Corporate digital transformation

Digitalisation is no longer an option for companies that want to remain competitive in the global market. It has become an unavoidable corporate purpose, backed by strong investments. International Data Corporation (IDC) forecasts that global spending on digital transformation will reach almost $3.9 trillion by 2027, with the United States leading the way in investment, closely followed by the Asia/Pacific region (including Japan and China).

However, alongside investment, this process must be undertaken with strategy and planning. In this way, the right combination of digital transformation initiatives could unlock up to $1.25 trillion in new value, according to a Deloitte survey of more than 4,600 companies listed on the New York Stock Exchange.

Certain combinations of digitalisation actions can generate up to a 5% increase in a company's market capitalisation, according to the same study, while other combinations lacking a strategy could result in value erosion risks of up to 9%.

A favourable environment for digitisation and new technologies

At the same time as technological investment increases, the corporate digital transformation raises other basic needs to be completed successfully. For example, a change in corporate culture. The reform of the set of beliefs, values, habits and experiences that define a company through its workers is one of the greatest challenges in the digital age. This is because the corporate culture reflects the spirit of the company, its way of thinking and acting, its values, its ethics, its corporate purpose.

Hence, a profound change such as the digital transformation needs an environment positive towards technological innovation in order to take root and develop. Otherwise, any attempt at technological reform has little chance of succeeding or being properly implemented. Digitalization must be a progressive and constant process, driven by the development of technology and the claims of consumers and employees, who demand more agility and personalization from companies.

 SEE INFOGRAPHIC: Barriers to digitalizing organizational culture [PDF]

How to adapt corporate culture to the digital age?

The first change is through the individuals who make up the company. It is essential that managers and employees acquire digital skills in order to face the digital transformation. In addition, creating spaces where innovation and the exchange of ideas are fostered will allow team leaders to quickly identify weaknesses in the company or requests among its employees. And this implementation must be done at different levels:

•  Management

Directors must believe in the digitalization and pass it on to the rest of the workforce. Then, the area managers need to support the strategy and be an example: they will be the first to add new tools, promote and control the implementation of new technologies in the company, keep an eye on what is new and measure the results in order to progress towards a full digital transformation.

• Equipment

Digitalization must be adapted to the needs of the teams and provide them with tools to speed up their work. Each department may have very different problems and needs, so individual analysis and communication between them helps decipher the essential aspects of the business and digital transformation.

• Environment

Businesses must pay attention to the environment to identify the pitfalls that prevent teams from being more productive. By locating these obstacles, more dynamic spaces can be created to benefit their well-being and performance. Enabling collaborative zones or video conferencing rooms, for example, can improve the work of departments if used properly.