We often hear the expression: “We are in the Digital Age”, or “It’s not an Era of changes, but a change of Era”. Well, digital platforms, technologies and business models have changed everything; the world nowadays is like a global village, more connected, more informed. However, more opportunities create more risks too. The revolution has reinvented the way we live, the way we work and the way we connect with each other.
The world of Excellence is not an exception. The impact and relevance of digital transformation, though not yet fully understood and digested, is considered pivotal for state of the art Excellence.
According to the Global Information Technology Report 2016 (World economic Forum and INSEAD) new systems are being built on the infrastructure of the digital revolution. Preparedness to reap the benefits of emerging technologies and to capitalise on the opportunities presented by the digital revolution and beyond require a radical and holistic change. “Innovating in digital terms” will face the following challenges, according to the study
The digital revolution changes the nature of innovation:
It is nurtured by a different type of innovation. In addition to making traditional research tools more powerful, it allows for new and near-costless types of innovation that require little or no R&D effort. Pokemon Go is a good example: this app has been the fastest one to reach 50 milions of users in just 50 days.
Organisations will face increasing pressure to innovate continuously:
This technology-enabled innovation in turn unleashes new competitive pressures that call for yet more innovation by technological and non-technological firms alike. It is a critical point that that companies understand that the best talent is working out of the company and digitalisation allows to leverage this.
Businesses and governments are missing out on a rapidly growing digital population:
In recent years, digital innovation has been primarily driven by consumer demand. Yet this increasing demand for digital products and services by a global consumer base is largely being met by a relatively small number of companies.
A new economy is shaping, requiring urgent innovations in governance and regulation:
As the new digital economy is taking shape, offering it the right framework conditions will be crucial to ensuring its sustainability. Digital technologies are unleashing new economic and social dynamics that will need to be managed if the digital transformation of industries and societies are to deliver long-term and broad-based gains.
There is no magic wand that can perform a digital transformation overnight. It is a process that requires time and effort. There have been lots of companies which have modified their structures, processes and culture in order to adapt themselves to the new environment. Some have been more successful, some less. The organisations who have adopted a holistic approach and considered all the main elements of the internal and external ecosystem are implementing a more successful digital transformation. All parts of the organisations, all processes, all resources and strategies at large are all impacted or can all be supported by the digital experience. Such experience implies a global transformation of the company, from strategy to the organisational structure and consequently people, processes and systems/tools.
Digitalisation is a topic that it is turning into a competitive necessity. A true digital transformation opens opportunities to establish new business models or redesign the existing ones with new technologies and new ways of working.
EFQM, as a network and membership based organisation is listening to the community and receives requests from several organisations who want to share experiences on how to address the new digital challenges and how the holistic view of the EFQM thinking can help them to design and drive the needed changes. More and more organisations from the EFQM network are asking for opportunities to share their challenges and learn from each other on a risk-free environment.
One of our members, Enagás, Spain’s leading natural gas transmission company and their Technical Manager of the Spanish gas system, recently shared their approach on digital transformation with a webinar. This was a great opportunity for other organisations to learn from a practical approach. More information as well as guidelines and insights will be included in a further extended article to be published shortly by EFQM and Enagás’ Digital Transformation team, where some of the very aspects stated above in this paper will be described in detail. EFQM is looking at the opportunity to establish an international sharing platform on theme. If your company is interested in learning more from the Enagás approach or your company would like to compare experiences and performances with Enagás in that regard, please get in contact with EFQM.
Meanwhile if your organisation is ready to share the approach on digital transformation or you are simply looking for external views and feedback on your company experience, do not hesitate to contact us. We will make sure you will have the possibility to share your story (with a new webinar for example) and get new inputs for the challenges you want to overcome.