During an investigation, it was found that higher-maturity organizations produce an average of 40 pivot applications in total, efforts to apply pivots to specific business functions. This compares with lower-maturity organizations which execute an average of 19 pivots. As essential, the digital pivots are 59 percent of the organizations that have put the most effort behind them, still have reached only mediam digital maturity. This shows that additional 'soft' factors play a key role in digital transformation success.
According to barriers that organizations face in evolvement, about half of those checked (49 percent) cited legacy operating models and structures as the top challenges. These were followed by a lack of prioritization (45 percent). In addition, a third of those who responded noted talents and skills deficit (36 percent) and cultural resistance to change (32 percent) among the top challenges affecting their digital ambitions.
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Respondents at higher-maturity organizations were much more likely than those at lower-maturity companies to mention strong leadership as a way to overcome digital transformation challenges.
As more companies change from static product sales to ongoing service relationships, we're seeing an acute need for back-end solutions that give executives much more transparency to their customer base. Large companies are realizing that they have to do away with some of their old practices. It's imperative to remain relevant in the face of growing competition from the latest technologies and nimbler competitors. This requires a broad systemic change in mindset, systems, and practices. This certainly doesn't mean asking for a bigger technology budget.
In the past few years, finance's objective has changed. It's not all about being a scorekeeper but it is about the desire to be a strategic fellow to the business, this will help other business functions to be much better, more intelligent, and more accurate in the decision making process. This means that finance should be more collaborative with other business functions, such as human resources, marketing teams, and Sales. In recent years, businesses that are going through digital evolution have their technology and processes in the right position. This has enabled them to gain actionable insights and alignment of financial, strategic, and functional plans on the same platform. This has allowed everyone involved to collaborate and act with agility toward the common goals of the organization. Furthermore, the technologies that are available now, offer solutions that should be taken advantage of. There is an availability of data, that allows businesses to forecast better using predictive analysis and the discovery of new things they may have not known, leveraging embedded machine learning. In addition, natural language can be used to search for insights that can help anticipate a downfall or an issue beforehand and be corrected before it becomes a bigger issue. We're at a time where organizations that invest in intelligent technologies, like analytics, will only drive their business forward. In recent years, businesses that understand that it's worth investing in technology, have been able to predict potential issues, and have the biggest payoff in the long run.
The behaviors and strategies of a person in charge can affect the general performance and productivity of a team, and therefore the whole organization. Most would agree that managers who effectively leverage employees’ strengths and rally individuals around team goals will achieve a more favorable performance outcome than those who withhold feedback or provide little support to team members. Therefore, good leadership will lead to proper management of the developing team, thus improving and achieving the general objectives of the organization. This is because the developing of the team will follow what they have been directed to do and follow all the rules that have been set by the manager.
References
- Violino, B. (2019). Organizations are spending more on digital transformation. Retrieved from zdnet: https://www.zdnet.com/
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