Digital transformation initiatives are integral to the evolution of an organization, according to a Tata Consultancy Services study. Here's how successfully launch these efforts.
While achieving digital transformation presents its own challenges, it is necessary for the progression of an organization and its ability to remain competitive, according to a Tata Consultancy Services report released on Thursday. However, merely adopting digital technologies doesn't guarantee rewards: Organizations must strategically consider how to align the digital transformation initiatives and goals with those of the business, the report added.
The report surveyed 1,231 business professionals across 11 different industries and 18 countries. All respondents either had knowledge of their organization's' digital transformation plans, or were directly involved in them. Nearly half (42%) of professionals were from the C-suite, while the rest were at least at managerial level.
SEE: Digital transformation: A guide for CXOs (Tech Pro Research)
To help guide organizations move toward successful digital transformation, the report outlined the following four key behaviors that leaders in the field adopt:
1. Driving mass personalization: Companies must personalize products and services to each customer, remembering their audiences.
2. Creating exponential value: Organizations should adopt specific business models that both address new markets and leverage value from transactions across multiple levels.
3. Leveraging ecosystems: Businesses should collaborate with associates both in and out of the supply chain to generate new products and services.
4. Embracing risk: Risk is essential to progress, and begins with moving past rigid planning and operational obstacles.
Following all four steps is a process, however, as only 9% of respondents have adopted all four. These respondents were referred to as "leaders" in the report, and were said to expect stronger financial results than those that haven't followed any of the four steps.
For advice on how to accelerate digital transformation success, check out this TechRepublic article.
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