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Digital transformation: challenges and opportunities
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In the corporate arena, organisations are feeling the pinch of the pandemic, inefficient technology and fierce competition. Increasingly, business owners are realising the need to adopt digital technology to survive and thrive in the future.
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In a recent Chasm Digital webinar, Get future-fit: Leverage the power of digital to transform your business, or re-invent all together, business leaders from various sectors discussed how organisations can leverage the power of digital to transform and reinvent their businesses.
The panellists included:
The panellists included:
- Libby Roberts, Founder, LeapForward
- Robert Kinkade, Co-Founder, CEO, Chasm Digital
- Paul Smitton, Director, Customer Lifestyle, Cathay Pacific Airways
- Vijay Solanki, Co-Founder and CEO, ParentalEQ
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Leveraging technology to scale
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Experts agree one of the common mistakes made when they undergo digital transformation is not using technology to scale expertise.
Libby Roberts, Founder of LeapForward says professionals in her industry of injury management have a plethora of knowledge and bring value to injury recovery, yet it is done face-to-face which can bring limitations.
"Face-to-face can be expensive and geographically limited. Technology can play a huge role, not just through telehealth but through mental health and wellbeing apps. One of the problems in this sector is that people don't think big. They don't let their imaginations run wild. You have to be imaginative if you're going to be innovative," Libby explains.
Libby Roberts, Founder of LeapForward says professionals in her industry of injury management have a plethora of knowledge and bring value to injury recovery, yet it is done face-to-face which can bring limitations.
"Face-to-face can be expensive and geographically limited. Technology can play a huge role, not just through telehealth but through mental health and wellbeing apps. One of the problems in this sector is that people don't think big. They don't let their imaginations run wild. You have to be imaginative if you're going to be innovative," Libby explains.
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Knowledge of the ecosystem
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Vijay Solanki, Co-Founder and CEO, ParentalEQ, says organisations need to have a deeper understanding of the ecosystem within which they are undergoing digital transformation.
"Over the last two years of trying to build a mental health and parenting businesses, there is resistance and fear. Ecosystems and big organisations have got to be more open and more trusting," he says.
Australia leads the way in fintech innovation, but what does this mean for the traditional companies in financial services and their ability to innovate? Vijay says it is about looking at the ecosystem and partnering up with those smaller players.
"You can work and operate in small packs and move quickly. It allows you to get on with tasks, without being hampered by the bureaucracy of large organisations," Vijay explains.
Vijay recommends two things organisations should do when going through digital transformation. The first thing is mapping an ecosystem.
"If you're a large corporation, you need to identify the blockers, enablers and the rockstars who should join you on the journey. If you're a startup, it's looking at all the other types of companies that are in your ecosystem, and mapping them to figure out who you can partner with," Vijay explains
"Over the last two years of trying to build a mental health and parenting businesses, there is resistance and fear. Ecosystems and big organisations have got to be more open and more trusting," he says.
Australia leads the way in fintech innovation, but what does this mean for the traditional companies in financial services and their ability to innovate? Vijay says it is about looking at the ecosystem and partnering up with those smaller players.
"You can work and operate in small packs and move quickly. It allows you to get on with tasks, without being hampered by the bureaucracy of large organisations," Vijay explains.
Vijay recommends two things organisations should do when going through digital transformation. The first thing is mapping an ecosystem.
"If you're a large corporation, you need to identify the blockers, enablers and the rockstars who should join you on the journey. If you're a startup, it's looking at all the other types of companies that are in your ecosystem, and mapping them to figure out who you can partner with," Vijay explains
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Evolution of digital transformation
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Paul Smitton, Director, Customer Lifestyle, Cathay Pacific Airways, manages two horizontal teams and five vertical teams at Cathay Pacific. With the introduction of digital transformation, Paul describes the art of leadership as having evolved from being authoritative to being an empowering leader.
"The old model is more like a shepherd guiding their sheep, with the shepherd directing the sheep to go here, go there, eat that grass, etc. That leadership job is to guide that team completely and tell them everything they have to do.
"Whereas the new model is more like a beekeeper looking after a beehive. The leader puts in place the infrastructure, the building, and everything they need to create great honey. The bees are left to figure out where to go, find the pollen, and how to create the honey inside that environment. They're much more trusted to get on and achieve what they need to achieve," Paul explains.
There is an art when it comes to speed, which is a key challenge Paul sees at the moment in his journey of digital transformation.
"With agile at scale, if you go too fast down the line, people perceive that it isn't working. This creates all sorts of problems. It can create some scar tissue, which makes subsequent digital transformation initiatives just that little bit harder, rather than easier.
"It is a challenge to achieve a balance between speed and getting it right. It's probably the most critical business mistake. If you don't get it right, it can lead to problems down the line," Paul says.
Watch Chasm Digital’s webinar, Get future-fit: Leverage the power of digital to transform your business, or re-invent all together free and on demand here.
"The old model is more like a shepherd guiding their sheep, with the shepherd directing the sheep to go here, go there, eat that grass, etc. That leadership job is to guide that team completely and tell them everything they have to do.
"Whereas the new model is more like a beekeeper looking after a beehive. The leader puts in place the infrastructure, the building, and everything they need to create great honey. The bees are left to figure out where to go, find the pollen, and how to create the honey inside that environment. They're much more trusted to get on and achieve what they need to achieve," Paul explains.
There is an art when it comes to speed, which is a key challenge Paul sees at the moment in his journey of digital transformation.
"With agile at scale, if you go too fast down the line, people perceive that it isn't working. This creates all sorts of problems. It can create some scar tissue, which makes subsequent digital transformation initiatives just that little bit harder, rather than easier.
"It is a challenge to achieve a balance between speed and getting it right. It's probably the most critical business mistake. If you don't get it right, it can lead to problems down the line," Paul says.
Watch Chasm Digital’s webinar, Get future-fit: Leverage the power of digital to transform your business, or re-invent all together free and on demand here.