Successful digital transformation comes down to a single word: Agility
by Salim Khalife – Founder, President and CEO
Leave it to a recent KPMG article on one of the most volatile industries to encapsulate the defining “word” for digital transformation success. “Agility” according to the authors is the “new currency of business” that “fuels growth” and enables an enterprise to “challenge and disrupt business norms.” It is an eye-opening article in which the subject matter is equally applicable to any industry – especially since the COVID-19 pandemic has thrust all companies into a disruptive state of uncertainty.
The challenge for business leaders is trying to navigate a rapidly changing market while keeping an eye on the future with the expectation of a return to normal. Of course, there is no clear-cut indication as to what shape the “future normal” will take, let alone how everyone will fit in – hence the need for agility. Against this backdrop of unprecedented global disruption, how does agility play a role in the effective transformation of your procurement practice, including your digital transformation strategy? In other words, how can your procurement department achieve a high level of digital agility to deliver a “measurable impact” for your organization?
In this article, we will provide you with our take on what organizational leadership must do to drive automation success through an agile approach to digital transformation.
Grow Where You Are Planted
Even before the pandemic disrupted global supply chains, many executives were struggling with underachieving digital strategies – including procurement automation. According to the McKinsey & Company article Unlocking success in digital transformations, “Even digitally savvy industries, such as high tech, media, and telecom’s” success rate did “not exceed 26 percent.”
For traditional industries, such as “oil and gas, automotive, infrastructure, and pharmaceuticals,” digital transformation success was even lower falling somewhere between four and eleven percent. While there were various reasons for these disappointing results, the one that perhaps stood out the most is that organizations failed to make the necessary investment in maximizing the use of existing technology. The problem this presents is obvious: how do you introduce promising, new technology on a foundation of underutilized digital assets and expect a different outcome? It’s like trying to build a house on quicksand – the more stories you add to the house, the deeper it sinks into oblivion.
The real revelation here is that the problems do not exist with the technology. The problem originates with the execution of a clearly defined digital transformation strategy under effective leadership.
The Paramount View
“Our success is not in the sale we make, but the outcomes you achieve.”
The above is more than just a tagline; it is a recognition of the fact that to Paramount WorkPlace, our job does not end when you update and upgrade to our platform – it begins. The foundation for this belief is that in working with you directly, we understand that success starts with empowering you and your vision beyond the technology.
While we value the technology promise, we also recognize that having knowledge of key innovations and why they matter for your organization is critical to success as it enables you to sell your vision to your team and mobilize their efforts. In this regard, we want to fuel your passion as a leader by helping you to implement a solution to solve an unmet need or want through the implementation of a sound change management strategy. As a progressive and forward-thinking partner, we believe that this is the cornerstone of a truly agile and practical approach to enable you to take your procurement practice to the next level.
About the author:
Salim Khalife is the founder, president and CEO of Paramount WorkPlace, a technology company that develops, sells, and supports advanced web-based and mobile requisition, procurement, and expense software solutions for mid-market organizations. The company introduced its first cloud-based SaaS requisition application in 1997 and continues to innovate and expand its partnerships and integrations ever since. Learn more at www.paramountworkplace.com.