What do Chief Executives Think About Digital Transformation?

Digitization – the gleaming word appears to be a brilliant opportunity for most people, given the current circumstances. However, there’s a number of people who look upon it as an intimidating challenge to cope up with. Over the past few years, we’ve witnessed ground-breaking developments in the technology sector. Undoubtedly, they have had a strong impact on the cut-throat competition existing in the various business verticals. Be in healthcare or finance, businesses across the globe are acutely aware of the dire need of adopting digital transformation in today’s times. But things are not so black and white. Let’s understand this through an executive’s perspective.

Digital Business Transformation and the Leadership

While the popularity of digital maturity is on an all-time high, the chief executives are bracing themselves for the upheaval to come. The successful implementation of a digital strategy brings in many benefits. Better product/service quality, enhanced customer experience, accelerated revenues, to name a few. However, to reap these fruits, one has to go through the path of giving up on age-old infrastructure and practices and adopting new technologies. Of all things, the risk and uncertainty seem to be the toughest hardships for any leader trying to bring in digital business transformation in his organization.

It’s been reiterated again and again – Digital transformation is not a destination, it’s a journey, and it couldn’t be more accurate. It is often assumed to be a magic trick out of the secret rulebook to the adoption of digital technologies. Still, unfortunately, digital transformation in business is nowhere close to that. Strategic digital transformation is more than just transformation. For all executives, it is prolonged battle, a voyage that continually changes its course and destination. Digital sovereignty is not achieved by a single workweek. It takes numerous pivots or checkpoints, challenges and hardships, that finally define the direction and destination of the company’s digital transformation.

Bringing in digital to the organization’s doors also requires ample research regarding the kind of talent they welcome into the organization. Executives often categorize the necessary aptitude for a digital transformation based on the digital skill-sets people have to offer. A digital transformation example would talk about data analysts or people who can understand what do they need to extract from the data that will be produced. Another essential aspect that the chief executives look for is the understanding of business implications and the ability to create revenue-generating digital engines within the agile infrastructure. C-suites have often been switched to have a Chief Digital Officer or Chief Digital Information Officer who can make sure digitization occurs smoothly.

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