Winning at digital transformation – keys to success and some pitfalls to avoid

WINNINGAT DIGITAL TRANSFORMATION Insights* for companies looking to drive their business with new digital tools, platforms and devices. COMPANIES around the world are at varying levels of maturity when it comes to exploring and exploiting the DIGITAL OPPORTUNITIES. In North America, the need for DIGITAL TRANSFORMATION** has generally been more widely recognized than in other regions (even for Europe). In this American-centric survey, 30% of respondents claimed that the process of digital transfor- mation had begun more than 5 years ago. Rather than just the addition of a new channel or the integration of a new tool, the adoption of new digital technologies entails a more fundamental change. THE ROLE OF LEADERSHIP IN DIGITAL TRANSFORMATION The earlier you start, the more leadership buy-in and participation grows. 42% LEADERSHIP is extremely supportive for 41.7% of companies with over 5 years of digital transformation versus 19.8% for all others. 24% DIGITAL CANNOT BE DELEGATED! of companies who began 5 years ago have all their C-suite active on ENTERPRISE SOCIAL MEDIA versus 10.6% for all others. The bigger a company, there is a risk that top management is not leading the digital transformation process. Digital transformation requires accountability and ownership throughout the organization. For 1/3 of companies with over $5B in revenues, the digital transformation. is being led by someone who is not even on the Executive Committee. 42% for companies that started 5 years ago, the CEO is more likely to be leading the digital transformation. ONLY 39% of respondents say that their leadership is very supportive of digital. FIRST MOVER ADVANTAGE! The earlier the company started the digital transformation journey, the more actively they are looking at digital to drive the business. Also, they gain a better knowledge of their customer and learn how to provide a superior customer experience. 30% of companies who started over 5 years ago consider digital 'absolutely vital' (10/10) for providing a superior CUSTOMER EXPERIENCE versus 15.0% for all others. THE DIGITAL AGENDA INVITES CUSTOMER CENTRICITY nearly 2x as likely to have an organization that is 'extremely.customer.centric' (37.5% vs 19.8% for all others). Companies that started 5 years ago are nearly... 2x more likely to consider customer centricity important to their digital strategy (40.6% versus 23.6% for all others). SOCIAL MEDIA IS A CENTRAL TENET OF DIGITAL TRANSFORMATION There is a strong correlation of concerted activity on social media: 38,5% are “very active" on social media (compared to 15.5% for all'others). .Are 3x more likely to be "very active" on enterprise social media: 18.8% versus 6.7% for all others. For companies that started their digital transforma- tion over 5 years ago... .. Have a stronger Test & Learn culture. 61.5% said that Test & Learn was highly encouraged by leadership versus 39.1% for all others. DIGITAL TRANSFORMATION IS A JOURNEY... PEOPLE PROCESS test, learn and improve Ownership enterprise social media Customer centricity TECHNOLOGY DIGITAL TRANSFORMATION IS NOT A DESTINATION, but an ongoing journey to understand, learn and adapt to the new technologies. Leadership has a vital role to play throughout the process, by modeling the behavior, endorsing measured risk-taking and participating actively. To make effective progress in the digital transformation journey, one must marry three important ingredients: • people (including partners, agencies) • process (governance, test & learn, redundancies.) • technology (infrastructure, enterprise social media, cyber security...). * The Myndset commissioned this Digital Transformation survey using Survata. Survey protocol: The survey was conducted online with pre-recruited profiles in the first week of November 2014. There were 303 respondents, all from the US. **Digital transformation is a process of change involving the configuration of the entire organization to use new digital tools, devices and platforms effectively and efficiently. Brand > www.myndset.com alin MYNDSET 2015 © The Myndset - All rights reserved