There is a growing concern surrounding Digital Transformation as 87% of companies think digital will disrupt their industry. The following facts/statistics will provide a different comparison of the difference in efforts each passing year makes from 2018 to 2020.
In 2018, it was reported that only 7% of companies have fully implemented digital transformation. A Forbes article mentioned that in 2019, 40% of all technology spending will go towards DX and that companies will spend a total of more than US$2 trillion. These are driven predominately by growth opportunities, increased competitive pressure and new regulatory standards.
Five Leadership Traits for DX Success
In light of COVID-19 pandemic, 2020 has seen more companies fast track their digital transformation efforts, merely in a panic state. It is vital for digital transformation leaders to seek and adopt new opportunities when it arises and not be forced to take immediate actions. Below are five leadership traits required towards achieving digital transformation success.
Change-Agile Leaders – Often found that humans are resistant to change. The request for change lacks a purpose. Leaders need to take on the responsibility of answering “why” are more appropriate to bring people together and progress their businesses. Contrary to some leaders, who asked employees to adapt to changes without stating its purpose.
Forward-Thinking Opportunists – It is common for leaders to get stuck during the day running the business. Think ahead and continually seek a new opportunity. Provide space for the employees to innovate and experiment. Praise to those who are not successful and encourage the employees to learn from their past mistakes.
Fix What’s Broken – Popular phrase, “if it’s not broken, why fix it”. Quite often found that some works in place have not reached its potential and there are issues, barriers that prevent it from optimal performance. Dig a little deeper, identify the problems, address it and drive the team towards collaboration.
Risk-Takers and Experimenters – DX leaders are risk-takers and experimenters. They are continuously seeking opportunity, experimentation and innovation. Take action when there are risks, even when there is a chance of failing. Established innovators will tell you that out of failure comes success.
Strive for Partnership – As technology becomes more advanced, the processes become more complex. Collaboration is vital for businesses to be successful. The transformation encourages firms to streamline their operations, such as marketing and sales, throughout ensuring the companies are operating smoothly.
PRecious Communications is proud to present the DX Leaders Series, a partnership with the Swiss Chamber of Commerce and Industry in Singapore (SwissCham) and Deloitte. It is a bi-monthly webinar where digital leaders from various industries will get together to discuss relevant issues and share case studies surrounding Digital Transformation (DX).
Working professionals in the business fields at Multinational Corporations (MNC), Small Medium Enterprises (SME) and Startups companies are strongly encouraged to attend. Don’t Miss Out! Register here.