What is digital transformation and why businesses must transform now?

Digital transformation is the transformation of businesses and life in general, created by visionary leaders, designed with breakthrough business strategies, and powered by the latest digital technologies innovations.

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The Digital age is gaining in maturity, and we are now in the second machine age, the period where the machine is smart, in reference to artificial intelligence (AI), Internet of Things (IoT) and other smart and powerful digital technologies. This is changing everything for organizations and businesses around the world.

 

It means that we have to shift our organizations to different work experiences: collaboration with the machine, personal transformation, and an upgrade in our business and leadership vision.

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Over twenty years ago, the first substantial changes and the concept of change management began. It started with small changes, often led by new technologies. Then the changes came faster and faster. They multiplied as organizations struggled to set priorities among the changes they had to implement. As the pace of changes increased further, their number grew as well, with impacts so significant that the result was not just a change but rather a transformation.

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The technology changes were led by IT, followed by the business adoption, then the customers. Businesses and IT adjusted to the changes but not without consequences. Employee engagement fell to a low 14% worldwide, according to several studies.

 

More than 60% of large projects/programs failed or were delivered later than their due date and nearly twice their initial budget. Employees began to fear being replaced by the machine, as many experienced losing their jobs or changes in job positions. People experience a higher sense of loss of purpose and loss of faith in the future. This situation marks the end of the industrial age and the start of a new era, the digital age, especially the 2nd machine age where organizations go entirely digital.

 

COVID-19 then happens, challenging organizations that were not yet digital to take action, and as well eliminating many businesses that did not innovate at all or thoroughly for the digital age, or with strictly industrial age business models. Sadly, this part is still ongoing and we have been warning, educating and helping businesses for years about the current situation.

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At Digital Transformation Leaders, we have created a complete experience for leaders with solutions that allow them to fully transform themselves, their organizations, and achieve optimum success in the digital age.

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Our digital transformation approach and implementation framework are coherent with the acclaimed digital transformation success formula, created by M. Nadia Vincent, and described in her book "Leveraging Digital Transformation". It is a proven method based on over two decades of digital transformation experience of facilitating 360° digital transformation in businesses ranging from Fortune 100 to SMBs.

 

DT =  IT x BT x TT 

                  F

Digital transformation (DT) is equal to:

- Individual transformation (IT)

- Business Transformation (BT)

- Technology Transformation (TT)

- and the reduction of fear in people (F) .

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The successful businesses of the future are the businesses that successfully implement digital transformation and master the areas above.