3 Ways You Can Eliminate Silos to Accelerate Digital Transformation
To accelerate and gain the benefits of digital transformation, organizations must know how to eliminate the 4 primary types of silos: data, technology, content, and departmental. These silos can cause data security and regulatory compliance issues, reduced productivity, underutilized or inconsistent data, poor visibility, and lack of innovation. To eliminate these silos, organizations must create better collaboration across the organization, involve key business stakeholders in planning and strategy meetings, expose employees in every department to innovative solutions and ideas, and enforce an enforceable change management protocol. Implementing a well-organized change management plan from Day 1 of any new technology is critical, as it’s not just about the technology; it’s about the people. Digital transformation doesn’t have to be impossible, but it must be done wisely. To ensure success, businesses should create buy-in with a dedicated change management team or ambassadors, a clear communication plan, defined timelines/milestones, necessary training, and hands-on involvement. Additionally, they should evaluate their current tools and technology and identify what data and insights they seek. Finally, they should seek opinions from key stakeholders in the organization and ensure early adoption across the enterprise. Identifying and then eliminating silos allows businesses to meet goals, create efficiencies, grow smarter, and problem-solve faster. Source: inc
3 Stages of a Successful Digital Transformation
The majority of attempts at digital transformations are unsuccessful. Yet, digital transformation has been at the forefront of businesses’ minds for at least a decade, and its momentum shows no signs of slowing down. The three main reasons why digital transformations fail are over-optimistic expectations, poor execution, and the pace of leading and managing the transition between the old and the new. To succeed at digital transformation, senior business leaders must be aware of the three main stages of the digital learning curve. The objectives of the first two phases, modernization and enterprise-wide transformation, are to reshape the existing business. The third phase stage focuses on the development of new commercial endeavors and the identification of untapped potential. It is crucial to avoid proceeding to phases 2 and 3 before completing phase 1, since this can result in failure. Modernization (phase 1) is about simplifying and digitizing existing processes and functions. It may involve automating HR procedures or providing a self-service platform for workers, as well as building apps for customers or introducing new self-service contact points, linking products, or re-engineering fundamental procedures. This phase is frequently underappreciated or despised, yet it strengthens and improves the organization’s digital capabilities, and it offers immediate returns that can support more sophisticated digital initiatives. Enterprise-wide transformation (phase 2) requires extensive work to be done across multiple value chains where traditional organizational silos must be aligned, appropriate governance models established, new talents needs to be added, and a culture of continual learning and re-skilling must be established. Although its primary purpose is to enhance already existing activities, it can also create new value by allowing businesses to access previously untapped markets or improve the efficiency of existing processes. Transformations at the enterprise level are cross-functional and complicated, but they are necessary stepping stones on the road to digital-transformation maturity. New business creation (third phase), new businesses are created with the goal of expanding existing markets or establishing new sources of income. For businesses to thrive in the age of the customer, it’s imperative that they transition their focus from traditional product-based i.e.one-time sales to more dynamic recurring revenue streams like subscriptions. Transitioning from the current model of operations to new ones is fundamental to operations. These alterations challenge the organization’s existing processes, structures, and capabilities and necessitate new methods of operation. Leadership is essential, as this phase also requires redefining the organization’s boundaries as it transitions from linear supply chains to ecosystems. As a result of the nonlinear nature of these three stages of digital transformation, most companies will oversee a portfolio of initiatives that may encompass all three. It is unusual, however, to discover examples of digital leaders in established businesses who have skipped these steps. The key to a successful digital transformation is to take one step at a time and devote the necessary resources to ensure that the transition is completed successfully. An organization’s chances of success can be improved by climbing the digital transformation corporate learning curve and increasing the maturity of its digital infrastructure. Source: hbr 🔥 Trending Stories 14 Tech Leaders Offer Their Best Pieces of Advice to New Entrepreneurs Ultimate Guide For Hiring On-demand Developers For Your Startup Top 25 Digital Transformation Influencers You Need to Follow
AI success is being limited by poor digital transformation
The success of AI is hampered by insufficient digital transformation, which necessitates rethinking processes and organizational structure to derive maximum value from the technology framework. According to a 2020 study conducted by Boston Consulting Group, 70% of digital transformation projects fall short of their objectives, even when priorities are well defined and leadership is aligned. Factors that lead to failed digital transformation initiatives include identifying the right problems to solve that leads to design of incorrect approach and faulty transformation roadmap that act as a bottleneck for AI success, lack of an overarching data strategy that risk investing in improper tech stacks, lack of integration across verticals and units, and siloed projects that lead to duplicate efforts and wasted resources, as well as employee resistance to change. Additionally, the lack of CoEs and best practices, proper frameworks and approaches, poor execution due to lack of cross-pollination and coordination, and absence of a human-centric, digital-first culture, all these hinder success of AI initiatives. To overcome these obstacles, enterprises must create AI systems that are interconnected across the enterprise, similar to a mesh or fabric, and implement a scalable architecture across the enterprise. This will help the company to take full advantage of the benefits AI can offer and slowly change their business for long-term growth by establishing a solid AI foundation with tools and processes that handle the complete discover-to-implementation cycle. Modular AI architectures offers flexibility and enable the customization of AI solutions to unique business requirements. Holistic AI architecture offers a comprehensive picture of the business and a deeper comprehension of how AI may be implemented in all domains. Scalable data fabric makes sure that it connects to all of the microservices or services in an organization. De-risk AI to handle reputational and performance risks. Agile AI architecture is critical for businesses that must respond rapidly to shifting market conditions and client demands. Agile methodologies have been acknowledged for their ability to enhance teamwork, eliminate silos, and empower decision-making and project management. Like a fabric and mesh, AI must be integrated into all business areas to achieve digital transformation. This will fundamentally transform how the firm runs and provides value to customers. Businesses need to grasp digital transformation to take advantage of its opportunities by breaking down siloed procedures that prevent AI integration and powerful digital transformation Source: Venture beat 🔥 Trending Stories 14 Tech Leaders Offer Their Best Pieces of Advice to New Entrepreneurs Ultimate Guide For Hiring On-demand Developers For Your Startup Top 25 Digital Transformation Influencers You Need to Follow
Digital transformation: Don’t be a follower
Digital transformation can be challenging, and a successful digital transformation necessitates clear vision and creative thinking, but according to a Boston Consulting Group study, 70% of digital transformations fall short of their objectives, resulting in lost time, money, and organizational effort, as well as falling behind competitors in innovation, customer engagement, and technology.Poor outcomes are common Almost every large organization has a digital transformation program, yet many of them fail. Even successful leaders are frequently dissatisfied with their overall progress. Consider a company that deploys new software for more efficient data management. It’s a start in the right direction, but it’s not a complete turnaround. Implementation is only part of the digital transformation. To put it simply, what happens next is crucial. The role of the IT department While the IT department must play a key role in any digital transformation effort, they should not be the sole drivers of the transition. IT departments are already stretched thin; there is a lot expected of IT teams, and even experienced IT workers may not have a comprehensive understanding of every aspect of it.Second-guess your approach Digital transformation is not always rooted in artificial intelligence, machine learning, and automation. To ensure success, it is important to second-guess your approach and think about data integration, not system integration. Don’t think too far outside the box, and keep it simple by answering questions such as how to simplify core business processes. Get realistic about unrealistic deadlines, as they can put you in a box, what you really need is the freedom to think creatively. Set deadlines but remain realistic about the true impact they’ll have on your project and organization, and Don’t tie your success to deadlines. More than 80% of American businesses surveyed by KPMG International Limited in 2020 expect to or are already investing in cutting-edge technology, including cybersecurity, hybrid cloud, and smart analytics. There has been an increase in the number of initiatives aimed at facilitating digital transformation, but it is essential to not lose sight of the end goal. To stay the course and accomplish your transformation objectives, you must have a defined method and system for measuring your progress. Source: enterprisersproject 🔥 Trending Stories 14 Tech Leaders Offer Their Best Pieces of Advice to New Entrepreneurs Ultimate Guide For Hiring On-demand Developers For Your Startup Top 25 Digital Transformation Influencers You Need to Follow
On Demand App Development: All You Need to Know
Learn everything you need to know about on demand app development in this comprehensive guide. Get expert insights for building on demand apps with Sparity