CEO's Agenda on Driving Digital Transformation Strategy
Building digital capabilities for product development, business processes, and customer experiences is what digital transformation is all about. As we already live in a digital age, the pandemic has actually accelerated the pace of digital disruption in businesses. Therefore, digital transformation is now a necessity. To remain competitive in a dynamic environment and build resilience to deal with disruptions without business discontinuity or downtime, business processes must be constantly innovated. This blog explains how CEOs can ensure that the digital transformation journey creates value for stakeholders by keeping these points in mind.
Due to legacy technology, leaders found their teams to be inflexible and low in productivity. 90% of C-Suite leaders plan to mature their digital business strategies as a result.
During the year 2023 alone, over $2.3 trillion will be spent on digital transformation technologies. Through 2023, leaders will invest more than $6.8 trillion in overhauling their technology and processes.?
For every $1 billion invested in new technology, $112 million is lost to failed projects. By 2025, companies worldwide will have wasted $761 billion on failed technology transformations in only four years.
?CEOs’ Accelerating Digital Transformation
Over the past few years, the responsibility for digital transformation has shifted from middle managers, directors, and VPs to CEOs. Without investment and support from top-level executives, decision-making becomes fragmented and siloed, resulting in disjointed systems and processes that can undermine digital transformation efforts.
The CEO of a company has a high-level understanding of how the business operates but lacks detailed knowledge of the frontline operations necessary for effective change. As it turns out, inadequate project coordination and communication are responsible for 80% of project failures. This is where you play a critical role.
As a liaison between frontline employees and executives, you enable information to flow smoothly. Your contributions are essential to driving successful changes in your contact center and the company as a whole. In fact, you are responsible for 97% of transformation success stories.
CEOs' Role in Driving Digital Transformation
The CEO has the ultimate vantage point for cross-functional work, so it is natural that they carry digital transformation projects on their shoulders. They know the goals, functions, and outputs of each department. And they are connected to all other C-Suite executives.
Every significant undertaking requires their approval. The implementation of digital transformation is not exempted from this requirement. In this process, they take on a supportive function. Your CEO's counterparts will assign their teams to seek out innovative technology. Additionally, they will assume a strategic role in revamping procedures and defining operational objectives. Ultimately, they will be pivotal in the execution of any new systems.
For the CEO, it’s essential to exhibit the account, outline transformation objectives, and display the expected ROI to obtain buy-in all around. And to construct their narrate for a replacement, they’ll need aid and prepositions from the frontline. That’s where you and your team approach.
2. The CIO: Offering subject matter expertise
Companies that fall behind in digital transformation face technical debt and monolithic systems that prevent them from innovating. Over 60% of senior IT pros believe their CIOs are too busy maintaining current systems to innovate. When more than half of an executive's time is dedicated to keeping the status quo, your company can't progress at a sustainable pace.
领英推荐
CIOs are taking more authority in digital transformation efforts to get rid of the burden of outdated technology. By 2024, 70% of all companies plan to ramp up the use of digital technologies to improve business processes, customer engagement, and employee productivity.
Technology is playing an increasingly important role in helping companies meet their business goals. A recent market research survey showed that 95% of CIOs believe cybersecurity threats will only increase. As a result, CIOs are taking on more strategic roles within their organizations to help scale and secure these new platforms.?
They're subject-matter experts on digitalization across your company and your contact center. They know what systems you have, which ones bring the most pain, and which platforms don't play well with others.
The COO:? Bringing cohesivity and closing gaps
62% of C-Suite executives have established Key Performance Indicators (KPIs) for their transformation initiatives without prior knowledge of the gaps in their business.
The Chief Operating Officers (COOs) play a crucial role in ensuring that a company's operations align with the overall strategic goals, bringing together the workings of the organization and the collaboration of its leaders.
In the boardroom, when the Chief Information Officer (CIO) proposes new technical tools and initiatives, the COOs assess their compatibility with the company's existing ecosystem.
They enhance the transparency of your current operational framework and highlight areas of inefficiencies to other executives. According to a market research survey, 65% of executives would have greater confidence in their transformation strategy if they had improved visibility into the workings of their business.
The CFO: Approving and forecasting for better investments
Businesses must make difficult decisions about where to invest. Investing in new projects or initiatives can bring quick returns, but only if the company has a long-term strategy in place. Digital transformation is one such investment that requires significant up-front costs but will pay off greatly in the long run.
When budgets are tight, key executives must prioritize and make tradeoffs in order to address the most important initiatives. This is where the CFO comes in. As 30% of projects fail to deliver value and reach their intended objectives, this executive's oversight is mission-critical.
The success of a digital transformation can be measured in more than just extra dollars in the bank account. A contact center that delivers an exceptional customer experience is essential to your long-term viability and customers' happiness. Therefore, it is crucial for CFOs to sign off on technology investments to improve their contact center operations.
The Strategic Roadmap to CEOs Agenda
As CEOs develop new mandates, they will need to complement the skills of the CIO and team to successfully execute their vision. CEOs will look outward for guidance, resources, experience – and the ability to scale – in the digital-first world.
As nearly half of the CEOs need help building out a digital-first strategy, vendors have an opportunity to play a trusted advisor role by offering insights and advice. For vendors, this is the time to capture mindshare with CEOs as they map out their new digital business strategies in a post-pandemic world. Business outcomes and value will be differentiators as technology vendors look to drive visibility and relevance with the CEO.
For any further details, connect with Gyan Consulting.