Flexible, Adaptive Leadership... Since organizational needs change at each stage, its leaders need to keep evolving at the right pace. That requires introspection, self- awareness, and a keen sense of strategy—both in the short- and long-terms.
- 43. About Me Founder of Shadoka A Top 100 Thought Leader. A Top 100 Most Influential People in Technology. Founder, CEO, Chairman, and/or board member of multiple international companies. Author of multiple publications on leadership, entrepreneurship, management, innovation, and mindfulness. A regular, top contributor to Fast Company, Business Insider, Medium, and other publications with thousands of viral social media followers from around the globe. Follow me @faisal_hoque faisalhoque.com
- 44. Working with select partners, we enable developmental programs for sustainability with state-of-the-art and proven frameworks, digital platforms, and content. We call them Accelerators. These accelerators are designed to jump-start business and digital transformation, leadership and management improvements, innovation and growth, entrepreneurship, and social impact. About SHADOKA Follow us @shadokaventures shadoka.com