A Successful Digital Transformation Journey
The time has come for the construction industry to turn to digital transformation. Companies must remain agile and innovative in the face of challenging economic conditions, a labor shortage, supply-chain disruptions, a rise in natural events, and more. This is where digital transformation can help—but does it help in construction? A new report provides an [...] The post A Successful Digital Transformation Journey first appeared on Connected World.
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The time has come for the construction industry to turn to digital transformation. Companies must remain agile and innovative in the face of challenging economic conditions, a labor shortage, supply-chain disruptions, a rise in natural events, and more. This is where digital transformation can help—but does it help in construction?
A new report provides an interesting perspective into the reality surrounding digital transformation. Gartner recently polled more than 3,100 CIOs and technology executives, and more than 1,100 executive leaders outside of IT. The hard truth is only 48% of digital initiatives meet or exceed business outcome targets.
This could be due to a number of different factors. Just off the top of mind, lack of data integration, lack of training, and lack of policies and procedures are just a few reasons why an initiative may not be successful or meet targets.
This is echoed in another survey, where 90% of non-executive directors’ view AI (artificial intelligence) as an opportunity for shareholder value, but 80% believe current board practices and structure are inadequate to oversee AI. A big threat includes cyber risk. The coming year will be significant for CIOs and chief information security officers to help understand the opportunities and risks for their industries and enterprises.
Because the opportunities are huge, but digital transformation is a big undertaking. It is not just implementing new technologies. It is leveraging technology while also changing corporate process and policy. Let’s consider a few key steps.
First, identify a need for 2025. Let’s not implement technology just for the sake of having technology. Let’s identify a real need first before we dive in.
Next, find a technology to fit that need. There are so many tools. Find the right one that will fit your business needs and company objectives.
Third, evaluate risks. This includes cyber risks, business risks, technology risks, and more. What could get in your way of a good technology implementation? Recognizing these risks will be key.
Fourth, determine who on the team will be involved in leveraging the technology. Who are the key players that will be involved? Who will be the lead person in the technology implementation process?
Fifth, create a process for how the company will leverage the technology. Be specific about who does what and when. Assess how the technology will be used.
Finally, keep an eye on what is working and what is not, and update any people, processes, and technology as needed.
As Peggy Smedley always says, digital transformation is a journey, not a destination. We must constantly evolve if we want to be successful. It is not a one and done. How is your company using technology today? How do you intend to evolve in the year ahead?
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The post A Successful Digital Transformation Journey first appeared on Connected World.
