With machine learning, artificial intelligence and the internet of things taking up much of the conversation in 2016, chances are that you haven’t heard about digital transformation that often.
Still, digital transformation is a process that almost any company will have to go through at some point – if they want to stay in business. A Forrester Research insight estimates that companies that don’t make the transition within the next 10 years will either go out of business or be acquired. (source)
Yet, CEOs and upper management are not always sure where to start or how to navigate a digital transformation – the process of realigning investment in new technology, business models, and operations in order to drive value and to compete more effectively in an ever-changing digital economy.
So, we put together a list of the best materials on digital transformation published in 2016 to lend a helping hand.
1. Digital transformation: Why it’s important to your organization
by Mark Edmead
Some people have called digital transformation a fad, a term that doesn’t deliver a lot of value. Still, 3 out of 4 companies notice a lift in engagement after digital transformation (source) and digital forward companies outperform competition with 13% higher revenues and 50% higher profitability (source). Ultimately, digital transformation enable businesses to increase customer satisfaction, profitability and even open new revenue lines. Read the full article here
2. On Digital’s Frontline: How Company Culture Can Make or Break Digital Transformation
by Peter Vogel
“Company culture eats strategy for breakfast.” It’s one of the decisive elements for the success of any internal plan, strategy or initiative. This HBR webinar explains how company culture impacts digital transformation, its importance in the process and also provides leadership advice. Watch the webinar here
3. Digital Transformation: Why Building Trust Comes Before Deploying Tools
by Daniel Newman
Trust is an essential element in any change process. Without an atmosphere of trust, the company cannot move forward as employees will be reticent to listening, responding to and implementing upper management plans, ideas and strategies. The same reasons make trust a key, often overlooked aspect in digital transformation processes. Granted, it’s not that posh as talking about machine learning, but it’s nonetheless very important (read: crucial). Full article here
4. Digital transformation: The three steps to success
by James Bilefield
Harvard Business Review and McKinsey are two of the biggest business publishers that regularly touch upon digital transformation. This article provides guidance that’s easily accessible for managers at any level within an organization. Besides acknowledging the need for change, digital transformation should be continuously reinforced within the company, keeping track of activities that deliver an impact. Read the full article here
5. How to Navigate a Digital Transformation
by Barry Libert, Megan Beck and Yoram (Jerry) Wind
While each digital transformation process has its specifics because each business is different, there are a few similar stages. The authors present a simple digital transformation framework that starts with outlining your current position and visualizing how a digital network would work. Implementation starts small, followed by tracking progress. What’s more, the authors also underline: any digital transformation starts with a leadership transformation – make sure everyone’s on board. Read the full article here
6. How Do Businesses Prioritize Their Digital Transformation Efforts?
Without an established set of steps or procedures to follow, digital transformation raises a lot of questions. Who should be responsible for it? What skills do they need? What are the priorities? Emarketer asked the questions and reports on the findings. Read the full article here
7. Five Leadership Traits That Will Make You Invaluable During Digital Transformation
by Daniel Newman
While there might be some information around on the stages digital transformation, there is little about the skills and abilities managers and employees need in the process. This article contains a few simple suggestions that anyone can easily put into practice for a smooth transition. Read the full article here
8. 101 Digital Transformation Statistics
by Jake Hird
This slideshare presentation might be one of the most comprehensive resources for digital transformation stats. It puts together data from the most popular reports on digital transformation from the world’s largest consultancies: Pwc, E&Y etc. At the same time, it’s full of interesting tidbits. Some highlights from the report:
- 47% of companies haven’t started to embark on a digital transformation
- 91% of companies say that faster digital transformation strategies would offset challenges and greatly benefit their organizations
- Only 11% of companies assess their digital strategy as “excellent”
9. The 2016 State of Digital Transformation
by The Altimeter Group
An independent technology research and strategy consultancy, The Altimeter Group have previously covered digital transformation in ‘The State of Digital Transformation in 2014‘ report and in the “Six stages of digital transformation”. The 2016 edition of the report provides updated data, combining insightful information from both sources. Read the full report here
10. 8 top digital transformation stories of 2016
by Clint Boulton
Last, but not least, here are 8 digital transformation examples that show how big companies have undergone such process, the strategies they used and how business improved after that. Read the full report here
Also, if you know other resources that have inspired or taught you something important, please mention them in the comments below.