Digital disruption knocks businesses for transformation. That puts CEOs in moderate pressure to take digital initiatives for leading the age. Envisioning digital future for business carries hard-core decisions as it is all about the business reinvention. The key stratagems CEOs must focus are–Transformation of business models, operational process, and customer experience!
To execute the strategy smoothly, CEOs need to go with the foolproof radical tech-transformation program. But, injecting new behavior and bringing a change in overall culture with proper execution of strategy is not easy like having a piece of cake. The initiation, execution and governance challenges are a by-product of transformation program. And to tackle those challenges smartly, CEOs have to take momentous decisions! But, which are the turning point decisions? Below is the interpretation!
Epoch-making Decisions to Lead the Digital Transformation
Decision 1: Discovering the Right Path and Destination for Business
Frequent technology roll-outs disrupt the long-term viability of on-going business systems. Re-Imagining possibilities by analyzing the digital innovators for radical thinking. Implement on the basis of analysis, not just imagination considering thoughtful review, data, and analysis on supply and demand. Being farsighted, have a plan in hand, that after acquiring digitization how industry would work and react. Envision the way to evolve and respond the tech-affected competitive market smoothly. Incumbents decide the effective way that breaks the chains of old thinking and encourage the in-house workforce to adapt the new technology and new ways to proceed.
Decision 2: Make a Choice for Relevant IT Partner
Businesses today are handicapped without integrating IT partner and especially when it’s about the digital transformation. Picking up the right partner from bulk of options available involve a lot of research and deep thinking for how particular partner is skilled and experience enough to meet your specific business needs. CEOs have to choose IT firm wisely putting their expectations in front and by scrutinizing them on basis of technical proficiency, transparency, service standards, capability to overcome cultural gaps, clientele, reputation in market, competency to deal with the challenges, etc.
Decision 3: Digital Transformation- Who will Lead the Charge?
Digital transformation is the big bang adoption, and CEOs just can’t delegate, they have to take charge and harness whole program. Practically, CEOs don’t do it by their own, but they share a vision and direct the team to transform. Tough decision is who will lead the charge? Picking the team with the requisite skills for multiple functions is a wise decision. Integrating whom into the big bang project is a tough row to hoe. Involving the experts with leadership attitude, deep understanding of the business, inspiring and visionary approach who can bring innovation.
Decision 4: The Foolproof Plan for “Selling the Vision.”
Reflecting the change wisely is the other decision-making point. Defining the strategy for active communication, what will be key idea to represent the change and what will be the way to communicate. Scripting the change program and start branding it by giving the pinning reasons. Define right strategy to execute and adapt concept to sell vision to the stakeholders and influencers. Choosing appropriate vision and a message that is crystal clear and easy to click through the effective formats and channels.
Decision 5: Take Clever Actions for Surprises on the Way
In the auto-tech era, tweaks are ephemeral. And hence during the transformation program, unforeseen developments and surprises come in front. CEO and the top management team have the tough times while framing up governance and escalation strategies for the instant and inevitable course corrections occurred during the transformation. Transformation is the long-term effort; leadership team must have the eyes on the progress tracker. Challenge for the CEO is, to get time for the reviewing process. But, it’s worth as it reflects the progress on key initiatives that is the foundation of transformation.
Decision 6: Resource Allocation and Future Capital Spending
Resource allocation is the key decision to execute digital transformation scheme being on the right track. CEOs get into resource allocation and determine that the resources are utilized at the right places and assigned the right task to conclude transformation. CEOs have to take important decisions on the capital and operating expenditures by monitoring the process closely, invest more on the projects and process which seem to gain rewards in future. Look for improvements in the budgeting process and cut the cost completely on legacy systems.
Decision 7: Think Maintenance is Here to Stay!
Technology is infinite as it has no end! As “Go Digital” is the only tag line all follow and apply, “What is trending now” is the outdated version of tomorrow. To stay ahead of the pace, CEOs must stay active and updated to maintain IT support system regularly to sustain in the ever changing requirements. Leveraging the latest in terms of technology is always in side of rapid business growth. The means of transformation never remains the same.
Be the Digital Fashionista with Radixweb
Digital disruption impels to reinvent business strategy and model a new behavior. It’s time to drive the change in business culture and de-risk the transformation process. Your business need a gentle push! What are you waiting for? Radixweb be the tech-envisioner for your business and assist to lead the digital age. Let’s connect to imbibe Digital Transformation together!