The world of business is rapidly changing, and sometimes a company’s only hope at surviving this tumultuous period is through a fundamental reinvention.
By understanding the concept of a “digital transformation,” and their role within the process, CEOs will be armed with the tools they need to successfully guide their organization into the future.
What is a “Digital Transformation?”
A “digital transformation” is the reimagining of a pre-existing business into one that can survive (and thrive) in the digital age.
The concept seems straightforward, but surprisingly few CEOs have the experience or information needed to successfully pull off such a massive transformation. Therefore, we are pleased to provide a short guide that can serve as a powerful tool for leaders that have been tasked with reinventing their company via a “digital transformation.”
Rethink to Reinvent
CEOs should familiarize themselves with the latest technology and concepts (including those used by peers and competitors), but they should also look within their own organization for areas that need improvement.
CEOs need to be able to see the “big picture,” but they also need to have a bold vision for the future. In other words, they should be able to determine what does, and does not, work within their current business model while simultaneously thinking of ways to implement transformative changes that will modernize their entire operation.
Understand and Utilize Current Technology
According to Forbes, 84% of all digital transformation campaigns are unsuccessful because of a failure to adopt new technologies.
This staggering statistic proves how crucial it is for CEOs to prioritize their understanding of current technology, and how to effectively utilize the potential that comes with it.
With the right tools (and a healthy dose of ingenuity), a well-informed CEO can make the company-wide changes that are necessary for its continued evolution, survival and success.
Despite the critical importance of advanced technology to the digital transformation process, it’s unrealistic to expect every last CEO to be an expert on the latest emerging technologies and their applications.
By prioritizing the acquisition of elite talent that fully understands the available technologies, tools and systems of the modern business world, companies can rely on the skills and knowledge of these specialists to act as the key to a successful digital transformation.
Occasionally, CEOs may even opt to implement significant organizational changes, creating new positions or executive roles for digital technologists so that they can work closely with leadership to develop strategies for the digital transformation campaign and beyond.
Follow Best Practices
Tracking metrics, studying data, reviewing reports, acquiring talent, and effectively leveraging the skills of their team are just a few of the practices that many of the world’s most successful companies routinely engage in.
CEOs that regularly perform these same, or similar, practices will find that they greatly enhance the overall efficiency of their organization. While this doesn’t directly feed into the success of a digital transformation, the benefits of following these “best practices” can dramatically boost an organization’s overall effectiveness and lead to a smoother transition.
Streamline Your Operating Model
Studies have shown that simplifying, streamlining or otherwise increasing the efficiency of corporate processes is a major factor in the success or failure of a digital transformation campaign.
Embrace the technology and tools that are available to you, and take advantage of the ways they can streamline administrative processes, simplify complicated procedures or even automate certain tasks.
Stay Informed and Don’t Skip the Details
Digital transformations do not end. They require constant vigilance and maintenance.
CEOs and their teams should always be on their toes, ready to adapt to whatever new strategy or technology that the ever-evolving world of business throws their way.
Leadership, in particular, should be cognizant of what metrics they should be tracking, know how to effectively study and utilize any data they’ve collected, and be intimately familiar with every facet of their business operations, policies, and processes.
To put it as concisely as possible, CEOs and their digital technologists should have a strong grasp on every detail of their digital transformation campaign.
By knowing every facet of their organization’s inner workings, staying informed about relevant data, and keeping their fingers on the pulse of the business world, strong leadership can ensure their company’s survival well into the future.
SmartSearch Will Help You Recruit the Right Person For Your Digital Transformation
Digital transformations are a difficult, but increasingly necessary, step for businesses to take if they hope to survive through 2022 and beyond.
Although a company’s CEO is the driving force behind a digital transformation campaign, they needn’t tackle this colossal project without support.
By combining our level of expertise and dedication to providing with our innovative use of digital tools and cutting-edge technology, we at SmartSearch are able to offer something truly unique in the field of executive recruiting – a fast and effective solution, centered around quality and free of financial risks, that can fulfill the constantly evolving hiring needs of all industries, geographies, and job functions.
If you are looking to lead your company through a digital transformation and are in need of our executive recruitment services, or have any additional questions regarding this guide or the executive search process, contact us today.