How do you create and protect value within your organization?

THREE DIGITAL TRANSFORMATION TIPS

Digital transformation is a challenging process. According to a 2023 McKinsey study, 70% of all digital transformations fail. But when done right, digital transformation can be a powerful tool for driving growth and innovation. According to a 2023 global study by Gartner, 56% of CEOs say digital improvements have increased revenue by at least 72%.

Here are three things business leaders can do to ensure their digital transformation efforts are successful:

1️⃣ Invest in talent

For your digital transformation project to be successful, make sure your entire team is informed and committed to the strategy and tech tools you want to implement. This includes investing in training and development programs to upskill your employees and attract top talent who can help document and execute your digital transformation strategy.

To quote the Forbes Business Council, ‘digital transformation starts with talent transformation’.

2️⃣ Focus on customer experience

PwC suggests that 55% of digital transformation projects fail because companies introduce automations, tech tools, and platforms that don’t really add value.

Customer experience should be at the center of any digital transformation initiative. Leaders must understand both their team’s and customers’ needs and preferences and design solutions that meet those needs.

3️⃣ Measure and monitor progress

A study by IDC found that 9 in 10 business leaders said documenting their digital transformation journey is important but only 2 in 10 have a documentation system.

Digital transformation is an ongoing process, and organizations need to measure and monitor their progress to ensure they are on track to achieving their goals. This involves setting up metrics and KPIs and regularly reviewing them to identify areas for improvement.

THIS WEEK’S STORIES

🇸🇬 Digital Assets 101: An introduction for the cautious digital investor

🇺🇸 Maestro Technologies: Companies must be adaptable and transformative

🇰🇭 Codingate: The guiding hand of Cambodian SMEs

FEATURE STORY
Digital Assets 101: An introduction for the cautious digital investor

🇸🇬 SINGAPORE, SG — How would you like to lower your risk when investing in digital assets? The Internet has democratized knowledge and many processes. Until a few decades ago, only a select few had access to resources about investing. Today, anyone signed up to a banking or telecommunications platform receives marketing campaigns for investing online.

But how safe it is? Are NFTs the only options? Do central banks vouch for them? It’s always helpful to do some research before making your hard-earned money work for you.

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FEATURE STORY
Maestro Technologies: Companies must be adaptable and transformative

🇺🇸 NEW JERSEY, USA —In today's fast-paced digital era, keeping up with trends is not a strategy but a necessity. Forbes reports that moving into the digital space and focusing on customer experience can raise customer satisfaction by 20-30% and boost revenues by 20-50%.

To understand why digital transformation is now a critical component of success for businesses everywhere, GMI POST sat down with Maestro Technologies Inc. Managing Director Kamal Bathla.

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FEATURE STORY
Codingate: The guiding hand of Cambodian SMEs

🇰🇭 PHNOM PENH, KH — The COVID pandemic pushed Cambodian businesses to see digital transformation as a need rather than a luxury. SMEs, in particular, faced the biggest challenges in making the transition because of additional costs, the rapid pace of innovation, and resistance to change. They needed a guide to navigate the complexities of digital transformation.

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Canada Business Report 2024: Building a Partnership for the Future

🇨🇦 Rooted in shared values and mutual interests, the relationship between Canada and its next-door neighbor, the United States, has grown beyond the economic and political spheres.

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