About the Author
Ishtiaq Khurshid is a seasoned Project and Program Manager with over 15 years of experience in leading digital transformation and specializing in IT, banking, and ERP initiatives, emphasizing the importance of harmonizing key business functions. This includes areas like IT infrastructure deployment, software development, and digital transformation, with a notable accomplishment of managing Oracle’s Southeast Asia’s largest ERP deployment Program with a budget exceeding $ 10 million.
The core of Digital Transformation
At its heart, digital transformation is about leveraging technology to innovate and refine business processes. While often linked with marketing, it has implications in sectors such as banking by providing tools and capabilities that help banks innovate and create value for both businesses and clients. Digital transformation in banking has created more efficient and secure operations and easier access to services by enabling online payments, transactions, and e-statements. Similarly, ERP systems help businesses gain insights and optimize performance with analytics and reporting features.
The Heartbeat of Digital Transformation
Envision your enterprise undergoing a technological metamorphosis, similar to transitioning from an old-fashioned flip phone to the latest modern smartphones. This transformation isn’t just a fleeting trend; it’s a wholesome strategy aimed at refining every customer interaction, making each contact seamless and unforgettable.
Five Pillars of Successful Digital Transformation:
- Unified Vision: It’s crucial to start with a clear understanding of goals, insights, and a strategic plan for the transformation journey.
- Data-Driven Approach: Modern business processes and strategies are deeply rooted in data. Harnessing data effectively ensures better planning and executions due to informed decision-making. It also safeguards against potential pitfalls and better responsiveness to predictable upcoming changes.
- Anticipating Risks: Identifying potential challenges, especially those that might impact revenue and customer loyalty, is essential for proactive strategy formulation.
- Adaptive Digital Roadmap: An organization’s ability to swiftly adapt to market changes is enhanced by a flexible digital strategy.
- Measuring Success: Regular assessment of initiatives through defined metrics ensures continuous refinement and achievement of desired outcomes.
- Unified Vision:
Objectives define the goals and lay the foundation work for the strategy thus every transformative journey must commence with a crystal clear objective. Hence all stakeholders must have a complete understanding of the objective of digital transformation. This serves as a beacon, ensuring each move is aligned with the vision and goals defined at the beginning.
A well-defined vision statement can be documented in the project charter and can always be helpful as a reference point later. A project charter states the vision and SMART goals of the project and it serves mainly two purposes:
- A marketing tool to get buy-in from all stakeholders
- A reference document to ensure that the strategy is aligned with the vision
Over a decade ago during my initial years as a project manager I was given the responsibility to lead a global initiative, the initial phase was dedicated to research and planning. This first task was to assimilate insights across departments. Post rigorous ideation, we crystallized our aim: bolstering customer engagement by 30% within a year. I still remember that years later because this clarity paved the way for our subsequent strategic endeavors.
- Data-Driven Approach:
In the modern digital world, data is the backbone of almost all industries. Data is used to showcase the successes, highlight areas of improvement, and also raise the red flags to mark the stop-loss. Businesses must survive in this highly competitive and efficient world.
Not too long ago when I was working on an analytical AI/ML tool, a colleague approached me with a problem during his appointment in Japan to digitalize the marketing department and align it with sales. For his company, data analytics unveiled a paradox: a surge in website visitors but a dip in sales conversions. Coupling data analytics with AI/ML, a deep dive revealed a convoluted checkout process. Streamlining this was the game-changer for their revenue metrics.
- Anticipating Risks:
Risk management is an important part of project management but the real game is to proactively identify potential hurdles to ensure meticulous planning and seamless execution. If during the planning phase, you can document foreseen risks and mitigate them even before they happen it can remarkably improve the effectiveness of the planning and execution phase.
Maintaining a risk register allows you to document anticipated risks, their likelihood, impact, mitigation strategy, and who will own the risk if it were to be realized. Another trick up the sleeves of good project managers is leaving a safety margin or buffer for unforeseen risks.
In a European venture, we preempted disruptions from a significant software overhaul. By timely informing our clientele and furnishing essential resources, what could have been a setback morphed into a trust-enhancing initiative. Seeing the trends towards more interactive gaming we were able to develop the features that created wow-factor for the product and helped us earn even more happy clients.
- Adaptive Digital Roadmap:
The world we are living in is now evolving at the fastest pace ever and the digital domain is in constant flux. If your strategy is set in stone, no doubt you will be left behind in the market and may even risk extinction. A responsive and adaptive strategy ensures you’re primed to harness emerging opportunities.
Almost a decade ago an unexpected surge in mobile users in South America took many by surprise. Scaling the capacities to meet the demand was the fate-defining factor for the companies at that time. Our agile strategy empowered us to swiftly recalibrate for this new user base, ensuring we remained at the forefront.
- Measuring Success
While initially setting the vision and getting the buy-in from the stakeholders was important, it is also significant to check now and then if you are still on track. Being responsive to the ever-evolving market is necessary but it can sometimes steer away from the vision of the company which can cause you to lose the essence and the spirit for which the company stands for. Therefore it is important to know where to draw a line, and when money should not be the only driving force.
Periodic reflection and recalibration are pivotal. As important as it is to keep up with changing external factors and redirect and restrategize to be able to achieve competitive advantages, it is equally important to not lose sight of your mission and vision altogether.
If you document vision and SMART goals initially and create a roadmap, it can be easier to keep track of milestones. Routine assessments ensure alignment with objectives and foster continuous evolution.
Just as it is industry standard at the end of every sprint, our significant stakeholders have always regrouped for introspection. Celebrating our triumphs and gleaning from our oversights has ensured our strategies were always in their prime.
For a successful digital transformation, clear communication, a deep understanding of goals, and consistent performance reviews are paramount. Embracing these principles can guide businesses to harness the full potential of their digital transformation journey.