Digital Tranformation as we know is important for people and organizations to be able to adapt. Due to COVID-19 the process of digital transformation has been accelerated.
What is digital transformation?
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.
Why does digital transformation matter?
There are a number of reasons that a business may undergo digital transformation, but by far, the most likely reason is that they have to. It's a survival issue for many.
CIOs and Management worried about their company’s – and their own – survival should focus on securing company-wide support and collaboration to get digital transformation right from the start. They may only get one shot. But even if business leaders don't believe they have to transform, there are many reasons why they should consider it anyway.
Their competitors are doing it. According to a Forrester Research report, executives predict that nearly half of their revenue will be driven by digital by the year 2020.
It will make them more profitable. In a recent Gartner survey, “56 percent said that their digital improvements have already improved profits.”
It will make them more efficient. Research shows, “Nine out of 10 IT decision-makers claim legacy systems are preventing them from harnessing the digital technologies they need to grow and become more efficient.”
Their customers will thank them. Whether external customers, or internal employees, people have already largely adopted digital practices in all facets of their lives, from shopping online via their mobile devices to adjusting their home thermostat remotely. They are waiting for businesses to catch up.
In our previous Summit: Transforming & Thriving Together, we had a day dedicated for it, here's a summary of each keynote & panel discussions:
1. Digital transformation is the integration of digital technology in all areas of a business organization. It is technology replacing many of the mechanical processes. It is also creating new functions and features in different areas of organizations. William Spindloe further describes it as a process that is changing how businesses are utilizing their resources and organization processes. Its biggest challenge is a combination of data and its interpretation plus human resource capabilities. He generously shared data and statistics in his talk.
2. The panellists are in agreement that the human aspect involve in Digital Transformation is the trickier part of the process and that it is more often part of the reason why many digital transformation in organizations fail.
People in organizations about to undergo transformation need to be prepared. They need to be made aware of what is to happen and be inspired to participate before the process of transformation begins.
3. Wioletta Simonet related Transformation to the water flea or Daphnia life cycle where certain conditions in the environment affect the creation of the male species and egg generation. She recommends that similar to how the water fleas response to changes, organizations should consider Adaptive Leadership style and utilize Agile-based strategies to help in the transformation period.
4. Businesses were shook up last year with the massive disruptions that the pandemic brought. Remote work, increased reliance on technology based communication for internal and external customers and online payments these were quickly set up and utilized by many. This panel discussion talked about how these changes affected businesses and how businesses are transforming with continuous disruptions happening to industries.
The members of the panel believe that some of the changes that happened in the way business were done last year will continue on this year and beyond. Consumer habits have changed. Data is still very important in the new normal. Big and small businesses should be able to use them to be able to address or adapt consumer needs. One of the best practice to create value and gain a competitive edge by transforming in a way that makes the most sense for your business.
We've received positive feedback and commendation on what we have created through the summit but don't just take our word for it, watch this videos from Ange Carpio-Reyes, Dr. Rey Fremista and Aidee Rodzman Rosidi as well as more testimonials on the outcomes we have created for our clients.
According to a Gallup survey, only 13% of employees are highly engaged at work while 26% seem utterly detached. That’s terrible for any business, as it will definitely affect productivity and profitability, would you agree?
While according to HR Magazine, companies investing $ 1,500 per employee per year on training average 24% higher profit margins than companies with lower training investment do.