Strategizing Around Digital Transformation
Digital transformation leader Ragu Gurumurthy talks about the impact of innovative technologies on companies. What does the term “digital transformation” mean for businesses in 2017?
The forces of digital change are redefining expectations for how work is done and how value is created or captured in every industry. Digital transformation means taking full advantage of the opportunities created by digital technologies to continuously reassess, reimagine and — where appropriate — reinvent all aspects of a business: what it offers, how it delivers and how it operates. It also means embracing new ways of collaborating and engaging with all of your stakeholders, including customers, suppliers, regulators, prospective hires and employees. This is all enabled by technology, but it’s not primarily about technology. It’s about being nimble in the face of rapid change and capturing more value in new ways.
How can businesses empower employees to embrace digital transformation?
This is easier for some employees than others. Younger employees tend to want to work for digital organizations, for instance. Some employees may not be comfortable with digital workstyles. Leaders should communicate vividly about the strategy, the goals and the progress being made. They should give their people the training they need, recognizing that in this era of rapid change, continuous learning is essential. They should create incentives to try new things. You have to encourage and tolerate an appropriate level of risk taking. Employees should know that some level of failure is acceptable. But with this freedom comes an obligation to learn from failures, and to move on quickly.