Digital transformation is imperative for all businesses, from the small to the enterprise. That message comes through loud and clear from seemingly every keynote, panel discussion, article, or study related to how businesses can remain competitive and relevant as the world becomes increasingly digital. What's not clear to many business leaders is what digital transformation means. Is it just a catchy way to say moving to the cloud? What are the specific steps we need to take? Do we need to design new jobs to help us create a framework for digital transformation, or hire a consulting service? What parts of our business strategy need to change? Is it really worth it?

This article aims to answer some of the common questions around digital transformation and provide clarity, specifically to CIOs and IT leaders, including lessons learned from your peers and digital transformation experts. Because technology plays a critical role in an organization's' ability to evolve with the market and continually increase value to customers, CIOs play a key role in digital transformation.

Digital Transformation: Are We There Yet

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It's also worth noting that today's organizations are in different places on the road to digital transformation. If you are feeling stuck in your digital transformation work, you are not alone. One of the hardest questions in digital transformation is how to get over the initial humps from vision to execution. It creates angst: Many CIOs and organizations think they lag far behind their peers on transformation, when that isn't the case.

Because digital transformation will look different for every company, it can be hard to pinpoint a definition that applies to all. However, in general terms, we define digital transformation as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. Beyond that, it's a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. This sometimes means walking away from long-standing business processes that companies were built upon in favor of relatively new practices that are still being defined.

Digital transformation should begin with a problem statement, a clear opportunity, or an aspirational goal, Jay Ferro, chief information & technology officer of Clario, recently explained. "The "why" of your organization's digital transformation might be around improving customer experience, reducing friction, increasing productivity, or elevating profitability, for example," Ferro notes. "Or, if it's an aspirational statement, it might revolve around becoming the absolute best to do business with, utilizing enabling digital technologies that were unavailable years ago."

[ Learn the non-negotiable skills, technologies, and processes CIOs are leaning on to build resilience and agility in this HBR Analytic Services report: Pillars of resilient digital transformation: How CIOs are driving organizational agility. ]

"Say 'digital' to one person and they think of going paperless; another might think of data analytics and artificial intelligence; another might picture Agile teams; and yet another might think of open-plan offices," she notes.

Leaders need to be fully aware of this reality as they frame conversations around digital transformation. For advice from Swift on how to speak to this topic without getting burned, read our related article, Why people love to hate digital transformation.

A business may take on digital transformation for several reasons. But by far, the most likely reason is that they have to: It's a survival issue. In the wake of the pandemic, an organization's ability to adapt quickly to supply chain disruptions, time to market pressures, and rapidly changing customer expectations has become critical.

As Dion Hinchcliffe, VP and principal analyst at Constellation Research, writes: "The top IT executives in today's rapidly evolving organizations must match the pace of change, fall behind, or lead the pack. That's the existential issue at stake in today's digitally-infused times, where bold action must be actively supported by out-of-the-box experimentation and pathfinding. This must be done while managing the inexorable daily drumbeat of operational issues, service delivery, and the distracting vagaries of the unpredictable, such as a major cyberattack or information breach."

"Today, with a vast portion of the workforce now remote, employee experience of digital technology has gone from "nice to have" to "the only way work gets done. Consequently, it's getting the problem-solving focus it likely long deserved."

Although digital transformation will vary widely based on organization's specific challenges and demands, there are a few constants and common themes among existing case studies and published frameworks that all business and technology leaders should consider as they embark on digital transformation.

Although IT will play an important role in driving digital transformation strategy, the work of implementing and adapting to the massive changes that go along with digital transformation falls to everyone. For this reason, digital transformation is a people issue.

An important element of digital transformation is, of course, technology. But often, it's more about shedding outdated processes and legacy technology than it is about adopting new tech. It's also about enabling innovation.

The prevalence of legacy technology in enterprise IT still hinders CIOs' ability to successfully embark on a digital transformation strategy. As Beth Devin, Managing Director and Head of Innovation Network & Emerging Technology, Citi Ventures has explained, legacy tech can become a costly barrier to transformation. "If you're spending 70 to 80 percent of the IT budget operating and maintaining legacy systems, there's not much left to seize new opportunities and drive the business forward. And this expenditure will grow as technology ages and becomes more susceptible," Devin notes.

[ Leading CIOs are reimagining the nature of work while strengthening organizational resilience. Learn 4 key digital transformation leadership priorities in a report from Harvard Business Review Analytic Services. ] 

A critical factor driving legacy upgrades, according to a recent Deloitte survey, is technological relevance, she says. "Legacy solutions lack flexibility and carry a significant technology debt due to dated languages, databases (and) architectures," Deloitte reported. "This liability prevents many organizations from advancing and supporting analytics, real-time transactions, and a digital experience." (Read Devin's full article: Digital transformation: 9 ROI factors when upgrading legacy systems. )

If businesses want to evolve with the rapid pace of digital change today, they must work to increase efficiency with technology wherever possible. For many, that means adopting agile principles across the business. Automation technologies also help many IT organizations gain speed and reduce technical debt.

E.G. Nadhan, chief architect, Red Hat, notes: "Even companies who have embarked on multi-year transformational journeys have had to make adjustments midstream, as they should. The operative word that defines the purpose for digital transformation in 2022 is resilience. The pandemic taught enterprises to be prepared for seismic shifts in the market dynamics and consumer needs. Forward-thinking enterprises will focus on the ability to effectively pivot and deal with change with minimal to no impact to internal and external consumers."

To prove the success of digital transformation efforts, leaders need to quantify the return on investment. That's easier said than done with projects that cross functional and business boundaries, change how a company goes to market, and often fundamentally reshape interactions with customers and employees.

"When determining how well digital transformation investments are performing, it's best to take a portfolio view and not a project level view," says Cecilia Edwards, partner with digital transformation consultancy and research firm Everest Group. Just as a mutual fund manager or venture capital firm would look at overall performance to determine how well things are going, digital transformation leaders must take a holistic view of digital change efforts.

This is particularly important so that the underperformance of one particular project doesn't reflect negatively on the overarching efforts of IT. It also builds tolerance for the necessary risks that must be undertaken to achieve real digital transformation.

If all of this makes you feel woefully behind, fear not. One of the biggest misconceptions CIOs have about digital transformation is that all of their competitors are much further ahead of the game than they are. That's because "there's much admiration of (and popular press around) the fastest transformers, but little critique of how hard transformation is or how long it may take for a typical Global 2,000 company," says Tim Yeaton, former CMO of Red Hat.

As businesses formulate their own digital transformation strategies, there is much to be learned from your IT leadership peers. Use this collection of digital transformation articles and case studies to explore further.

Abstract:Digitalization plays a major role in contributing towards the United Nations Sustainable Development Goals. Without transformation of existing businesses, both economic and environmental challenges of the future cannot be solved sustainably. However, there is much confusion on interrelationships and terms dealing with digitization or digitalization: Digital business model, digital transformation, digital entrepreneurship. How do these terms interrelate with and to digitalization, and how do they support firms to grow sustainably? To answer this question, we identified seven core digital-related terms based on a structured literature search within the management and economics domain, namely: Digital, Business Model, Digital Business Model, Digital Technology, Digital Innovation, Digital Transformation, and Digital Entrepreneurship. Thereafter, we analyzed prior literature for deriving a common understanding and definition as a basis for interrelations within a conceptual framework. Definitions were presented in a case study setup with twelve innovation and research and development (R&D) managers from various business units of a German high-tech company. Based on these insights, we propose a conceptual framework on how Digital Readiness, Digital Technology, and Digital Business Models might sustainably relate to Innovation, moderated by a Digital Transformation Process. With this approach, we aim to equip practitioners and researchers alike in handling and addressing change through digitalization sustainably.Keywords: digitalization; business model; digital business model; digital technology; digital innovation; digital transformation; digital entrepreneurship; sustainable business model be457b7860

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