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Five Truths in Digital Transformation: Leadership in a Dynamic Time

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Innovation Leader – by Chris Michaud

Five Truths in Digital Transformation: Leadership in a Dynamic Time

Welcome to 2023. You’ve inherited a dynamic moment to be a leader. While challenging on many fronts, instances of market instability and disruption can also be exciting and liberating. And with generative AI poised to have a societal impact comparable to the internet in the 1990s and 2000s, we are only beginning to imagine what the future will hold. What that likely means for you is a need to accelerate your digital transformation efforts to enable a more agile, adaptive organization.

If you’re like most organizations, the digital transformation journey hasn’t been an easy one. According to Gartner, only 35 percent of Board Directors believe their organizations have achieved — or are on track to achieve — their digital transformation goals. Yet a recent study from the MIT Center for Information Systems Research (CISR) suggests that the juice is worth the squeeze: “While transformation is not easy, these companies have significantly higher financial performance with average revenue growth 17.3 percentage points and net margins of 14 percentage points above industry average — a rewarding premium.”

The question is: How do you get to the juice faster?

At EPAM, we’ve helped large enterprises across nearly every industry sector accelerate value creation from their digital transformation journeys. Following are five “truths in transformation” we’ve learned over the years.

  1. Use Purpose as Your Guide. Purpose is the fundamental reason your business exists. It’s the value you provide to your customers. As you work to evolve, streamline, automate and transform the business, continuously ask yourself: How will this increase the value we can bring to our customers? Clear, practical, and easy-to-understand answers to this question should give you confidence you’re making the right strategic investments. Abstract, obtuse, or fluffy answers suggest you don’t have a clear enough sense of what you expect to gain from the investment, leaving too much room for misinterpretation in its execution.

Find out what the other four insights are by reading the full article here.

Discover how EPAM helps organizations create and implement business models that are as dynamic as an ever-evolving market: