Does Your Company’s Digital Maturity Model Drive Growth?
Becoming a digital-first business is a goal for many companies. However, success in digital transformation is proving to be elusive. Studies reveal that fewer than one-third of organizational transformations succeed at improving a business’s performance. Reports also indicate that the success rate of digital transformation is even lower. So, how do you successfully implement a digital maturity model? In this article at Harvard Business School, Linda A. Hill, Ann Le Cam, Sunand Menon, and Emily Tedards share the qualities that set digitally mature organizations apart.
How to Implement a Digital Maturity Model
Onboard Tech-Savvy Leaders
Accomplishing an effective digital maturity model is possible when there is leadership commitment. Companies can successfully implement the digital maturity model when there are change efforts from digital-savvy leaders. Experts believe that organizations that engage a chief digital officer are 1.6 times more likely to report a smooth digital transformation than others.
Develop the Talent and Skills to Establish a Digital Maturity Model
As an IT leader, you must redefine individuals’ roles and responsibilities to align with transformation goals. Leaders and employees must foster new digital methods and processes into existing ways of working. In other words, for transformation to be effective, organizations must invest the right amount in digital talent.
Stimulate New Thinking
“Leaders of digitally mature organizations see beyond functional silos and organizational levels to bring together individuals with varied skill sets to frame and solve problems,” say the authors. Leaders often consider their employees more as ‘collaborators’ than ‘followers.’ This is because technology and data enable business leaders to involve employees in decision-making processes. For this reason, organizations must promote diversity, equity, and inclusion (DEI) efforts. DEI initiatives bring in more experiences and perspectives into decisions.
Be Intentional About Strategic Data Collection
Organizations with a robust digital maturity model often make data-driven decisions. Digital-first companies tend to exploit data more actively compared to traditional businesses. Often, these enterprises earn the right to collect and use customers’ and employees’ data by being transparent about their processes and intentions.
To read the original article, click on https://hbswk.hbs.edu/item/leading-in-the-digital-era-where-can-digital-transformation-take-you.
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