Why Business Leaders Must Embrace Digital Adoption
Digital Adoption is crucial for the success of an organization. Businesses understand this and are going full steam ahead in ensuring that they are completely equipped digitally. While the IT department is primarily hands-on with digital adoption, it is becoming increasingly clear that business leaders must also roll up their sleeves and get involved with the digital goals of the company. This blog will discuss why this is important and how it makes for better business leaders.
Digital adoption in the most elementary sense is to achieve a state of functioning where all the organization’s digital tools are used to their full capability. Digital Adoption also involves getting stakeholders, including customers and employees, to use these tools to the best.
If the company has a whole repertoire of digital tools, it doesn’t mean that they have successfully implemented digital adoption. It can only be a success if these tools are being used to their full capacity by the organization and its customers.
How Digital Adoption Makes You A Better Business Leader
Talking about the top executives in today’s organization, Dion Hinchcliffe, VP and principal analyst at Constellation Research says that they must “match the pace of change, fall behind, or lead the pack.” Continuing on what is expected of business leaders particularly the CIO’s today, he says: “That’s the existential issue at stake in today’s digitally-infused times, where bold action must be actively supported by out-of-the-box experimentation and pathfinding … The CIO this year must be both a supremely masterful priority juggler and an effective digital leader from the front.”
This is what today’s business scenario demands a true business leader. Leaders are expected not only to be digitally informed but to be able to lead their company into digital transformation. Digital adoption must be the focus of their efforts. Here are a few ways in which digital adoption can make you a better business leader.
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1. Leading Change and Growth
One of the qualities that define a capable business leader is his ability to be a visionary and lead his organization towards growth. In today’s world, growth is becoming synonymous with the company’s ability to keep up with technology and digital transformation. Business leaders stand to benefit the most as their company moves forward and adopts the best of digital technology.
And yet, according to a KPMG study, more than 56% of digital initiatives fail due to lack of leadership. As this shows, good leadership can make all the difference between success and failure of digital adoption. The mindset of a leader and his/her dedication to digital adoption will direct the mindset of the rest of the organization. Digital disruption calls for a positive attitude towards change. It calls for a change in the culture of the organization. Encouraging innovation and experimentation is also key to the success of digital adoption. All this can only be achieved if the CEO and top-level management embrace and lead the change.
2. Gaining Customer Insight
Today’s business is more customer-centric than ever. The success of an organization is dependent on its understanding of customer preferences and behavior. In the digital age, there is no better way to gain customer insight than through digital adoption.
Jim Swanson, former CIO of Monsanto is an excellent example of leaders who leverage a company’s IT to deliver growth and value in the business. Discussing digital transformation in terms of customer centricity and the role of leaders, he says: “We talk about automating operations, about people, and about new business models. Wrapped inside those topics are data analytics, technologies, and software – all of which are enablers, not drivers. In the center of it all is leadership and culture. You could have all those things – the customer view, the products and services, data, and really cool technologies – but if leadership and culture aren’t at the heart, it fails. Understanding what digital means to your company – whether you’re a financial, agricultural, pharmaceutical, or retail institution – is essential.”
That is where the magic lies. Understanding digital and understanding what digital can do for your customer-centric goals is where you will find success. When business leaders understand this vital concept and become champions of digital adoption, then the company will see real growth.
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3. Nurturing Curiosity
Curiosity is an important attribute of growth and change. To step out of their comfort zone and embrace growth, business leaders must cultivate and foster this important attribute. In a PWC survey of 1,322 CEOs in 77 countries, most CEOs pointed out to the importance of being curious. In order to keep up with the turbulent business scenario and stiff competition. Michael Dell, Chairman and CEO of Dell, says in the report: “The one attribute CEOs need in the future to succeed, that I would place my bet on, is curiosity. From curiosity comes learning and new ideas. In businesses that are changing very rapidly, if you’re not curious, if you’re not learning, if you don’t have new ideas, you’re going to have a real problem.”
Curiosity plays a vital role in embracing digital technology and helping employees adapt to change. Fostering a culture of innovative thinking and intellectual curiosity will help the organization move forward with digital adoption and make the best of it. Conversely, digital adoption will help business leaders build curiosity and lead their organization towards innovation and success.
Embrace Digital Adoption
The importance of embracing digital adoption cannot be overemphasized and it must start from the top. It has been estimated that there will be US$15.7 trillion in global GDP gains from AI and digital by 2030. If you want to rake in some of this revenue, there are no two ways about it – go digital or go home is the verdict! Fingent helps business leaders worldwide in their journey towards digital adoption and transformation. Let’s have a chat and see what we can do for your business.
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