Most organizations believe that by 2020, half of their revenue will come from digital channels.
The World Economic Forum estimates that the overall economic value of digital transformation to business and society will reach $100 trillion by 2025.
There are many other similar data. These represent crucial macroeconomic trends that represent the most significant new business potential for a typical business.
No matter how you look at it, the biggest growth opportunity most organizations have right now is to better capture the gaps in these rapidly expanding digital marketplaces.
The latest trends in digital transformation for the next year reflect some particularly tough lessons learned in business and technology over the past few years. It's worth taking the time to understand how these insights are generated, as leading organizations can avoid many of the same painful, expensive and time-consuming situations that arise along the way.
Here are the business and technology trends for digital transformation in 2019:
Digital Transformation in 2019
business trends1. The CEO leads digital transformation.
Over the years, CIOs (or emerging CDOs) have taken a clear leadership role in digital transformation.
According to the latest data from MIT's Sloan School of Management, more digitally mature organizations now have a clear leader as the CEO (41%) rather than the CIO (16%).
This is a dramatic turnaround from a few years ago. The reasons behind this shift are complex and nuanced, but mostly related to digital transformation, which is now one of the top priorities across the enterprise.
The CEO's ability and natural role to organize the board so that they appropriately support the work, as well as the ability to provide full attention and resources throughout the journey, are also key factors.
The reality is that CIOs and CDOs are more centered on the technology capabilities themselves than changing the people, culture and business models of the organization.
The CEO has ultimate responsibility and authority for all of this, and can bring in an adequate budget. As a result, expect the CEO to take more control of the overall digital plan in 2019.
2. Digital education and worker skills building.
The changes in people required for digital transformation are often not met due to the focus on technology components, but are arguably a key success factor.
Because people in organizations have to undergo digital transformation, but are often not competent enough in terms of skills, culture, mindset, tendencies, and talent.
Digital transformation initiatives in many organizations are bogged down by insufficient human resources and an inadequate environment.
Lack of people with the right skills currently ranks among the top five barriers to digital transformation. The good news is that 39% of organizations have improved technology to improve skilled worker support for digital transformation.
In 2019, this proportion is expected to become even larger. Smart digital leaders will leverage resources from HR to help drive them forward.
3. Better integration of digital initiatives.
Fragmented digital transformation efforts are gradually becoming part of a more comprehensive portfolio of digital initiatives, which is not to say they are becoming one digital transformation initiative.
The high failure rate of large technology and business initiatives is still true today (about 70% of change efforts, not just digital.) Seasoned executives are now deliberately avoiding them.
However, data shows that as many as 85% of business decision makers believe they have two years or so to better integrate their plans, no doubt a coordinated effort across the business to achieve consistency, shared plans, economies of scale And a common data model is the key to moving fast and producing better results.
Expect more top-level but lightweight digital project and program integrations in 2019.
4. Digital supervision.
Newly enforced digital regulations like the GDPR are adding considerable complexity to digital transformation, especially for global enterprises.
While some organizations may decide to rudely ignore or forgo regions with expensive or cumbersome rules, this is not possible for larger organizations committed to global customers and partners.
2019 is expected to see increased focus on digital regulation and a readiness to proactively address digital regulation to block or slow down digital projects and initiatives.
Another bright spot is that many of the large cloud stack providers, including Amazon and Azure, have integrated much of the GDPR compliance functionality required into their products.
5. Improve leadership communication.
Ironically, while leadership is focused on digital transformation, most employees have no idea what their organization's plans are.
Top-down communication is fundamental to ensuring that employees understand, coordinate and can actively support digital transformation efforts at all levels of the organization.
In fact, while good communication has long been known to improve the success of business plans, it remains a major challenge due to the speed alien nature and complexity of digital work.
Digital transformation is a team sport that requires everyone to be interested and able to execute the vision of a more digitally responsive and engaged organization surrounded by its rich and evolving digital ecosystem.
Data proves that when a respected CEO communicates a "compelling, high-level change story," the success rate of transformation increases by 5.8 times.
Executives are expected to make corporate communications increasingly effective in 2019 by making communication efforts better. It is also possible to increase success rates through bottom-up education and reverse coaching during digital transformation.
6. Sustainability of digital change.
The fastest way to bring about change is to work with those who are more interested and motivated.
Cultivating and leveraging change agents in digital transformation at scale is one way to avoid excessive centralization of project work.
Take advantage of other emerging sustainability technologies, including self-service partner onboarding and developer networks using APIs, external hackers that trigger open innovation, and new low-code platforms for citizen developers and data scientists.
Digital Transformation in 2019
Technology Trends1. Strengthen the enterprise data foundation.
The inconsistent, fragmented, duplicated and siloed data landscape in the typical enterprise is a major problem holding back many initiatives, and some might even call it technical debt.
Organizations must build a stronger data foundation to compete, taking the time to prepare to be able to move quickly later.
It is now easier than ever to incrementally create a reliable and secure data foundation for digital initiatives to build and execute, such as open enterprise microservices providing one of the most viable long-term strategies available today. This will become a bigger trend in 2019.
2. Invest to reduce technical debt.
In recent years, IT budgets have been hiding a growing amount of technical debt, and the overall accumulation has been hindered by a well-intentioned but misguided legacy patchwork of shortcuts, overlooked system upgrades, and convenient solutions that end as technology dies. Digital transformation of most organizations.
This digital off-balance sheet liability is one of the main barriers for CIOs in their digital transformation. The true scale of debt should be assessed and understood, and CEOs and boards should pay it off to ensure greater success through digital transformation.
3. Improve and update cloud strategy.
Almost all digital transformation efforts must thrive through some combination of cloud services.
However, despite five or more years of investing in a variety of cloud capabilities, from private to hybrid to multi-cloud, enterprises' strategies today are often closer to a clear strategy than they were when they started.
Part of this is not their own fault, but due to the fast-evolving public cloud landscape leading to a three-way rivalry between Amazon, Microsoft, and Google, new players could be exciting along the way.
Up to 80% of enterprises are already multi-cloud figuring out what to transform is more complex and challenging than ever. Even in the real-time multi-cloud environment of 2019, businesses will face more complex and dynamic issues, what some, including me, call the future of IT.
The reality is that organizations often look to a single vendor to make it all work, even if that's no longer possible. For 2019, organizations will increasingly focus on what I call a digital transformation target platform to provide a primary cloud vendor with a business and technology roadmap to significantly accelerate digital transformation, and multi-cloud management that handles the rest tool.
4. Faster, better delivery.
Perhaps the top priority for most major digital transformation efforts is improving the customer experience, which is the primary discriminator of successful growth and customer retention today.
However, organizations still have a long way to go when it comes to scaling the digital experience factory. However, a new generation of experience architectures, tools and technologies makes it possible to accomplish tasks faster to create customer, partner and workplace experiences in an industrialized manner.
However, organizations have to restructure and restructure to achieve this goal, which will take some time. So given the business imperative, I expect to see a lot of digital experience activity and investment in 2019.
5. Rapid adoption of emerging technologies.
In 2019, the promise of 5G will be the new top priority, followed by artificial intelligence (AI), machine learning and the Internet of Things, and blockchain and distributed ledger technology.
New technologies will emerge in 2019 to add to the large and growing list of emerging technologies that businesses must somehow absorb to remain relevant. Organizations are finally learning to experiment quickly, often in partnership with partners and startups, and using a robust set of emerging technologies, begin piloting and rapidly deploy promising technologies to business.
This trend will kick off in 2019 as organizations become more systematic in deploying emerging technologies better and faster, especially by addressing many of the items elsewhere on this list.
6. Put analytics at the highest level.
While a truly data-driven enterprise is some way off before more things connect (leading to a quantified enterprise), this year's massive interest in data science in most organizations is an often-predicted dawn.
Now reaching the new data-driven organization seems to be among us. This is confirmed by the latest research. Spending on analytics, machine learning and data science is rapidly increasing, with 60% of CIOs currently increasing their budgets.
Make no mistake: addressing these digital transformation issues is a daunting task even for very well-resourced organizations.
Failure to do so, however, will leave an important competitive gap, while lacking a comprehensive measure of real-level revenue and profitability, focusing more confidently on these top digital transformation opportunities and challenges will gain typical organizations over the next year.
This is one of the reasons why digital transformation requires new mindsets to solve problems in digitally native ways that traditional IT is not prepared or able to solve.
It's also now budget season 2019 for many organizations. That means it's time to make sure your organization is focused on funding the key projects and strategies listed above, leading to lasting improvements in your digital transformation efforts.
In the end, we haven't learned much from other people's travels in digital space. To better succeed, digital leaders should share their lessons learned and learn from this, of course, a time of great opportunity and great challenge.
By bringing together our knowledge, 2019 will be the best year for digital transformation, transformation and modernization efforts. Hopefully, we can fix most of the above problems by 2020.
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