In the era of industrial revolution, 4.0 digital transformation is a reality and is changing the way the business functions. A lot of business models have emerged with digitization. From paperless KYC to the creation of security vaults for documents by the government, there is a new paradigm shift. As digital change is impacting business and leading it into faster and cohesive cycles, preparing for this transformation is imperative. The setting up of new business processes, models and activities should be through the application of digital technology in a strategic and prioritized way.
Pragati Rai, Director, Deutsche Bank Labs shared the roadmap of this change at the event Human Capital Connect, organized by People Matters and SAP in Bangalore. She shared three steps of leading a digital transformation:
Ask three questions
At the beginning of the transformation stage, change leaders must ask three questions:
- Why is digital transformation required?
- What has to be transformed?
- Who will be impacted by the transformation and who will be responsible for this transformation?
These three questions help in creating a vision for the upcoming transformation. And this vision is not created in a silo. It has to be agreed upon, and the buy-in from the key stakeholders is required.
After identifying the three key areas - Why, what and who, and creating the vision the next step is planning.
Planning, whether done for the whole organization or for a particular vertical, requires identification of priorities. The key areas have to be sliced out from the whole plan and be broken into meaningful blocks that can be achieved. Once these critical areas are identified and sliced out, the next step is to choose which one to approach first. This could either be a low hanging fruit or the most challenging goal among all.
After the whole process of planning comes action - the execution stage. This step is critical and requires the change leaders to be aware of the talent imperatives. They have to be hyper-connected because technologies, experience and the expectation of the customer change fast.
Digital transformation is the change associated with the application of digital technology in all aspects of human life. Therefore, while executing this change, it is essential to remember that society lies at the core of this whole transition process. The ultimate objective of digital transformation should be to make the community and individuals smart, connected and sustainable. Thus, the focus should be on building cross-silo capabilities.
(This article is based on the keynote session by Pragati Rai, Director, Deutsche Bank Labs at the event Human Capital Connect, organized by People Matters and SAP in Bangalore on 21st February 2018.)