In today’s ever-evolving business landscape, organizations must constantly adapt to stay ahead of the competition and meet the growing demands of their customers. That’s where digital transformation comes into play – the process of taking a company from its current state and propelling it towards a more advanced and agile future. By leveraging the latest technologies, businesses can unlock new growth journeys, enhance their operations, and deliver a superior customer experience.

Having mentioned some of the benefits of digital transformation, the focus of this blog is to delve into how it can facilitate transformational growth for your organization. ICG’s CEO and President, Khalid Al Hafta, previously mentioned that “as market conditions, competitive threats, and customer expectations are continually changing, transformational growth requires a mixture of agility, technology, and empowered teams.”

To achieve transformational growth as a business, you must understand what digital transformation is and how you can drive it within your own organization. Let us reveal to you what you are missing in your transformational journey as well as some helpful tips on how you can achieve transformational growth.

From Digital Transformation to Transformational Growth

The change in the business environment has created a need for companies to transform their businesses in the digital era by being more agile, enabling talent, adopting new technologies, rethinking market strategy, and redesigning product/service offerings to successfully compete in the marketplace.

Yet, even successful transformations fall short and leave value on the table. Following survey results from McKinsey, the main differentiator between success and failure was not whether an organization followed a specific subset of actions but rather how many actions it took throughout a transformation’s life cycle. In a period of such prolonged and dramatic change in business, the economy, and the world at large, the newest results suggest that it is time for companies to treat their transformation as more than just a side project or discrete event, and use it as an opportunity to fundamentally change how their business runs.

Today, with digital transformation becoming a given in 2022, the way forward is to start talking about transformational growth. So for a successful transformational growth, we present to you some basic questions you need to answer first: What business problems are you trying to solve? What are the bottlenecks that are preventing you from being successful? What are your organization’s strengths and weaknesses? How is your organization currently structured? What is your go-to-market strategy? Are you investing in the right technologies? What are your organization’s key metrics? Are you putting the right talent and capabilities in place? What are the possible business scenarios that could emerge? What are your organization’s overarching goals?

Transformations are Hard, and Digital Ones are Harder

Only 37% of executives taking part in a recent McKinsey survey reported that their company’s transformation had been implemented successfully. Indeed, it is a surprisingly low percentage; but why? There are several setbacks preventing a successful transformation and they can be categorized into three levels: strategy, people, and technology.

First, on the strategic level, the lack of alignment and multiple uncertainties within an organization can hinder a successful transformation. Thus, redefining individuals’ roles and responsibilities so they align with a transformation’s goal can help clarify the roles and capabilities the organization needs. Individuals are 1.5 times more likely to report a successful digital transformation when this practice is in place.

Second, when we say ‘people’, we talk about both employees and customers. The main challenge encountered with employees is having a digital skills gap – especially if they resist to change and fear losing their jobs; while with customers, having high churn rates can indicate that a business is losing significant customers, certainly more than it is bringing in.

Last but not least, on the technology level, businesses need to be aware of the technology that is available to them, and how it might influence their activities especially with numerous emerging techs presented in the market nowadays. Misusing them will promote the rise of new risks and threats such as cybersecurity issues, identity theft, data fraud, etc.

How to Align These 3 Components

Aligning these factors will help us not only solve today’s problems but also identify and prevent tomorrow’s difficulties. For that, adopting a holistic approach will be key. Setting clear goals and objectives on an organizational level, assessing where the organization stands at the moment – on a digital maturity level and following the Technology Needs Assessment (TNA) methodology – and creating the strategy that truly fits the given company, will best serve this purpose.

Moreover, an organization should also ensure efficiency in implementation. How? By fostering a culture of ownership and accountability, setting realistic targets and tracking its progress, and making sure that all actions are aligned with its strategy.

Selecting the Right Partner to Your Transformational Growth

Even if all required elements are checked, a successful transformation is not yet complete without having the right partner to your journey. We thus advise you to aim for a strategic partnership, select an agile partner who knows your market, who’s familiar with the international best-practices, and who believes in end-to-end capability building and talent enablement by reskilling and upskilling.

ICG Takes You on an ‘Invest-Change-Grow’ Journey

As we believe that digital transformation is a journey, not a destination, ICG’s comprehensive model builds your digital transformation capabilities and allows you to benefit from end-to-end integrated solutions to tackle various challenges, through consulting, enablement and capability building programs, and digital services. As the ideal partner to drive transformational growth, ICG will boost your transformation through:

• Enterprise agile transformation: We enable you to make successful change and accelerate growth in three key steps: setting the vision, defining the value and building the engine.
• Technology acceleration: We ensure you leverage all your business assets with the latest digital practices, tailored to your domain and focused on solution delivery.
• Talent enablement: We deepen your expertise and add some that can boost your profitability with our capacity-building approach.

In brief, ICG will INVEST in your people and technologies, CHANGE your current model by adding value and unlock your business’ agility, and help you GROW by optimizing your business transformational processes, technologies, and enabling your team.

Our global team of experts is always at your fingertips to answer all your digitalization needs. You can book your consultation now by clicking here.