In organizational leadership, understanding digital evolution and knowing where your company falls on the curve line allows you to be prepared and develop a clear path forward – far away from the Digital Faultline. If you haven’t already, you and your team must focus on your company’s digital maturity now, taking a cold, hard look in the mirror to pinpoint where you are on the digital evolution curve.
Today, every board member, CEO, business and IT leader is on the faultline of the COVID-19 earthquake, working feverishly to avoid future shock. We’re all thinking about how to survive the dual onslaught of necessary digitalization and bottom-line impacts of the COVID-19 crisis, reconfiguring and reinventing our companies as we push toward better and brighter days.
Companies that execute successful digital transformations often have the “Methodical Innovator” to thank. This term describes a unique leadership persona and was coined in the book, “Crossing the Digital Faultline” authored by Trianz CEO, Sri Manchala.
Digital transformation strategist Sri Manchala shares with CEO Today the intent behind his new book - Crossing The Digital Faultline: 10 Leadership Rules To Win In The Age Of Digitalization And Uncertainty, the recipe for Trianz’ successful transition to digitalization, the effect of the ongoing COVID crisis on the extent and pace of transformation initiatives, and his mantra for the firm’s success and future goals.
While digital transformation is an all-pervasive phrase these days, less than 50% of companies worldwide understand its true meaning. In this race of transition from "laggards" to "middle of the pack" to "leaders", it becomes pertinent to check what exactly is the meaning of digital-business transformation to know where you want to go and if you are on the right path to get there.
When it comes to digital transformations, it’s the survival of the fittest. As transformations move from being a buzzword to a different level of competitive seriousness, around 45-50% of companies across every industry are reporting aggressive investments. Only the organizations or business functions which proactively set the pace will be ahead in the race.
What are the fundamental elements that go into transforming a company? Our studies, research and experience point to a few fundamental truths and action points for leaders that will help them advance digitalization efforts and transform their organizations to become more relevant, competitive and prosperous in the digital age.
Data shows that a majority of digital transformation initiatives do not produce the desired results since it’s approached from the lens of technology and not people. CHROs must influence CEOs and all leaders in companies to fundamentally understand that when digital transformations are powered by employees, they almost always guarantee success.
An overwhelming majority of business and IT leaders still have a limited and siloed understanding of digital transformation. Our study says only 7% of business and IT leaders acknowledge the holistic approach of digital transformation. Explore 3 strategic ways leaders can drive inside-out digital transformation.
Amongst established companies, CIOs lead nearly 40% of digital transitions. However, our study shows that a majority of these transformations fail to produce material business impact due to a major disconnect between Business and IT. Here’s a 5-step playbook for CIOs to address the Business-IT disconnect.