Transformation infers an “end-point” transforming from one form to another like a caterpillar turning into a chrysalis and emerging as a butterfly – a fundamental transformation of structure, purpose and raison d’etre.
We can’t think of one organization that has done that yet or will do at such a fundamental level. In financial services, digital banks exist but they’ve been created fit for this purpose not moved from a traditional bank to a digital bank. And although digital transformation is a central strategy for nearly all retail banks the majority won’t truly transform any time soon.
What does ‘digital’ transformation really mean then?
When we think about this question, it’s important to focus on how digital transformation might be defined in the short-, medium-, and long-term by an organization. What an enterprise needs to do, what it might consider, and how it might approach its strategic decision to undertake digital transformation.
By doing that, we can be more specific, relevant, and practical, enabling our clients (who are predominantly technology suppliers and IT vendors) to engage their target enterprise-level organizations with the right types of ideas inline with their audiences’ digital transformation strategy.
For more thoughts on digital transformation, read our latest Executive Insight Report ‘Digital Transformation. What is it and where are we on the journey?’.