How will the power of your people drive your digital transformation?
Before COVID-19, Cross-sector analysis showed that technology investment was set to be the biggest driver of change across Financial Services for the next 12 months.
The drive for cost efficiency through technology transformation has now never been greater in the wake of the changes COVID-19 has accelerated or created. Businesses have been hit with unexpected challenges and have had to adapt at a fast pace to be able to operate.
This has tested technology capability and has reinforced and accelerated the need for digital transformation so that businesses can operate in a more flexible and adaptable way providing greater business continuity.
Even with the case for transformational change through technology established, companies must tackle that 70% of digital transformations fail due to a lack of user adoption and behavioral change.
The importance of people in your transformation
You cannot transform a business through technology alone. Neglecting to consider the needs of people is often the single source of failure for technology transformations. Transformation can only happen when people start to change the way they work.
To do this, people need the right motivations, the right skills, and the right tools. Most technology implementations fall short of their true potential by not investing sufficiently in their people at the solution design and adoption phases.
Managing people, change, and adoption as rigorously as the other elements of your transformation and implementation of new technology will make it far easier to realize the full benefits of your new solution.
Leaders who champion the change;
People who understand why the transformation is needed and what behaviors will need to change;
High impact, tailored cultural interventions, communications, and training.
Delivering change through people remotely
In a recent PwC CFO COVID-19 pulse survey, 47% of CFOs are considering making remote work a permanent option where feasible,1. and 46% plan to accelerate automation and other new ways of working.
Leaders will now face an additional challenge to harness the power of their people when their workforces are located remotely.
Innovative digital tools that accelerate behavioral changes in this new working environment can help businesses to:
Harness real-time data to provide measurable data and analytics
Provide on-demand learning solutions to upskill your workforce
Engage with your workforce using a digital platform
How will you deliver the digital transformation to power your business post-COVID-19?
As we look towards future planning to increase operational resilience, this is the time to look at your digital transformation as the catalyst for your change. It provides an opportunity to shape your future organization and business models.
The strategic priority of digital transformation has never been more important, and technology is the key enabler for your business to be able to adapt to the new world and all the challenges it presents. By keeping your people at the heart of everything you do, you will be able to successfully embark on your digital transformation journey. As a leader, how will you harness the power of your people to drive your digital transformation?
