Harnessing the Data Tsunami: Unlocking AI’s Trillion-Dollar Market Potential in Industrial Transformation
“The hardest part is starting. Once you get that out of the way, you’ll find the rest of the journey much easier.”
According to a McKinsey Global Survey, more than 60 percent of respondents with stalled digital transformations attribute the problem to factors that organizations can control. This notion goes against widespread assumptions that external pressures, such as market disruptions or regulatory changes, pose the most significant threats to digital initiatives. More commonly, sources of derailed progress included lack of clarity or alignment on a company’s digital strategy and poor quality of the digital strategy to begin with.
Cultivating A “Marathon, Not A Sprint” Mentality
It’s incumbent upon the digital transformation leaders to manage expectations and take the lead in defining realistic, data-driven ambitions for the enterprise. It’s also critical for all stakeholders to agree upon the necessary governance changes to achieve the new objectives.
Re-envisioning your digital transformation project requires crafting a bold, inspiring mission statement – one that is clear, concise, and consistent with established strategic pillars. This will help everyone focus their efforts on building a program that delivers immense value. Pick a leader who can cast a compelling vision, which acknowledges the past but establishes a new and exciting future.
It’s important to understand and accept that your other project and business leaders will shape the basic perceptions associated with your subsequent plans and actions.Therefore, proper preparation, assessment, planning, acting, measuring, and above all, communication can greatly enhance your chances of success.
Implementing a Proven Methodology and Framework
Prepare Approach
Manage Change
Sustain Outcomes
Conclusion
Again, the Prosci methodology is just one of many available to successfully manage change to support digital transformation. See this list of 10 other models for a few examples. Regardless of the exact framework, what they all have in common is taking a methodical approach to ensure your digital transformation efforts are lasting – meaning you’ve identified the right goals and that you have stakeholders and an organization that’s fully invested in the change.
Don’t let fear of failure get in the way of trying to move your digital transformation efforts forward. With structure, clarity, and concrete objectives, leaders can forge a new path and create a new momentum that allows for a data-driven culture to emerge and thrive.