Sometimes you already know the answer. Forbes reported that 84% of companies are failing to achieve their goals around digital transformation. So what’s going on here? Most businesses consider this vital but are struggling. It dawned on me. It’s all about the fundamentals. Three of them specifically.
Here are how the three primary fundamentals of modern-day business both explain the challenge for digital transformation and predict the solution as well.
Digital transformation is another way to say, ‘lots of change’. People can change, we do it every day. I’m not saying it’s easy but as humans, we are inherently built to change. Embedded processes in organizations are harder to change though. The proverbial turning the boat at this level requires the fundamentals of organizational change management.
Accommodating new ways of thinking and getting things done.
Next, the innovator's dilemma states that it’s a difficult task for large organizations to innovate. The odds are simply stacked against organizations because of size and stakeholder expectations.
Organizations need scale and innovation needs organic growth.
Performance optimization management.
And, most business leaders today would prefer to only know about digital tech vs. truly knowing the tech. There’s a big difference there and it speaks to the leadership challenge of credibility. Beth Comstock at GE suggests that leaders allocated 10% of their week dedicated to individual transformation.
Leaders have to be in tune with the values digital transformation represents and the capabilities it empowers.
Personal transformation initiative.
Sometimes you already know the answers. Achieving success with Digital Transformation, in part, requires these key fundamentals.