Back in 2012, an article on the changing role of business leaders stressed how global business executives at the time needed to view their role and purpose from a different perspective. Fast forward to 2017 and these assertions remain relevant. Digitalisation is challenging modern CEOs to view digital technologies as a resource they can leverage to provide better products, services and customer experiences.
So why do some CEOs resist digital transformation? From a lack of understanding and expertise to regulatory challenges and increased costs, many CEOs write digitalisation off before they’ve taken the time to research the potential benefits of embracing these innovative technologies.
According to McKinsey, there are seven questions a CEO should ask as they eye digital transformation. These questions include:
Where should the business go?
Choosing the business direction may mean taking time to make a calculated decision based on analytics and market research or taking a creative leap into the unknown. Either way, you can’t begin any digital transformation efforts until you know where you want to end up.
Who will lead the effort?
Ever heard of leading from the front? CEOs need to be at the forefront of all digital transformation efforts. That said, they must also choose a team of their peers who have the necessary digital expertise to help them achieve their goals.
How will you sell this vision to stakeholders?
What to say is just as important as how you say it. In order to secure buy-in from key business stakeholders, CEOs need to be strategic about how their plans are communicated and ensure they always deliver crisp, clear messages.
Where does your business fit in the digital ecosystem?
For CEOs, this means figuring out what available capabilities, skills and technologies complement and support their organisation’s strategic ambitions.
How will you make decisions during transformation?
Things don’t always go according to plan. Before setting out on any digital transformation journey, the CEO needs to decide on the course of action should things not go according to plan. By doing so before problems arise, the business can react quickly.
How will resources be allocated?
With a digital transformation, it’s the CEO’s duty to decide what allocation processes will be followed and at what speed these allocations should be made. This may mean cutting resources from one project to support another.
What to do and when to do it?
Did you know that more than ore than 70% of transformation programmes fail? And one of the greatest contributors to this failure is a loss of momentum. Part of the planning process must see CEOs setting out detailed sequences of events so that bits and pieces are constantly being added that will eventually come together to make the business into a collective digital entity.
At Nebula, it’s our job to help our clients embrace digital transformation by taking their telecoms environments to the next level. From reducing costs and upping business efficiency to automating processes and boosting transparency, we help them do business, better. Our monthly newsletter contains a wealth of information on all things digital. Sign up below.