Is your organisation ready for the tsunami of change from digital disruption?
“If the rate of change on the outside is greater than the rate of change on the inside – the end Is near” Allen Pathmarajah quotes Jack Welch – Former CEO General Electric
We are undergoing massive technological change. Is your organisation ready for the inevitable change?
Monika Graham shared with me the results of a survey of 900 business, transformation and change leaders and consultants in industries from banking and finance, manufacturing, technology, consulting, government, academia and health was undertaken on the effects of digital disruption by the Australian Transformation and Turnaround Association (AusTTA) last year with some interesting insights .
These were some of the issues identified
Boards and C-suite leaders are well aware that digital disruption is happenning – creating new competitors and making existing processes redundant (for better or worse!) but 42pc of those surveyed identified the resistance of boards and senior management to change.
16pc identified the lack of expertise in how to meet today and tomorrow’s challenges as an issue and 17pc listed increased competition.
Interestingly, technology was not considered a major challenge
Strategies to address these issues
- Obtaining information and continuous learning on how to transform needs to be a major focus
- Revisit the value proposition, embracing change, and accelerating innovation and transformation.
- People are key – the best ideas for transformation come from their own people – they have the first-hand experience of what works, what does not and what customers want.
- Leaders have to bring their people on the journey with them. Management and staff are open to change if provided with the tools, leadership vision and empowerment to make a difference. – cost-cutting in favour of technology is the antithesis of this.
We have a choice on how to embrace this tsunami of change. With excitement and optimism or fear!
One thing is for certain – our organisations cannot leave our future in the hands of consultants, government or anybody else .
We as leaders and individuals need to equip ourselves with the knowledge and surround ourselves with most experienced people around us – and embrace the concept of continuous learning – to survive and thrive in today’s changing environment and its myriad of challenges and opportunities.
- How are you going to take advantage of the tidal wave of technology, machine learning, AI and blockchain, using your existing untapped potential of your workforce.
- How are you going to embrace this change and in fact be part of this innovation and change that promises to take your organisation to a new level of productivity, growth,profitability and sustainability?
- Is your organisation’s operating system too rigid and lacking in novelty that comes with different perspectives and world views?
An organisation is not a machine based on algorithms that can be disposed of by a used by date. It is a complex mass of humans with people on the fringe and exceptions to the ordinary – brimming with potential, ideas, innovation and improvements wanting to be released.
How can your organisation release this potential?
We need to embrace diversity as the portal to innovation and antifragility.
Staying the same, maintaining the status quo and doing the same thing as you’ve done before – doesn’t cut the mustard – you will go backwards into oblivion. – Ivan Kaye – BSI
How can we get the humans in your organisation to feel safe and share their ideas and innovations? (#psychologicalsafety)
How can we get them to have a voice?
How can you feel comfortable in your organisation, to contribute and embrace the inevitable change?
Here is a survey for you to fill out for the 2019 survey https://www.surveymonkey.com/r/AusTTA2019Survey
People who fill out the survey will be invited as my guest to a food for thought panel in October with leaders in the space of Transformational Change.