Going digital, the focus for many companies today
Digital transformation is to a large extent enabled by innovation, from building new products and services more quickly in order to be responsive to customers, to leveraging data for more efficient operations in HR or supply chain, to developing new disruptive businesses.
Companies to improve the pace and success of new product launches while exhibiting a keen understanding of customer needs.
Talent brings it all together
Companies that use big data and advanced analytics to better understand their customers and agile product development to cater to these new needs rapidly will have a better chance of thriving in the digital environment. To make the most of these advanced technologies and remain competitive, will require new talent and new capabilities. The technology itself is readily available; assembling the talent needed to extract the greatest value from digital advances will be the crucial element that sets a company apart from its competitors.
We find that the most powerful approach to keeping digital talent engaged is deceptively simple: make sure that company leaders—starting with the CEO—do their utmost to instill a sense of purpose in the work of the transformation itself. To be sure, perks and pay matter, but when digital leaders feel a genuine commitment to change, they are far more likely to stay the course, despite the inevitable culture clashes and other growing pains. Seeing a meaningful commitment to innovation and responsiveness from company leadership goes a long way toward engaging and retaining digital talent.
Partner up
In most circumstances, partnerships will also be needed to fill capability gaps. Companies will have to collaborate with a range of technology companies, rather than relying on a small set of providers. In the process, the role of the chief information officer (CIO) will evolve to encompass a greater emphasis on managing a vast ecosystem of diverse vendors and partners as well as in-house innovations and proprietary systems. The shift will be complemented by other organizational changes, such as the creation or promotion of a chief data officer or chief digital officer, to help maintain the right balance.
For optimal impact, companies cannot pick and choose among these approaches to talent but rather must incorporate each model. Internal talent development, new hires, and strategic partners must all be brought into the mix for the best results. Like all transformational efforts, success is largely reliant on top-level support and enthusiasm. CIOs and other senior executives must work toward an ideal balance of new capabilities and hard-won industry knowledge. Processes and structures must be adjusted.
Companies that wake up and move now will have a much better chance for succeeding in this new environment.