A New Era
December 6, 2022

A New Era: Living with Technological Advancements 

Digital transformation is no longer an option – it is a necessity, especially for global companies. Due to the new digital age, business leaders can reevaluate their current processes and implement more virtual and digital methods across their operations. 

The most recent digital transformation, which most of us went through together, is transitioning into a remote workspace. However, businesses use digital means daily, from design thinking to analyse and optimise the customer journey to automating employee performance management.  

However, the digital world is evolving and constantly improving and changing. We have all read about the predictions about trends and technologies – holograms, robotics, and flying cars. Never say never; they can happen! Once upon a time, self-drive cars were a prediction! Anyone paying attention to these predictions would have heard ‘Web3’ and ‘the metaverse.’ 

Web3 refers to the decentralised, token-based solution where data lives on blockchains, rather than machines, and users have more control over that data. Kristin Houser at Freethink puts it eloquently as: ‘what this means in practical terms is that, instead of spending all our time on websites (Facebook, Google, etc.) that own and monetize the content and data we create, we’ll use social networks, search engines, and other apps that use blockchains to let us control that data.’ 

The Metaverse is a trending topic, thanks to Facebook. The metaverse uses the internet as a virtual universe that is facilitated by the use of virtual reality and augmented reality headsets: it is a 3D world focused on social connection.  

Therefore, digital transformation is never-ending – it is continuous, and businesses will need the follow the trends and adapt. However, People Management (UK HR media brand) argues that digital transformation is about people rather than anything else. People Management shared an interesting article, ‘Why Digital Transformation is about People,’ and we agree. Here’s why: 

‘Digital is about using systems to collect information on your operations and your customers’ behaviour, and using it to make your products and services better, faster, cheaper and more sustainable. But the digital part is only ever a means to an end.’ 

We would also extend their definition to employees, as business leaders use automated and data-driven HR processes. However, although we are in the digital era, many organisations fail at digital transformation. In a McKinsey survey, the digital transformation success rate was less than 30%. Thus, 70% are failing – that is a striking number. The lack of communication in the definition of digital transformation leads to ambiguous strategic decisions, which may lead to failures.  

People Management has said that the essential principles to follow for a successful transformation are: 

  • Be customer-focused: We agree, but we will add that organisations should also people -focused. Customer and employee feedback will help organisations to improve. 
  • Be data-driven and cross-functional: collect information to analyse, not for the sake of having data. 
  • Work in short delivery cycles: the strength of digital can release fast and get feedback data in real time. 
  • Start small and scalable: Do not go in with everything you have; you must know what works well for your business.  

If you stick to these values, during a digital transformation, the transition will be smoother. However, Masters in Minds can help with that. We can help you ensure effective change management is embedded into your structure, culture, projects, and roles. By changing not just what you do, but how you think. We’ll give you the mindset, technological tools and capability to meet your goals, change behaviours and lay the right foundations for the future. 

Click here for the People Management article. 

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