When business consulting firm Deloitte warned that 87% of businesses will be disrupted by emerging tech in 2016, there were more than a few sceptics. It looks like they were right on the money. A survey by Gartner of Boards of Directors reports that 89% say digital is now embedded in all of their growth strategies.
As waves of digital disruption continue to reshape industries, organisations must stay on top of digital transformation, mitigate threats, and optimise opportunities.
Digital Literacy
They say knowledge is power. When it comes to digital disruption, knowledge may be the key to unlocking potential — or maybe even survival.
Businesses need to embrace a culture of continuous learning and awareness of emerging trends. Gartner’s survey shows what executives say are the top 10 imperatives to digital business success.
- Artificial intelligence and machine learning
- Software enhancement
- Data and analytics
- Cloud
- Customer-centric strategies
- Digital transformation
- Digital channels and platform
- Optimisation
- Automation
- Internet of Things (IoT)
Company executives say they need to increase research and adoption and that a rapidly evolving business environment may require a higher level of risk than they may have previously accepted.
Managing Threats and Opportunities
CIOs and company leaders are responsible for guiding the business and aligning technology with business objectives. This requires a measured and strategic approach.
Strategic Planning
Most digital transformations fall short. The Harvard Business Review reports that an average of 87.5% fail to meet their original objectives. An inconsistent strategy, poor execution, failure to tie tech to business goals, and lack of proper governance are cited as key reasons.
Business leaders need to create a detailed strategic plan to adopt and implement digital plans, including managing the pace of adoption and transition planning.
Talent Management
Attracting and retaining top tech talent is crucial in navigating digital disruption in any business. Yet, hiring is still challenging. Despite significant layoffs in the tech industry, there is still a huge shortage of qualified workers, and that’s not likely to change for years to come. Talent management becomes essential to navigate the waves of digital disruption.
Agility and Innovation
While agility and innovation are necessary for nearly every business, they can cause organisational disruption, especially in the short term. While experimentation with different approaches and technology is crucial, CIOs must foster a culture of innovation while balancing organisational needs to ensure adoption. Without buy-in from the team, many digital transformations fail.
Risk Management
A big part of a CIO’s job is risk management. With digital disruption, there’s a never-ending list of tasks associated with cybersecurity threats, data privacy concerns, and regulatory compliance. This requires a robust risk management strategy, implementing security measures, and establishing protocols to safeguard organisational assets.
Handling the Change Tides of Digital Disruption
We are in a period of profound change. For companies that fail to navigate the waters properly, entire business models are at risk. For those willing to ride the waves, however, disruption creates opportunity. Entirely new business models and businesses are already emerging. What will you do?
Get in touch with the Mondo Ventures team today to help unlock your success.
