In this Growth Swarm Moment, excerpted from the Growth Swarm podcast, Ep. 20 (“Why and How Digital Transformation Moves to Business Transformation”), John Siefert, Bob Evans, Scott Vaughan, and Tony Uphoff discuss how organizations can embrace the cultural shift needed to undertake a digital transformation, and why it must be initiated and driven by the CEO. To listen to the full episode, subscribe to Acceleration Economy Premium.
Highlights
00:12 — John explains how highly regulated industries, like healthcare and financial services, rely on data as a framework. Industries that previously were not as regulated, such as retail, are now having to comply with a number of data regulations. As a result, data modernization becomes the framework for so much of the digital transformation that organizations must undertake in order to transform their businesses.
00:40 — For organizations to transform digitally, there must be a cultural shift inside the business to recognize these things. Companies need to embrace and deliver their point of view on the importance of data through this transformation. So, how can companies begin to embrace the cultural shift that needs to happen?
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01:08 — Scott says that the world is constantly changing and the need for digital transformation will not suddenly stop. It’s important for CEOs to define the initiatives for taking on a digital transformation, which is really business model transformation.
02:08 — Digital transformation has to start with strategy culture and change management bundled in but needs to evolve to include technology and data strategy. These things must be ongoing to truly seep into the culture of a company.
02:49 — If a CEO does not set the pace for digital transformation, it will be hard for a company to experience that digital transformation stems from all of us and not specific departments within a company.
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