23 Sep Preparing for the Digital Future: Tips for Executives
The digital future is upon us, and executives need to be prepared for it. In order to stay ahead of the curve and ensure success today, executives need to know how they can prepare their business for this change.
Mr. Egbert Irving ,
who is a Training and Development Specialist with over 20 years’ experience in executive training, strategy development and execution with leading Caribbean corporations, organizations and government agencies, makes it clear that:
“By being proactive in understanding, prioritizing, implementing and managing a digital strategy, organizations can realize opportunities beyond what they could have imagined just 2 to 3 years ago. “
The effective use of digital tools allow for increased productivity and efficiency, heightened competitive advantage, stronger employee engagement and greater customer insight.
In this blog post, we will discuss a few tips, as suggested by Training and Development Specialist Egbert Irving, that executives should consider when preparing for the digital future.
Set the tone from the top
It is important for executives to set the tone from the top and clearly communicate what they want their organization to look like in five years.
Executives should begin adopting digital technologies (especially in Caribbean businesses) to conduct their everyday business.
If they intend to become leaders in their industry, whether it be Trinidad and Tobago or the wider region, upskilling is critical to digital transformation.
You should not expect the organization to be on par with or ahead of the digital era if senior executives are not. Be open to using and incorporating new technology and innovation in the way you conduct business or make important decisions.
The digital future is upon us, and executives need to be prepared for it. In order to stay ahead of the curve and ensure success in the future, executives
Get everyone engaged in Digital Transformation
Digital transformation is not just for the IT team. The more people you can get involved, the better your results will be. It’s not just about transforming your customer experience, but also transforming your workforce. The best way to get your employees engaged with digital transformation is to start by listening and following their lead.
Digital transformation can be a daunting task for many organisations.
It’s important to get everyone in your organisation engaged and on board with the process, so it doesn’t become an uncomfortable experience.
The key is to make sure you involve people from different departments and levels of management to ensure buy-in from the entire company.
Here are some tips for achieving this:
1) Be transparent about what digital transformation means and why it’s important to your business.
2) Ensure that employees understand how they will benefit from digital transformation.
3) Make sure that any changes made during the process doesn’t negatively affect productivity.
4) Involve all employees throughout the process by asking questions and giving feedback.
5) Encourage participation in digital initiatives at every level of management.
6) Hold accountability sessions/meetings and encourage the use of data and evidence-based strategies during those sessions.
A bonus activity which can be conducted one day a week, or three days per month:
Conduct a digital readiness survey to assess the digital fitness of your organization, this will give you a glimpse into what to expect at least, and grant you the data needed on determining whether your organisation is behind in training workers with skills for digital leadership.
Develop new KPI’s
A Key Performance Indicator is a metric that directly affects or is affected by the success of your business. This has been a major challenge for organizations who have not embraced a data driven culture.
Executives need to be able to identify what KPI’s are applicable for their particular organization, because different companies will have individual needs based on size and industry.
A Key Performance Indicator focuses executives’ attention where it should be: getting results through meeting targets.
KPI’s should be clear, measurable and must highlight the importance of a particular area.
When executives have KPI’s equipped at their disposal, they can develop specific action plans to ensure that company goals are met.
Executives need to identify what is important for your business specifically, so it might take some time and research before executives can find the right metrics.
Here is a list of frequently used KPI’s:
– customer satisfaction
– revenue growth and cost per acquisition (CPA)
– average transaction value (ATV) and customer lifetime value (CLTV)
– retention rates
Ensure to link any KPI’s to the strategic objectives of the organisation for best results.
If you want to learn more about preparing for the digital future, data analytics and its potential benefits, or simply learn from Mr. Egbert Irving, talk to us at Incus Services today!
If you’re a data novice, start or looking to get the most out of your existing data management, get into contact Incus about their workshop or specific services.
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