About the series
Fact or fiction? addresses common myths and misconceptions about digital transformation, while showcasing KPMG leaders’ perspectives on related topics such as artificial intelligence and blockchain, and the impact of these emerging technologies on the workforce, businesses and society.
Digital transformation brings people together to determine how technology can help solve business problems against the backdrop of an always-changing environment. It can also help companies predict what they want their future business to look like. KPMG's Emily Frolick explains the true meaning of digital transformation in the first episode of Fact or fiction.
By Emily Frolick
Disrupt or be disrupted is the state of business these days, driven in large part by the ongoing — and never-ending — evolution of advanced digital technologies. To compete and, in many cases, survive, companies are asking tough questions about their core business functions that have historically contributed to their success.
While a subsequent digital transformation comes in many shapes and sizes, there are three foundational elements imperative to a successful outcome:
1. Let the employees lead
It starts with the people. While technology is instrumental in any digital endeavor, it's the workforce that holds the key to digital transformation success or failure. They know who you are, from the most exceptional qualities to knowing where the skeletons are hidden.
Companies embarking on a digital journey will be best served by leveraging their most precious and insightful asset – employees – to implement change that is both realistic and sustainable.
2. Build self-awareness
Ensure that your organization has the right mindset for understanding what it takes to drive and maintain holistic change.
A transformation-seeking organization need not embark on wholesale rip-and-replace change. Rather, it must take an evolutionary approach that can deliver greater, lasting impact. How? By focusing on becoming the best version of what the company is or could be, and committing to the same goals.
3. Embrace the art of the possible
Finally, with employees on board and engaged, a self-aware company can embark on its digital transformation by following key tenets distilled from our cross-industry experience planning and implementing an array of digital innovations:
Digital transformation is a journey, not a precise destination, and the ability to embrace these fundamentals will distinguish which companies succeed, and those who are left behind.