Digital Transformation is accelerating: Nike just announced a major restructuring to focus on digital transformation. Mattel moves beyond Barbie and plans for digital transformation. And, last but not least, GE announced three new products to encourage digital transformation in a range of industry verticals. Amidst a frantic acceleration, it becomes even more important to choose when to be fast, when to be slow and when to act. We help you making these crucial decision by continuing to share the most important insights of the week:
Corporate Culture dictates the success or failure of digital transformation. “As Deborah Ancona, MIT Sloan School professor, noted, “Leadership often underestimates the importance of culture.” Yet, culture is one of the most important sources of competitiveness. Having a culture that empowers staff and gives them a sense of purpose has become crucial. Without laying a strong foundation for culture and aligning employees to a digital vision, it will be extremely difficult to make any meaningful progress on digital transformations.”
Digital Transformation Journey: An Infinite Loop. “Digital Transformation runs the risk of being an overused buzzword (it likely already is) but those of us doing the heavy lifting to help our organizations evolve know it’s just shorthand for the never ending task of adapting to a dynamic business environment fueled by cultural social and technological shifts. It’s an infinite loop and the journey never ends.”
The Behavioral Economics of why executives underinvest in cybersecurity. “If the focus of cybersecurity programs continues to be on designing better technologies to combat the growing menace of cyberattacks, we’ll continue to neglect the most important aspect of security — the person in the middle. By turning the lens of behavioral science onto cybersecurity challenges, CISOs can identify new ways to approach old problems, and maybe improve their budgets at the same time.”
Perpetual evolution – the management approach required for digital transformation. “To stay competitive in a world in which providing a great customer experience has become paramount, companies in nearly every industry must continually innovate digital products and services, as well as the business processes that support those products and services. They can gain greater agility if they abandon rigid enterprise-architecture-management practices of the past and adopt a new approach that enables perpetual evolution—changing out elements of enterprise architecture quickly, adding new parts in no time, and incorporating the latest and greatest functionality. This shift in methodology can help traditional companies keep pace with digital-born competitors.”
And, an audio tip: Why Finance needs more humanity, and why humanity needs Finance.