At a time when digital technology is gaining popularity at a rapid pace, CEOs need to play a pivotal role in identifying new avenues and opportunities through which traditional enterprises can transform drastically. The digital economy is entering a new age that presents unprecedented challenges for all CEOs. Digital tools are invading the business environment, provoking significant changes in the way we work, communicate, and sell. Let’s take a look at what should be your digital transformation strategy, to make your enterprise modern and more efficient.
Digitizing existing process
CEOs should play a pivotal role in transforming the existing business process by digitizing it completely. The job basically involves creating the online version of a physical process. Successful business process transformation can only happen with careful attention to process automation. CEOs in an organization have to identify what are the core strategic drivers and which are the best approaches to follow to drive the entire organization towards digitization.
Emphasis on data analytics
2015 has been the year when Big Data played a dominating role in IT and software industry. Global industry trend suggests that Big Data is going to gain more importance in 2016; therefore CEOs should give more importance to analytics and data that give competitive advantage and provide 360 degree view of customer base.
Cut down IT investment
IT is one of the first departments in any organization which bear the brunt of cost reduction. For CEOs, maintaining IT cost is a major challenge in a competitive environment. They are under constant pressure to cut down IT investment cost and yet suggest a technology that has the power to transform the way the business is operating. As part of cost cutting measures, CEOs can re-negotiate maintenance contracts or use more open source products.
Embrace digital engagement tactics
Building and nurturing relationships with customers and stakeholders are strategies that no growing organization can ignore, and every CEO has a key role to play in it. Today’s CEO gives lot of importance to networking through business events such seminars, conferences and open house sessions. The presence of social media has made their work simpler and faster. With well-crafted social media strategies, CEOs can shift the conversation from technology to strategic innovation.
The role of a CEO has undergone a massive change from being the custodian of IT in an organization to a more challenging role that can transform business and be more customer focussed. In such an environment, a CEO has to be very clear about his/her priorities and accordingly plan digital transformation initiatives that are going to benefit the organization in the long term.