天美传媒

Digital transformation is the corporate development of our times. But beyond offering digital customer experiences or incorporating digital technology into a firm, what else does it mean? How does it affect employees and leaders? And at what point is it safe to say a company is effectively 鈥渄igitally transformed鈥�?

滨贰厂贰鈥檚 6th Executive Coaching Symposium gathered leading experts in the field of digitalization as well as coaching and mentoring to delve into ways companies can execute their digital transformation. The symposium was organized by 滨贰厂贰鈥檚 Executive Coaching Unit, which provides coaching across 天美传媒 programs and researches key areas in the field.

Here, six key takeaways on how companies and their leaders can adapt to prepare for a truly digital transformation.

1. Know your ecosystem. Think Amazon. Today, offering clients multiple services and products under your company鈥檚 specific umbrella is crucial. 天美传媒 Prof. Luis Ferr谩ndiz and Dr. Riza Kadilar, President of the European Mentoring & Coaching Council, stressed that in today鈥檚 world, it鈥檚 all about ecosystems. 鈥淒igital players see it鈥檚 not about one industry or one sector but about the client,鈥� Ferrandiz said. 鈥淐hoose your ecosystem,鈥� Kadilar added.

2. Be bold. To win in the digital transformation, you have to take bold bets. This means letting go of the way you think about managing your business. A change in business model needs to be on the table, not just to thrive, but for your company鈥檚 survival over the next 30-40 years. Ferr谩ndiz advised that if you don鈥檛 see your company taking the steps to change, leave it, because 鈥渋t won鈥檛 survive.鈥�

3. Dig deep. To digitally transform, it takes more than several projects that generate some impact, which is much easier to do. Ferr谩ndiz encouraged attendees to change core aspects of their business and to 鈥渘ot focus on short-term initiatives that generate impact but don鈥檛 change the structural backbone of the company.鈥� This is a transformation, after all. He continued that other intangibles need to change too: 鈥淐ompanies rank culture and organization as the roadblocks to a successful transformation.鈥�

4. Follow the leader. According to Ferr谩ndiz, there鈥檚 a demonstrated correlation between having a company with an executive with a strong message and digital success. It takes 鈥渟omeone who knows where the company is and where it needs to go,鈥� he said. He warned though that if the Board and shareholders aren鈥檛 on the same page, it鈥檚 nearly impossible for any real transformation to occur. Too often, they鈥檙e worried about the short-term impact and stock of the company, he said. 鈥淏oards of directors have to be in on the change.鈥�听

5. Be agile. 鈥淐lients hear about being agile and want to be agile, but it鈥檚 not so straightforward,鈥� according to Kadilar. The expert coach pointed out that today 20 years of experience in a sector doesn鈥檛 necessarily mean relevant experience anymore. You need to make the operating model more agile, and quicker. 鈥淚t can鈥檛 take you six months to launch a new initiative,鈥� Ferr谩ndiz added. 鈥淩apid innovation and execution must be at the core of the company鈥檚 DNA.鈥�

6. Technology, technology, technology. 鈥淵ou won鈥檛 lose your job to a robot. You鈥檒l lose it to someone who knows how to work with a robot,鈥� Kadilar said. Today technology is core, not a 鈥渘ice-to-have鈥�. Ferr谩ndiz clarified, 鈥淒igital is how a company performs in the digital environment. Technology is beyond that; it touches digital because it鈥檚 the backbone of the digital interface,鈥� he said. And technological knowledge is required of everyone, to varying degrees 鈥� from a recent hire to members of the board.

The symposium also included an expert panel of CEOs, human resource directors and senior managers from a broad range of sectors who shared their frontline insights and experiences of how digitalization has affected their areas, and how coaching is contributing to keeping the 鈥渉uman鈥� in a world in which artificial intelligence increasingly holds sway.