Digital Transformation Accelerates Across Industries, Urging Companies to Adapt for Success
The rapid acceleration of digital transformation across all industries and sectors, driven in part by the Covid pandemic, has left many companies scrambling to catch up. Leaders from the tech industry, academia, and advisory professionals recently gathered at the GIBS Digital Transformation Conference to discuss what it means to be truly digitally transformed in today’s fast-paced world.
One key message from the conference was that digital transformation is not just a passing trend—it is here to stay and is driving significant change. Welela Dawit, Chief Financial Officer of Microsoft South Africa, emphasized the importance of continuous learning in order to stay relevant in a digital world. She stated, If you want to be relevant, you have to adopt it. An attitude of continuous learning is absolutely critical.
However, many organizations make the mistake of rushing into digital transformation without fully understanding its implications and potential outcomes. Dawit stressed the need for a clear vision that is cascaded to all levels of the organization. In order to drive culture and ensure everyone understands the benefits, distributed decision making is crucial for accountability and shared responsibility.
To thrive in a digital world, leaders must develop a growth mindset and encourage unconventional thinking. They should be comfortable with being uncomfortable and be willing to experiment and fail fast. Dr. Roze Phillips, Executive Director of Value Creation at GIBS, highlighted the need for leaders to change their mindset in order to lead the future. She pointed out that our linear thinking about the future often fails to recognize the exponential changes brought about by technology.
Digital transformation also presents opportunities for positive change, such as poverty alleviation and combating climate change. Cathy Smith, Managing Director of SAP Africa, expressed her excitement about the potential for tech for good in the future. However, she emphasized that digital leadership requires continuous self-education and staying up to date with technology, rather than relying solely on the IT department.
Anesu Charamba, Founder and Management Consultant at the Ithaca Consulting Group, cautioned that modernizing technology alone is not enough for a successful digital transformation strategy. The business must also change its processes, people, and culture. Clear planning, ownership, and effective use of available tools are essential for success.
The Covid pandemic has also brought about a shift in the way we work, with remote and hybrid working becoming the norm. While this offers flexibility and prioritizes mental health and well-being, it also raises challenges in attracting employees back to physical office spaces. Microsoft’s Dawit emphasized the need for companies to bridge the physical and digital space through investments in offices and technology, while also being mindful of digital fatigue.
The workforce of the future will need to upskill, reskill, and engage in continuous learning. The World Economic Forum predicts that by 2025, 50% of all employees will need to reskill due to adopting new technologies. Tech competencies will become increasingly important, and creativity, curiosity, and analytical thinking will be highly valued skills. Digital technology, such as AI and automation, is a key aspect of digital transformation, but it should be used strategically to enhance competitiveness.
Overall, digital transformation is not a destination but an ongoing journey. It requires leaders who are willing to adapt, learn, and create an environment that fosters innovation and collaboration. The future is changing rapidly, and organizations must change with it or risk being left behind.
In conclusion, the digital transformation is revolutionizing industries and prompting companies to adapt in order to succeed. Continuous learning, clear vision, distributed decision making, and a growth mindset are essential for effective digital transformation strategies. Leaders must change their mindset and stay up to date with technology to navigate the future. Remote and hybrid working are here to stay, but companies must find ways to attract employees back to physical office spaces while addressing digital fatigue. The workforce of the future will need to upskill and engage in continuous learning to keep up with technological advancements. Digital technology, when used strategically, can enhance competitiveness. Ultimately, digital transformation is an ongoing journey that requires adaptability, innovation, and collaboration to thrive in the ever-changing digital landscape.
