Digital Transformation – Result of a pandemic?

Let’s be honest, we have been bombarded with the term “Digital Transformation” the entire pandemic. As the pandemic wreaked havoc across the globe, shutting down countries and businesses having to grapple with an unprecedented change. “We’ve seen two years’ worth of digital transformation in two months”, @Microsoft CEO @Satya Nadella noted in the early days of the crisis. Yes the pandemic catapulted the efforts but industries have been going through transformations for quite some time. We are all aware of the Uberization of industries (term coined after Uber disrupted & transformed transportation industry). Since then, Netflix disrupted the entertainment industry, Airbnb did it to hospitality and the list goes on.

Those businesses and organizations who were sceptical of the profound technological and digital changes already happening in their environment and business landscape pre pandemic had to experience this pandemic as an eye opener as beautifully illustrated by @marketoonist.

For them it was all about maintaining the status quo, stay the course, don’t shake the business model that brings money. Or if at all we need to be “Digital” let’s build a mobile app and term it as digital transformation. But is that it?

Why are organizations unable to get digital transformation?

As per McKinsey report, Digital Transformations are only 30% successful and 70% of them don’t meet the required objectives. Problems arise due to getting the organization galvanized to change the way an organization does business. People consider this type of transformation as just being technology based or technology led where it’s treated like any other technical project to update the technology stack, upgrade servers and applications. Digital Transformation involved much more than that as its essentially rewriting the way an organization operates.

How to get Digital Transformation right?

-?????????Define a new vision and a north star

The vision that most large organizations companies have are usually those that were set in the past which were relevant for those times. To survive and thrive in the new digital era, this requires leadership’s (C Suite and Boards) sponsorship to put renewed focus on setting the north star and a mission and inspiring the employees with great storytelling. Employees in contemporary times need a strong purpose to get behind, they want to be part of a mission to change people's lives, not just focused on meeting the numbers to satisfy the shareholders but rather looking after the society, environment and community.

-?????????Reinvent your business by looking for new business models

Business leaders should not wait until their businesses are in decline. Instead, they should expect their business models to change, scan the environment for startups and digital invaders lurking in the periphery of their business and have the courage to leap well before them.

-?????????Embed New Ways of Working in the organization

To foster innovation, organizations need to nurture a culture of curiosity, experimentation, and the freedom to fail. Quote by Albert Einstein hits home “We can't solve problems by using the same kind of thinking we used when we created them.”

?FAANGs (Facebook, Apple, Amazon, Netflix, Google) embed these new ways of working like design thinking, design sprints and agile methodologies to their core DNA as they all are central to understanding their customers or users.

-?????????Data, AI Strategy and Digital Skills

We are seeing an emergence of a new kind of company based on "digital core" or "AI-first" operating models in this age of disruption where AI is central to the core of how it functions. We are seeing AI sets prices on Amazon, recommends songs on Spotify, movies on Netflix, matches buyers and sellers on Alibaba’s marketplace and qualifies borrowers for an Ant Financial loan. Organizations need to learn what such digital disruptors are doing and invest in building digital teams with literacy in Data, Analytics, AI technologies.

-?????????Protect your data today. Thrive tomorrow (The Commvault way)

Data is the new currency of today’s digital economy, and the cornerstone of enabling a data driven organization. Commvault plays a major role here as we provide the peace of mind that liberates people to do amazing things with data. let me say why? ?in simple terms.

With the advancement of Artificial intelligence (AI), and the applications around it, being machine learning, deep learning…. Any intelligence you name it... You need DATA, due to the insight and knowledge that can extracted from it, is potentially more valuable… like oil, raw data’s value comes from its potential to be refined into an essential commodity.

With Commvault, you can store, protect, optimize, and use your data anywhere – private, public, hybrid cloud, SaaS and on-prem. Commvault is delivered however you would like – software, as -as-service, appliance, or a managed service. We are data ready?

CEOs need to lead organizational change, align the top team around a clear strategy, drive innovation and data driven culture, change organizational structure, and ensure coherence across functional areas and work groups. They need to change people, places, processes, practices rather than just infusing technology just for the sake of it.

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