PFBI Connect

August 2023 < Back

Navigating Legacy Preservation in the Digital Era

(Part B)

(Continued….)

3. Select a digital transformation approach that suits your business.

Numerous approaches exist for digital transformation. Some companies prioritize transforming their operations initially, while others focus on improving the customer experience. There is no one-size-fits-all approach, and the best pathway for a particular company will depend on its unique circumstances.

Four common pathways to digital transformation:

How to choose the right pathway?

• Understand your company's unique circumstances. What are your company's strengths and weaknesses? What are your goals for digital transformation?
• Consider your company's culture and willingness to embrace change. How quickly do you need to transform?
• Consult with experts. Many experts can help you choose the right pathway for your company.

4. Develop a Digital Roadmap

A digital thesis is a document that outlines the goals and objectives of a company's digital transformation. It should answer the following questions:

• What are we trying to achieve with digital transformation?
• Why are we doing this?
• How are we going to achieve our goals?
• What are the key investments we need to make?

The company should update the digital thesis as a living document while its digital transformation progresses. All stakeholders should have access to the document.

• Restructuring may be necessary as part of a digital transformation. If essential, restructuring, although disruptive and costly, the company should undertake to achieve its digital transformation goals
• The company's leadership team should decide whether to restructure after careful consideration of the company's distinct circumstances and goals.
• The Owners need to engage actively and should be prepared to invest as needed in technology, people, and learning and support the transformation.

5. Create a board culture that is open to change and experimentation

A board of directors along with owners and management should be willing to challenge the status quo and create a culture of experimentation. This will help the company to learn and to adapt to the changing digital landscape.

• Trust is the foundation of a successful board culture. Board members and management need to trust each other in order to work together effectively.
• A culture of growth, experimentation, and learning. Future-ready companies create high-trust cultures that make it possible to try new things, ask questions, and understand that technology is not a threat but a way to maximize efficiency and thoughtfulness.

Digital transformation is a complex and challenging process. However, it is essential for companies that want to remain competitive in the digital age. By prioritizing efficiency, maximizing innovation, avoiding complex systems, creating a digital thesis and meticulously assessing the need for restructuring, companies can enhance their prospects of success in their digital transformation journey

Rate our Newsletter

Share your thoughts

Submit

Aiswariya

Lorem ipsum text is simply dummy text Lorem ipsum text is simply dummy textLorem ipsum text is simply dummy textLorem ipsum text is simply dummy text