An Introduction to Digital Transformation — Challenges, Goals, and Getting Started
While the term ‘digital transformation’ feels like another buzzword, it actually refers to a vital process that can revolutionise a business and helps to future-proof its growth; an essential step in the modern business landscape.However, while it’s so important and all businesses go through it, why is it that over 70% of companies fail in their digital transformation efforts? Where do they fall short? What challenges do they face?How can your business overcome them?Let’s find out.
What is a digital transformation?
The term ‘digital transformation’ describes a process where digital technology is introduced to a business to improve efficiency and organisation, increase company value, or streamline the ability to carry out certain tasks.For example, a business might introduce accounting software that automatically tracks incoming and outgoing payments and expenses, saving the finance department time, money and other vital resources.This aims to give companies a competitive edge, provide better products and services, and ultimately create opportunities to scale and grow.
Why are digital transformations important?
Digital transformations are vital for a business’s success, but they mean so much more than just investing in new technologies. It’s the process of setting up a business to succeed in the future, and installing the infrastructure that makes that success possible and sustainable.Modern-day businesses must take this into account.The rise of cryptocurrency and blockchain technology has taken the world by storm. Artificial intelligence and big data is continuously redefining how businesses operate and what they’re capable of achieving.Technology is changing everything, and businesses have to invest in ways like never before, whether it’s cloud infrastructure, remote and hybrid working environments, reducing carbon footprints to keep up with public expectations, protecting yourself against cybersecurity threats and more.If your business can properly adopt modern solutions, you can gain a substantial competitive edge against your competitors.Look at any financial, productivity, or industrial averages. It’s always the digitally mature companies that are leading the way.What you choose to invest in and focus on is up to you, but never understate the importance of the decisions you make and the direction your business will go because of them.
What are the challenges of a digital transformation?
While essential, digital transformations don’t come without their difficulties.Many businesses struggle to meet their goals and actually better their operations, but it’s never usually the introduction of technology that’s the issue, but rather with the people within the business who use it.While problems are typically individual to the business, such challenges can include;
- Overcoming broad or non-specific goals
- Poorly managed change strategy
- Failed motivation to adopt new tools and working operations
- A lack of defined strategy
- Not addressing security concerns or implementing risk management
- Not adhering to budget constraints
- Not adopting a growth mindset
- Not considering customer needs or expectations
Failure in any sense can cost a business massively in terms of financial and time investment. Research (2017) shows that 89% of enterprises say technology is disruptive to their operations, even when they’re spending an average of $5.7 million on digital transformations over the past year.With 80% of IT leaders feeling the pressure to improve their organisation’s customer experience using digital solutions, but with 90% of these projects failing to meet expectations, there’s a clear need for chief operation managers to step up and be proactive in addressing the issues.Issues like this can cripple growth. Frustration and low morale caused by such situations, poor communication, or general discomfort toward change can be devastating.For example, in 2012, Procter & Gamble devised the goal to become ‘the most digital company on the planet’, the ultimate adoption of digital transformation. However, having such a broad goal resulted in a lack of purpose and made several mistakes, costing them over $1 billion in sales (9% down on the prior year), cutting 2,000 jobs worldwide, and ultimately the CEO was asked to resign.So many issues from a poorly executed digital transformation plan and so many global companies face the same issues.
What should the goals of a digital transformation be?
The primary focus of a digital transformation of any scale should always be people.Your staff. Your customers and clients. Your management teams. Without empowering your teams through developing skills, training, and encouraging a positive mindset, no digital transformation project will pay off. While it’s important to have industry metrics in place to track the success of your transformation, the goals you set should always revolve around people.Again, the challenges you face will be individual to your business, so your goals need to reflect the problems you identify. Your bottlenecks and challenges.Say you want to improve operational efficiency and productivity.A great goal to have, but to make it people-orientated, focus on training all levels of staff and management to ensure they’re capable of using the new technological infrastructure without issue.You should ensure communication is optimised between management levels and that there are opportunities for collaboration to take place. You can use technology to monitor data metrics to ensure this is the case.For example, you can track the number of employee complaints or issues raised at the shopfloor level. You can use data to ensure the customer experience is maintained or improved. You can provide automated ways for your workforce to raise concerns on culture and approach, giving your teams the information they need to make actionable changes in real-time, rather than using guesswork or heading in blind.
FAQ
At CoachHub, we believe in the power of aligning individual growth with organisational objectives. Our dedicated coaches work closely with coachees to ensure that their growth plans are directly linked to your company's overarching goals. This includes addressing specific leadership development needs within different departments or teams, and recognising that each area may have unique challenges and requirements.
To achieve this alignment, we collaborate closely with our clients and their senior leaders, taking the time to understand their organisation's specific challenges, objectives, and organisational culture well. By gaining deep insights into your company's dynamics, we can tailor coaching plans that address the specific needs of different teams and individuals.
Our approach is highly customised and adaptable. We recognise that each coachee has unique requirements, and we leverage our expertise to develop coaching plans that are relevant and effective for all participants, regardless of their role or level within the organisation. Whether it's helping to develop leaders, retain talent, improve leadership skills of middle management, or support C-suite executives, our coaching programs are designed to cater to diverse needs and ensure maximum impact.
By aligning growth plans with your company's objectives, we create a cohesive approach that enhances overall organisational success. Our coaches help coachees identify areas for improvement, set meaningful goals, and develop actionable strategies to bridge the gap between their current competencies and the desired leadership abilities. This alignment not only facilitates personal and professional growth but also contributes to the long-term success of your organisation.
With CoachHub, you can be confident that our coaching programs are tailored to address the specific leadership development efforts within your organisation. By collaborating closely with our clients, we ensure that our coaching plans are relevant, effective, and aligned with your company's objectives, driving growth and excellence across all departments and levels.
At CoachHub, we understand the importance of scalability when it comes to your leadership development program. That's why our programs are thoughtfully designed to accommodate a large number of participants simultaneously, ensuring that organisations of all sizes can benefit from our services. Whether you have a small team or a global workforce, our coaching platform is equipped to handle the scale.
With our advanced digital coaching platform, we bring high-quality coaching directly to employees all over the world. The beauty of our online sessions is that participants can access them from anywhere, at any time. This flexibility empowers employees to engage in coaching without geographical constraints or time zone limitations. Whether they're working from home, travelling for business, or stationed in a different country, our platform ensures that they can easily connect with their coach and participate in sessions at their convenience.
The digital nature of our coaching platform also means that participants can enjoy a consistent and seamless coaching experience, regardless of their location. Through video calls, instant messaging, and other interactive tools, our platform fosters a sense of connection and engagement between the coaches and participants. This virtual environment not only saves time and resources but also allows for regular and ongoing coaching support without the need for in-person meetings.
By leveraging the power of technology, our scalable coaching programs break down barriers and provide accessible coaching solutions to organisations and individuals around the globe. Whether it's a small team or a multinational corporation, our platform ensures that every participant can benefit from high-quality coaching, anytime and anywhere.
Absolutely! CoachHub's leadership development program is designed to seamlessly integrate with your existing talent development and performance management initiatives. We understand that every company has its own unique needs and goals, and that's why our coaching sessions are completely tailored to meet those requirements. Whether you're looking to strengthen leadership skills, foster personal growth, or achieve organisational success, our program aligns perfectly with your company's specific objectives.
By customising our coaching sessions, we ensure that each individual receives the guidance and support they need to thrive. We take the time to understand their strengths, challenges, and aspirations, and then craft a coaching experience that caters to their personal growth journey. This way, we can provide targeted development opportunities that directly contribute to their success within your organisation.
When you integrate our program with your leadership development efforts and performance management initiatives, you create a powerful synergy. Our tailored approach complements and reinforces your existing efforts, allowing you to build a comprehensive framework for maximising the potential of your workforce. Together, we can create an environment where employees are motivated, empowered, and equipped with the skills they need to excel.
So, rest assured that with CoachHub's leadership development program, you can easily integrate coaching into your existing initiatives and achieve remarkable results that align with your company's requirements.
.png)
