Central Bank Digital Currency: the Future or…
Too often, Digital Transformation programmes don’t deliver the expected benefits. Take a look at some of the core components of transformation that can optimise transformation deliveries, but that often get left behind, hindering success and delaying benefit realisation.
As we move towards the end of 2020, organisations everywhere will be taking stock of how they adopted to Covid-19 and kept their business moving. There will be plenty of retrospectives on what went well, and what did not; and there will be questions asked on how digital transformation supported efforts to respond to the pandemic with pace, and with confidence. In some cases, there will be clear demonstrations of the value digital transformation has delivered, and how the organisation was set up to adapt quickly. In others, leaders will question why the benefits haven’t been greater than anticipated. While transformation is complex and all encompassing, we see three key components which should be examined and challenged, in order to optimise the investment made in transformation.
Achieving the full benefit of a digital transformation often falls at the adoption hurdle. The pain staking process of technology design and delivery has been achieved, and the hard yards put in, but why aren’t the benefits of digital transformation materialising? The reality of many transformations is that go-to-market and adoption (both internal and external) strategies are often deprioritised from a budget and resourcing point of view, or worse, not considered at all. This results in a slow uptake of the new proposition or technology, and a delay in benefit realisation. Slow adoption means lost benefits. Prioritising this component of digital transformation and having a clear vision and approach for driving adoption and commercialisation will clearly show benefits in the aftermath of technical delivery.
Digital transformations are changing the future of work for organisations, and this has been amplified further by Covid-19. Automation, RPA, BPA and AI are prevalent and workforce strategies are changing. With this will come a shift in strategic capabilities. Enduring capabilities such as agility, critical thinking, emotional intelligence and relationship management will be key; and the need for a hybrid business and technology skillset will continue to increase. Understanding your strategic capabilities, and the journey and interventions required to develop them will support the optimisation and longevity of your digital transformation.
By definition, transformation means a marked change in form, nature or appearance. The same applies to organisations; the transformed organisation is not recognisable to its former self. The operating model is often forgotten when transforming technology, products and propositions and organisations often fail to address the need to redesign how the business is organised to achieve strategic objectives. In declaring ambitions to be digital and customer centric, the organisation must address how they are orientated towards this, and consider how structures, infrastructure, key processes and capabilities are aligned to support customer journeys. There is no ‘one size fits all’ approach to a new operating model; and while each company’s path to the future model will differ, the need to integrate new technology and digitisation with structure and new capability is a common denominator in successful digital transformations.
At Sia Partners we have deep experience and capability in Transformation, Optimisation and Organisational Effectiveness. We understand the ingredients for success in optimising your investment in digital transformation, be it operating model changes, organisational design, commercialisation of digital propositions & benefit realisation, or assessing and building organisational capabilities. Get in touch to find out more on how we can help you optimise your digital transformation.