Introduction
In an already volatile business landscape, Covid-19 has added another dimension of complexity requiring technology solutions for organisational agility. In response, more and more organisations are prioritising digital transformation (DT) in some form or other. However, there is a conundrum: digital transformations are easy to plan but difficult to execute. Not surprisingly, despite huge DT investments, only 4 out of 10 companies succeed in achieving their objectives. The technology is a crucial element, but the softer aspects including capabilities, operating model, culture and leadership commitment are the determining factors.
This study by IMA India in partnership with Ramco Systems, has analysed the drivers of insights of successful DT from conversations with business leaders who have undertaken digital transformations recently. We ran in-depth interviews with CEOs/senior management of 15 prominent foreign and Indian MNCs, to understand the internal and external changes they are witnessing, what stages of DT they are in, how they flipped the odds of success and where DT made the biggest impact.
Our research report, which can be downloaded below, examines, in turn, the rapidly evolving CXO priorities, the emergence of DT as the top of the CXO agenda, the use cases of DT, the lessons learnt from leading companies that recently implemented DT and the checklist for achieving success at DT.
About
IMA India
IMA is a niche economic, business and market research firm that provides insights and analysis to top management audiences in India through multiple channels. For 28 years, IMA’s research and opinion have informed the perspectives of investors, industry and government. IMA is one of the country’s largest peer group platforms for top functional executives, comprising more than 2,500 Indian and global business/functional heads from over 1,500 member companies. Since 1994, it has developed an unmatched capability to harness and distil collective wisdom, enabling top managers and industry leaders to interpret changes and forecast developments in the operating environment through authoritative guidance.
Ramco Systems
Ramco Systems is a next-gen enterprise software player disrupting the market with its multi-tenant cloud and mobile-based enterprise software in HR and Global Payroll, ERP and M&E MRO for Aviation. Part of the USD 1 billion Ramco Group, Ramco Systems focuses on Innovation and Culture to differentiate itself in the marketplace.
On the innovation front, Ramco has been focusing on moving towards Active ERP leveraging Artificial Intelligence and Machine Learning and Event-Driven Architecture by building features such as ‘Talk It’ – which allows transactions to be carried out by simple voice commands, ‘Bot it’ – which allows users to complete a transaction using natural conversations; ‘Mail It’ – transact with the application by just sending an email; ‘HUB It’ - a one-screen-does-it-all concept built to address all activities of a user; ‘Thumb It’ – mobility where the system presents users with the option to choose rather than type values and ‘Prompt It’ – a cognitive ability which will let the system complete the transaction and prompts the user for approval.
With 1900+ employees spread across 28 offices, globally, Ramco follows a flat and open culture where employees are encouraged to share knowledge and grow. No Hierarchies, Cabin-less Offices, Respect work and not titles, among others, are what makes the team say, Thank God it’s Monday!
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DIGITAL TRANSFORMATION: A JOURNEY IN FOUR STAGES
The mandate for digital transformation (DT) is not new: the pandemic has just brought it into sharper focus. Recent research shows that 62% of companies in India are in the formative stages of digitalisation and no more than half have a DT strategy in place. DT has different meanings for different companies. For some, it is about replacing old technologies with new ones, while for others it is about capturing high volumes of data or providing an Uber/Amazon-like experience. This paper highlights the four stages of the DT journey and the role CXOs must play in driving successful outcomes.
Download FileFLIPPING THE ODDS OF DIGITAL TRANSFORMATION SUCCESS
About USD 710 billion is expected to be poured into digital transformation (DT) investments in India over the five years from 2019 to 2024. Despite that, a high number (53%) of companies are far from realising their desired DT goals. The most difficult issue is determining where to begin and how to carry out the necessary changes. This paper highlights the lessons top managers have learnt from successful digital transformation implementations.
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