The importance of digital has become apparent to many companies who are have started to focus their digital strategy and spending on it. However, many are still far from where they need to be in order for the company to see cross-organizational digital achievements and their anticipated large financial effect.
It is clear that digitization is imperative to a company’s objective to grow. The key reasons behind the digital programs of many medium and large companies are to boost their competitive advantage in an existing business or to generate new business and capture new profit pools.
At Yatir Syndicate we believe in 3 key factors:
Understanding the Value of Digital
Many companies don’t have a full understanding of the value that digital can generate.
In order to enjoy the benefits of digitization on a larger scale the company’s management needs to encourage their employees to understand these benefits and to prioritize and invest in the highest value areas.
Focusing on organizational readiness
Companies anticipate large near-term growth from digital, but it is not always simple. Furthermore, there is a great inadequacy of effective organizational structures, accountability, and meaningful metrics and incentives. Executives are becoming more involved in digital efforts and as such they must make sure to set up appropriate structures and business processes to allow them to fully utilize the opportunities offered by digitalization.
Digital Leadership as a Priority
Many executives are concerned about finding the right people for their companies, people who can help them reach their digital objectives. In order to maintain competitive parity and growth in the near future they need to create an environment that will encourage the development, by acquisition of technical and functional skills, and retention of their teams.