In today’s digital era, change is constant and instantaneous.
- The continuous evolution of new technologies and their convergence are creating unprecedented capabilities, which I call the modern cyber system, placing organizations and their leaders on a roller coaster ride. We are currently amid the 5th industrial revolution, where digital and human workforces are collaborating like never before.
- Digital dragons such as Google, Amazon, Microsoft, and Apple are penetrating conventional industries like banking, manufacturing, retail, and smart cities. Meanwhile, agile startups, or ‘Digital Lizards,’ are carving out significant niches in these traditional sectors. Additionally, digitally savvy organizations within these conventional industries are pushing the boundaries, exerting immense pressure on their more traditional counterparts.
- In summary, conventional organizations, also known as ‘Digital Immigrants,’ find themselves sandwiched in this new age of competition. Digital Dragons and Lizards, not originally from these industries, have robust modern cyber system capabilities, creating new businesses and industries that digital immigrants struggle to keep pace with.
- Therefore, embracing change is not just necessary but inevitable. Digital immigrants, including sectors like manufacturing, banking, healthcare, and retail, must adopt a new digital mindset, embracing lean digital thinking. Traditional thinking and digital execution may lead to what can be termed ‘successful failure.’
- The modern cyber system is continually evolving due to yearly technological advancements and the fusion of many technologies. Consequently, business executives face immense pressure to understand the implications of this ever-changing landscape for their businesses and the evolving needs of their customers. This understanding is crucial to creating new business opportunities and improving business performance while staying ahead of the competition. This is what I call “future-proof and future-ready.”
- Responses to these rapid changes must be agile. Leaders are expected to be receptive to change within a shorter time span, preparing for a dynamic journey.
To embrace constant and instant change through lean digital thinking, leaders must consider the following questions:
- Are we prepared for the next S-curve in our business in line with the digital age industrial revolution?
- Have we identified pivotal turning points to propel our business along this new digitally aligned S-curve?
- Is there a new shared digital vision and common digital purpose that resonates with all employees?
- Do we possess a business landscape prediction engine and actionable insights to design and implement change in a timely manner?
- Are there standardized tools, techniques, and templates in place to rapidly assimilate changes?
- Have we established rapid experimentation centers to develop proofs of concept (for new business models, products, services, processes, and organizational structures) utilizing the latest cyber system capabilities?
- Is there agility in our organizational structure to introduce new roles, cultures, and policies swiftly to embrace change?
- Have we defined continuous change management (CCM) processes and procedures?
If an organization’s response to the above questions is ‘no,’ then it is essentially planning for failure and may face obsolescence in the coming years. The technological capabilities emerging from the modern cyber system have now become a driving force. It is time to move beyond the mindset of technology merely being an enabler; it has now become a primary driver
Happy Change Management!
VSR