Struggles of corporations in adapting to digital transformation
In today's fast-paced digital world, change is no longer an exception but the norm. This is a truth universally acknowledged in every business, a reality that Transport for London (TfL) has embraced wholeheartedly.
Ten years ago, the concept of the cloud was still unfamiliar, the iPhone was yet to revolutionise our lives, and most people didn't have an email address. Fast forward to today, and the landscape has drastically changed. TfL, recognising this shift, adopted a customer-centric approach for a web service, aiming to deliver a better customer experience.
The customer, after all, is the universal truth in every business. TfL's decision to put their customers first has been met with outstanding feedback. This customer-centric approach has also altered their internal workings, as stated by Chris Macleod, marketing director at TfL.
Change, however, is not without its challenges. Few companies have fully embraced change due to fear. Telling teams to change can force more resistance to the change. Taking your team along for the change process is never going to be easy.
Companies like Mitsubishi Electric have successfully navigated these challenges by adapting to digital transformation. Their strategy, the 'Smart Manufacturing Kaizen Level' (SMKL) concept, gradually digitises production facilities and optimises processes step-by-step. Dassault Systèmes advanced digital twin technology further benefits industries like automotive and pharmaceuticals by saving time and costs while enabling startups to use affordable software solutions.
Digital adoption and change are essential for modern businesses aiming to grow. Firms implementing digital compliance solutions use AI and automation to efficiently manage regulatory requirements, reduce risks, and improve operational insights.
A recent survey found that 68% of marketers feel their role has changed more in the last two years than the previous 50. This shift is a testament to the speed of change with today's technology, which creates both opportunities and challenges.
Leadership plays a crucial role in navigating this change. A leadership team who don't believe in the change required can hinder the process. Change has to be led from the top, and supported from the bottom. Creative tools can help develop 'whole brain learning' in teams, fostering a culture of adaptability and innovation.
The failure of Blockbuster and the success of Netflix serve as a stark reminder of the importance of change. In the end, the question companies now need to ask is, 'Are we geared up for change?' Embracing change is not just about survival, but about thriving in the digital age.
