E-business and digital technology are inevitable trends that will be the key drivers for the success of enterprises. Thus the need for digital transformation in order to improve performance, achieve higher productivity and increase efficiency.
PUBLISHED ONNov 2017
A recent United States study conducted by Michael Wade, International Institute for Management Development (IMD) Professor, revealed that of 100 executives asked about the strength of their industry barriers to protect against digital disruption, 30% admitted their barriers are low or non-existent. Ten out of 12 industries including hospitals, telecom, and financial services predicted that three of the current market leaders would fall off the top 10 in the next five years.
Enterprises today have the great opportunity to take action to increase their chances of winning and minimizing future risks. They can define digital transformation that can be applied to their business or industry. They can map out their journey to minimize if not eliminate disruption to earn the benefits and optimize value from digital technologies and models.
What are the benefits of digital transformation? One is to improve performance, achieve higher productivity and increase process efficiency. Two is to innovate better and faster. Three is to enhance the delivery of the customer experience, which means optimizing enterprise value.
Many people may think digital communications are enough. It is not. Technology will not stop people to be human. Digital communications are simply tools that should enhance and reinforce human interaction and communication and should not replace them.
Recently, I was invited to speak on “Managing Millennial Construction Workers”. The encounter with 40 leaders of this company taught me many things. One, millennial construction workers yearn for social interaction. They would like to connect with fellow workers as they become more productive while having fun at work. Two, they want to be coached. Knowing they lack experience and competence, they appreciate their team leader coaching and mentoring them. Three, millennial construction workers like to work with companies that have not just a business vision and mission but one that is socially relevant and responsive.
We are also still delighted in reading a tangible magazine like World Mission magazine with its inspirational stories and articles. Let us therefore open ourselves to inclusivity by embracing digital tools but never to forget that honest to goodness, authentic, and trusting communications is still the proper foundation.