Digital Transformation is the next Digital Revolution

According to a BCG report, almost 70% of digital transformations fall short of their objectives and end up failing. Digital change is of course critical for any organisation today, but they often overlook one important factor – the human element

Transformation is a journey, an ongoing process and not a finality.

India today has become one of the fastest growing economies expanding at almost three times the rate of the world average. It is predicted to become a $5 Trillion economy by 2030. Recently, at the G20 Summit, one of Prime Minister Narendra Modi's key discussions was on digital transformation.

This is no surprise given, as per a Polaris Market study, the size of the digital transformation market is projected to reach $ 3739 Billion. Thus, it's a given that digital transformation is on the mind of organisations across industries. However, are companies properly equipped to drive transformation across their organisations?

According to a BCG report, almost 70% of digital transformations fall short of their objectives and end up failing. Digital change is of course critical for any organisation today, but they often overlook one important factor – the human element.

Driving change across organisations means changing processes set for years, making people change the way they have been trained to work possibly for decades, and in some situations a complete overhaul of the existing processes. Organisational inertia can be a real challenge for digital leaders to overcome despite having decades of expertise & technical know-how.

Building a Mindset for Innovation

Transformation is a journey, an ongoing process and not a finality.  What digital leaders need is to foster teams that work with a mindset for innovation & collaboration. Driving this change in behaviour at a team and at an organisational level across departments by working in coordination with other department heads.

Giving departments context on what one is trying to achieve through the process changes, taking their input on implementing the changes instead of implementing a one size fits all policy would go a long way in reducing inertia.

One way of leveraging such important content is to join online programmes such as the Chief Digital Officer programme by ISB Executive Education. A first of its kind programme made specially for Indian audiences, some of the best minds at ISB have put together this 40-week programme that covers Digital leadership as well as digital strategy, digital innovation and business, communication, and executive presence. 

What Does the Future Hold?

If today a person produces 1.7 MB of data per second, they are producing nearly 146,880 MB of data every day. The year 2024 is set to witness 149 zettabytes of data value creation and consumption (IDC & Statista, 2020). This is the right time to reap the benefits of digital technology and optimise digital disruption. The use of advanced digital solutions like IoT and automation helps companies to improve performance, reduce chances of human error, and creates more flexible processes to make cross departmental coordination smoother & more effective. Using latest technologies like AI, machine learning techniques, blockchain, are on the 5-to-10-year plans of all Indian companies. India recently took over the presidency of the Global partnership on Artificial Intelligence in their third summit being hosted at Tokyo, taking over from the previous Council Chair, France. 

This indicates India's intentions for the next decade, to focus on driving digital disruption, creating global collaborative networks for synergising across multiple industries & economies and in effect creating lasting change.

Programmes like the Chief Digital Officer programme by ISB Executive Education which offers 2 electives, one in AI Strategies for Business Transformation and one in Digital Transformation help digital leaders prepare for this future of Digital India and how to best utilise these latest developments of technology to create more efficient, effective & future ready organisations.

Click here to know more.

Indian School of Business

The Indian School of Business (ISB) evolved from the need for a world-class business school in Asia. ISB is committed to creating business leaders through its innovative programmes, outstanding faculty, and thought leadership. It has gained the unique distinction of receiving accreditation from the Association of MBAs (AMBA), making it the 100th School in the world to achieve the ‘triple crown' of accreditations from AMBA, EFMD Quality Improvement System (EQUIS), and the Association to Advance Collegiate Schools of Business (AACSB). Accreditation from AMBA represents the highest standard of achievement in postgraduate business education.

ISB Executive Education designs programmes for professionals providing timely learning interventions that help them enhance their capabilities through specific skill sets and progress in their careers, while positively impacting the organisations they operate in. Through innovative programmes, outstanding faculty, and thought leadership, ISB Executive Education is committed to creating future-ready leaders.

Emeritus

ISB Executive Education is collaborating with online education provider Emeritus to offer a portfolio of high-impact online programmes. Working with Emeritus gives ISB Executive Education the advantage of broadening its access beyond its on-campus offerings in a collaborative and engaging format that stays true to the quality of ISB Executive Education. Emeritus' approach to learning is built on a cohort-based design to maximise peer-to-peer sharing and includes video lectures with world-class faculty and hands-on project-based learning. More than 250,000 students from over 160 countries have benefitted professionally from Emeritus programmes.

Disclaimer: This article has been produced on behalf of Erulearning by the HT Tech team.