Technology is disrupting organisations in every sector at a rapid pace: impacting strategy, business models, ways of working and the capabilities required for organisations to succeed. Whilst most organisations know they need to adapt to become more ‘digital’, many of them still don’t know how or where to start.
Organisations are realising they must fundamentally rethink how their business operates in order to be able to adapt to the pace of change and to the expectations of the modern customer and the modern employee.
Lloyds Banking Group is a great example of this. Earlier this year the Group reported that it is investing significantly in a Customer Journey Transformation programme which prioritises redesigning key end to end customer journeys to significantly improve their experience. Building on the customer journey they developed to help determine what their customers really want, they have adopted an approach of test & learn. With the entire team working together in 2-week sprints, they are now able to move from having an initial idea to putting a tech-led solution in front of customers within two weeks. This means that they get live feedback around if it works and, if not, they will use the feedback to iterate it and test & learn again. It used to take 21 days for customers to open an account, it can now be done in as little time as 3 hours.
Successful organisations tend to be those which figure out what digital means for them, become truly customer centric, develop organisational agility, and create a culture that enables this new way of operating. The most impactful way to address this is with their most influential people - their leaders (senior leadership, middle management and change agents) who are best placed to drive through the change they need. Successful leaders tend to be those who:
- Are comfortable with using modern digital technology
- Can articulate how ‘digital’ enables the organisation’s aims and how it impacts their own business function
- Anticipate commercial opportunities due to current and emerging trends
- Obsess about delivering an amazing customer experience
- Know how to find and use actionable data
- Adopt ways of working that revolve around rapid iteration and continuous learning
- Promote and role model collaboration, transparency and autonomy within their teams
AVADO’s Lead Digital certificate is designed to provoke both a mindset shift and behavioural change. Launching in October, Lead Digital is a pioneering three month online certificate designed to enable leaders of the digital age to think and operate differently. The course enables participants to make sense of ‘digital’, obsess about their customer experience, adopt an approach of rapid iteration and have the impact and influence they need on their team or business function to support their organisation’s digital transformation journey.
Ultimately, digital transformation will never end, at least not whilst technology continues to advance at speed. Last month, a team of Credit Suisse analysts reported to investors that the average age of a company listed on the S&P 500 has fallen from almost 60 years old in the 1950s to less than 20 years today. The Wall Street firm says the trend is accelerating and attributes technology as the cause, with automation being the biggest disruptive force.
The most successful organisations won’t be those who plan the best digital transformation programmes but those who have leaders with the ability to continuously adapt and who are always seeking to learn.
Enrolments are now open for Lead Digital's October cohort. If you’d like to find out more, or talk to one of our team, get in touch with us here.