The world has become more digital, and businesses are increasingly using technology as a core driver to create business value through Digital Transformation, either by design or by influence, through external factors such as competition or market forces. Most companies have started Digital Transformation projects but how do they accelerate this change to increase value?

To begin with, every company and every industry sector is different, and the ability to change will be influenced by the characteristics of the industry sector, whether it is the low-risk processes or the inability to recruit top talent. You have to determine the right path for your company but some success factors are becoming clearer:

• Stakeholder support is required at Senior Management level as change is required at all levels including process, data, operations, talent as well as technology.

• The use of Technology and Data are now business differentiators and not just IT elements. They will drive your business whether they are helping to set strategy through analytics and AI, or improving customer access through cloud enabled solutions.

• You must find the digital (technical) talent, whether permanent or temporary. If you cannot recruit and retain talent then you need to change the company to enable it.

• You need to enable speed. Agile operating models and ways of working are key. Review working practices, governance, data driven decision-making and your approach to managing the projects/programmes of work.

However, the risk is that organisations solely focus on the technological aspects. The industry impact and the focus on Digital Transformation is not just about the introduction of new technology but more of a fundamental rethink of the corporate model, for which digital technology is the catalyst.

Digital Transformation provides the opportunity to look at how to change a traditional business to think and act like a true digital-first business. It is not just a Technology business unit problem but a business-wide problem. Organisations need to keep the focus on their customers and business outcomes, by bringing together cross-functional teams that pool expertise from all areas of the company.

It is vital to bring all parties to the table, as having this breadth of knowledge is critical in understanding the current state and developing a vision and strategy for the future state together with a view on what you will need for it to be successful (expertise, funding, and time). This step is often neglected in the scramble to implement change. However, an understanding of the organisation’s starting point, including strengths, weaknesses and desired end-state will help you to identify the areas of focus, the stakeholders and the resources and investment required to be successful.

Before pursuing digital transformation opportunities, companies need to develop and align to a digital vision for their organisation, looking at both the overall digital strategy and value proposition for their companies. They should begin by assessing their capabilities, estimating the resources required, and contemplating potential partnerships that could help them achieve their goals. Other practical issues include the feasibility of the proposed initiatives and their potential value.