BETA
This is a BETA experience. You may opt-out by clicking here

More From Forbes

Edit Story

Who Will Lead The Process Of Digital Transformation In Today's Companies?

Forbes Technology Council

Founder and CEO of FortySeven Software Professionals, with over a decade of experience advising F500 companies and growth-stage startups.

The world has changed a lot in the past three months. It's pointless to deny. Alternatively, it is not pointless to embrace these changes and adapt your business.

Recently, I noted that many business owners who are not connected with IT infrasturcutre have questions and frustrations regarding the mission of digital transformation. They wonder why it's so necessary for every company, who should be responsible for it and how they can change their business processes to meet the needs of today's customers.

Many people believe digital transformation is simply the implementation of new technologies in an existing organization. Some may say it's enough to simply create a website, add some chatbots and some mobile applications and flesh out your company's social media to be considered a digital company. But in reality, digital transformation includes the implementation of new technologies like artificial intelligence, Internet of Things solutions and more, along with deep-level procedural changes to corporate culture, business processes and customer experience.

Digital transformation is taking place in many sectors, including the oil and gas industry. Based on my experience, the companies in this sector are already seeing benefits from using ETRM, CRM, ERP and DMS and digitizing their legacy systems. Health care, in particular, is one industry desperately in need of digital transformation. In the end, Statistica says that "By 2023, the spending on the technologies and services that enable digital transformation worldwide is expected to amount to 2.3 trillion U.S. dollars."

Every day, the demand for digital technology in any given business is growing. The average consumer changed their habits very quickly during the pandemic. They now rely on contactless delivery when buying online, instant service for some online procedures and user-friendly interfaces all around. It almost seems like this new consumer expects companies to automatically predict and fulfill their desires.

Artificial intelligence, big data and other forms of digital transformation tech can play a part in fulfilling those desires, and enterprises that cannot adapt to these new requirements will likely face more strenuous circumstances in the future.

These old companies are also spending immense amounts of money on maintaining old systems and software platforms that are out of date. This is not only a cash problem, but a problem of cybersecurity. In fact, according to a Ponemon Institute study, "68% [of those surveyed] believe some of their organization's existing security solutions are outdated and inadequate."

Ignoring modernization can be deadly in more ways that one, but embracing it doesn't mean crossing out all of your experience and starting from scratch. You need to adapt those existing processes for the demands of the digital market.

But who is going to be in charge of bringning those meaningful changes to fruition?

For better or for worse, all important changes in your company must start with its leader. However, you may also take this as an opportunity to hire or promote an innovation manager. It's important that this person has the necessary hard and soft skills to perform in this position. Hard skills include any competencies that need to be tested for their work, including a distinct desire to work with new technologies. In my experience, though, it really comes down to the soft skills, which include effective interaction with teams, excellent communication skills, high emotional intelligence, a design-focused thought process and the ability to find business balance.

With all of this in mind, how can you tell if your digital transformation is successful? It's easier to start with how it can fail, which includes a lack of competent specialists in the technology you are hoping to implement, a lack of investment in said technology, a low level of automation and the maturity of your business processes.

I've worked with many companies on their digital transformations, and companies of any size can find it profitable for their business. Usually, it's beneficial for companies to understand their main strengths and make them visible for customers. Implementing the digital transformation initiatives may very well introduce additional profit to your company as your business adapts to the needs of your modern clients. In the end, you, as an owner, will also save valuable time to spend on business core competencies


Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?


Follow me on LinkedInCheck out my website