Digital transformation is a term to describe the act of using fast-paced or exponential technology to solve problems within a company.
5 Must Haves
1. Digital transformation is not only about technology
This is the first mistake people make about this topic and the reason behind low success rates in companies.
According to McKinsey & Co, less than 30% of companies succeed and do a successful digital transformation.
As an Awardee of the Next Generation Women Leaders by McKinsey & Co and a former Silicon Valley entrepreneur. I dare to say that as challenging as it could be it’s easier if you think like a futurist and begin with 2030 in mind.
2. Starts with a Growth Mindset
If you are afraid of technology, the future, or robots taking your job, then digital transformation is being led by fear.
Let’s go back and understand the psychology behind the behavioral change. Going through a digital transformation starts way before you decide you are going to use a certain technology.
The company and every human involved has to have a growth mindset, pro-evolution, pro-growth, and pro-technology.
3. Technology is not having an app
The world doesn’t need more apps. Kids can make apps these days in a matter of days and with no coding. An app will not make you the leader in your industry.
When I talk to executives interested in digital transformation, they think about moving their current offers digitally.
They want to use fancy technology. [Insert here your favorite]. Blockchain, Artificial Intelligence, or Genetics, without fully understanding how they work. Or real-life applications from companies pioneering with the technology.
4. Be strategic when investing to innovate
According to IDC data research, companies’ spending on digital transformation continues to grow over 10% despite the 2020 events.
Over 1 trillion dollars will be spent on this globally. However, it doesn’t matter how much money your company invests in learning about this. If it’s not invested correctly, which takes me to the last point.
5. Why you cannot learn Digital Transformation in Business School?
The difference with this topic, in particular, is that this transforms the company into an innovation machine.
Innovation can come from any part of the company, including tech-savvies younger people. You need to look beyond gender, and age, and detect opportunities for their worth and not hierarchy.
This is not how most companies work. To learn to think like a disruptor, you cannot learn from people following the system.
Silicon Valley startups and startup founders move faster. This is why they are most likely to succeed in their digital transformation efforts.
[…] Digital transformation is not a fad. Instead, it is a reality that continually evolves as new digital technologies enter the market. Almost every industry has a story to tell about companies that outdid their competitors through leveraging digital technologies. Moreover, increasing digitalization has become a disruptive process that’s altering how companies interact, compete, and create value. Therefore, companies must learn to innovate and adopt technologies if they are to survive in the market. […]