Dear fellow information professionals, In our present setting, transformation and adoptability to change are among the key topics for people everywhere. IIM supported our media partner Information & Data Magazine (IDM) with a survey of over 100 senior information management practitioners across a broad range of industry sectors in Australia and New Zealand. For the survey results, please visit idm.net.au/digital-transformation-survey-2020-results. Aligned with this endeavour, IIM will focus on the range of topics related to Digital Transformation. The term ‘Digital Transformation’ is still often misinterpreted and misused. We will work with you, our members and readers, to demystify some of the common preconceptions and myths that are too often reducing its potential to create value.
Digital Transformation is a roadmap for using digital technologies to establish modern business processes, information management practices, and customer experiences, in order to address the continuous transformations of market demands as well as changes in cultural, social, technological, and business aspects of our environment. IDM has provided a new working definition of Digital Transformation in their recent issue (idm.net.au/article/0013079-revised-working-definition-digital-transformation). In its early days (coinciding with the rise of personal computers and the internet), Digital Transformation was confined to the notion of converting analogue information into digital form, commonly cloning the traditional paper-based processes on the computer screen. This process failed to digitise and improve any associated business processes and practices. Digital Transformation is a complex and uncertain venture. Conversely, when it is done right, Digital Transformation leads to significant optimisations of performance and extraordinary results. Commonly cited as the ‘Apple of Toys’, LEGO is a prime example of leveraging digital technologies to fundamentally transform thier business model. After facing bankruptcy in 2004, they implemented a new digital strategy. LEGO’s digital strategy included: LEGO Ideas (crowdsourcing products’ design), LEGO Boost (using mechatronics to bridge the physical and digital divide), LEGO Life (a social network community), LEGO Dimensions (LEGO-themed video games), and LEGO Movies. By fostering and sustaining radical innovation, in addition to embracing disruptions without disturbing the healthy existing business, LEGO has reached new heights and success. For a brief overview report on the LEGO’s digital journey see: reports.weforum.org/digital-transformation/lego-group. Several successful Australian Digital Transformation experiences, covering organisations such as Commonwealth Bank, Telstra, and WebJet, have been analysed in Microsoft’s study of Digital Transformation experiences (info.microsoft.com/rs/157-GQE-382/images/Embracing-Digital-Transformation_Experiences-from-Australian-Organisations.pdf). But not all Digital Transformations turn into happy tales. According to Forbes more than 80% of Digital Transformation projects fail to deliver expected benefits, frequently bringing lasting damages to their market value, business strategy, and team morale. A famous example of Digital Transformation going wrong is General Electric Digital, which aimed to centralise its information environment and offer a business version of internet. Implementing a Digital Transformation project at a massive scale without a clear vision combined with a lack of cohesion between the business needs, readiness, and capabilities, are cited as the key reason for the failure of GE’s digital strategy. GE Digital story featured in this 2018 Harvard Business Review article (hbr.org/2018/03/why-so-many-high-profile-digital-transformations-fail). The current COVID-19 pandemic is ‘blamed’ for a rapid digital transformation in many organisations, described by Financial Review article “COVID-19 Accelerates Digital Transformation Agenda” (www.afr.com/technology/how-covid-19-pushed-the-digital-transformation-agenda-ahead-20200601-p54yh3). This newsletter includes a few articles that provide definitions, guides, discussions, and interesting case studies. In the coming months IIM plans to dive deeper into the key elements of Digital Transformation. Exploring digital maturity, strategies, case studies, as well as revisiting related themes such as governance and information science to information consumer experience. In the coming weeks IIM will be inviting you to share your thoughts and experiences of Digital Transformation. Keep your eyes peeled for how you can inform and contribute. Additionally, if you would like more information please feel free to contact us. With regards and wishes for a safe transformation, Vladimir Videnovic IIM National President Read pdf version
2020 A/NZ Digital Transformation Survey Executive Summary We found that Digital Transformation is failing to deliver eagerly anticipated advances in intelligent document processing. While over 60% expressed a desire to implement AI-based Automatic Classification of Unstructured Data, only 23% say this is being delivered. There was a similar gap for Content/Text Analytics (45% DX Desire vs 28% DX Delivery). Our survey also identified a huge opportunity that still exists in this region, with almost half having yet to commence their Digital Transformation (DX) journey. Click HERE to obtain Survey Results
A Revised Working Definition of Digital Transformation Digital Transformation is a roadmap for using digital technologies to establish modern business processes, customer experiences and information management practices, in order to address continuous transformations of market demands and changes in cultural, social, technological and business aspects of our environment. IDM magazine has provided a new working definition of Digital Transformation in their recent issue.
Digital Transformation - Lego Group The digital transformation of industries represents an immense opportunity to create value for both industry and society.
Microsoft: Embracing digital transformation - Australian Success Stories Digital transformation opens up many possibilities, but what is it and can every organisation reap the benefits? In this report, leaders from 30 Australian organisations share their experiences – the drivers, challenges and gains – to show you what’s possible and to help you on your own digital transformation journey.
Why So Many High-Profile Digital Transformations Fail In 2011, GE embarked upon an ambitious attempt to digitally transform its product and service offerings. The company created impressive digital capabilities, labeling itself a “digital industrial” company, embedding sensors into many products, building a huge new software platform for the Internet of Things, and transforming business models for its industrial offerings. However, investors didn’t seem to acknowledge its transformation.
How COVID-19 pushed the digital transformation agenda ahead The COVID-19 pandemic is tipped to create a fresh productivity boost for the country, thanks to the accelerated digital transformation of all industries and the opportunity for a new generation of entrepreneurs to build solutions for the modern workplace. The boom in cloud, communication and workplace collaboration software has let businesses weather the COVID-19 outbreak in ways that would not have been possible even a decade ago.
Digital transformation: online guide to digital business transformation Digital transformation is not just about disruption or technology. It’s about value, people, optimization and the capability to rapidly adapt when such is needed through an intelligent use of technologies and information.
Where Businesses Go Wrong With Digital Transformation Across all industries, digital transformation is not a choice but a necessity. But the brutal truth is that at the outset of a digital transformation program, the odds are stacked against successful delivery. Up to 84% of digital transformation projects fail to deliver their expected benefits equating to colossal missing ROI, as well as the collateral damage to business strategy, shareholder value and team morale. Why do so many businesses struggle with digital transformation?
UTS launches Australian Artificial Intelligence Institute The University of Technology Sydney launched a new research institute to develop the nation’s use of artificial intelligence for economic and social advancement. The Australian Artificial Intelligence Institute (AAII) is a world leading research institute in artificial intelligence, with a vision to develop theoretical foundations and advanced algorithms for artificial intelligence and to drive significant progress in related areas like computational intelligence, business intelligence, computer vision, data science, machine learning, brain computer interface, social robotics and information systems. https://www.uts.edu.au/research-and-teaching/our-research/australian-artificial-intelligence-institute