by Nkemdilim Uwaje Begho
“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.” — John Chambers
Digital Transformation is often pigeonholed as an IT topic or project that only concerns the CIO or CTO….but it is much more than that. It is really all about rethinking your business in the Digital Age.
What is Digital Transformation?
Here are my two favourite definitions for anyone that may be wondering what exactly Digital Transformation is:
Digital Transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.
Digital Transformation is turning your business into a 21st century organization that is strategically driven by technology & data and focuses on innovation at the intersection of Technology and Human Behaviour.
With COVID-19 being the one thing that has pushed executives over the ledge and has made sure that even sceptics of Digital Transformation are now embracing it, it is highly important for Board Members, C-Level Executives and Business Owners to be equipped with the right knowledge and understand the principles of Digital Transformation.
There is no alternative to Digital Transformation, visionary companies will carve out new strategic options for themselves — those that don’t adapt will fail. — Jeff Bezos
I held a Digital Transformation Masterclass on Zoom last week — specifically for Board Members, C-Level Executives and Business Owners. It was an amazing experience being able to share my knowledge and experience with over 60 participants.
In conversation with…
I was joined by Digital Transformation Expert Nkiruka Uwaje, who has worked with big corporates in the UK helping them think through their Digital Transformation journeys and also happens to be my sister. I asked Nkiru a few very important questions around Digital Transformation:
1. Why should companies accelerate their Digital Transformation Journey
Digital as a Resilience Strategy:
The ongoing pandemic has forced us all to rethink strategies and accelerate Digital Transformation. COVID is a great diagnostic test that has served up major gaps in technology & service delivery across private and public sector.
Consumer Culture is changing:
We are seeing massive changes in Consumer culture and only an amazing Customer Experience (CX), winning Digital Marketing strategies and simple yet innovative products can ensure that customers stay with you.
The Challengers are here:
Challenger Brands are disrupting more and more industries. The order of the day for established brands is accelerate innovation and agility or die.
2. What are the Pillars of Digital Transformation
The pillars of Digital Transformation
Customer Experience (Marketing, Service / Product Delivery)
Data (Analytics, BI, Big Data)
Infrastructure & Architecture (Cloud, APIs, Open Network Economy)
Security (Cyber Security)
3. What are the Key Technologies that drive Digital Transformation
Nkiru talked us through key technologies driving Digital Transformation that every executive needs to understand:
Open Network Economies
I elaborated on this point during my Masterclass as well and outlined areas that executives need to dig deeper in and expand their knowledge in.