Digital transformation is the future of business. A 2020 study by Mordor Intelligence valued digital transformation at $263 billion, and it is expected to reach $767 billion by 2026. Digital transformation can involve many things, whether it is process automation, a new site web, an improved user experience or a migration to the cloud. But what skills do you need to achieve successful enterprise-wide change?
1. Digital fluency
First, workers must possess a basic level of digital fluency to successfully implement digital transformation. Depending on the industry, digital fluency can range from a basic knowledge of the Microsoft Suite to an understanding of cloud computing.
This need for this skill is company-wide; Harvard Business School professor Tsedel Neeley points out that digital fluency adheres to a basic principle of linguistics. “I often refer to the 30% rule; borrowed from the study of languages, when applied to digital fluency, it dictates that the entire company must be at least at a baseline of fluency of 30% to advance in a new digital direction. effectively.”
Of course, the need for digital fluency only increases at executive levels. The drive lies with business leaders to own and foster digital fluency. Digitally literate leaders will be better equipped to address the gap between executives and employees, whether it’s the perception of digital changes or simply the reality of the caliber of data architecture that often contributes to transformation failure digital
2. Data analysis
Businesses are often victimized by an overwhelming amount of data and struggle to analyze and draw conclusions from data sets. Experience in data analysis, including data visualization and cleaning, as well as technical skills such as MATLAB, Python, and R, are critical to processing data and using it in a way that is allowed and productive.
The usefulness of data analytics skills in today’s economy is easy to track: the US Bureau of Labor Statistics has predicted strong growth, projecting that the field of data science will grow by about 28% to 2026, well above average. This growth is bolstered by earlier data: a Fortune report reveals a global labor market value of $231.43 billion for data analytics, up 10.6% from 2020 figures .
3. Digital marketing
There is no point in streamlining business processes and creating an improved product through digital transformation if the end product cannot effectively reach its consumer base. Marketing skills are essential to capture your customer base and ensure the financial success of a product. Today, marketing is predominantly digital, so expertise in areas such as search engine optimization, email campaigns and social media will enable businesses to successfully collect and use customer feedback, promote their product and most importantly take customers on the digital transformation journey with them. . After all, after a digital transformation, users also need to be educated on how best to take advantage of the benefits of the new product.
All over the world, companies are well aware of the importance of marketing in the digital age. According to emarketer.com, spending on digital marketing, especially advertising, increased by 17% to $333 billion globally by 2021.
4. Cybersecurity
An often neglected component of digital transformation is cybersecurity. According to research and marketing firm ThoughtLab, the average number of cyberattacks increased by 15.1% in 2021, compared to 2022. The implications are worrying: Blockchain analysis firm Chainalysis reports that victims of ransomware they spent almost $700 million paying their attackers in 2020.
As the digital transformation process accelerates, companies should cover potential risk areas by hiring people with cybersecurity skills. The potential for this investment is reflected in the mismatch between supply and demand for cybersecurity. Cybersecurity Ventures, a research firm that covers the global cyber economy, predicts that there will be 3.5 million unfilled cybersecurity jobs by the middle of the decade, and the US Bureau of Labor Statistics projected a 33% increase in the need for security analysts by 2030.
5. Leadership
It has been noted several times that the biggest barrier to digital transformation is company culture. Company culture can greatly affect employee perceptions of change, and an unresponsive culture can result in millions of dollars spent on transformation that will otherwise be avoided.
Company culture can be extremely difficult to change; however, the effectiveness of a cultural renewal will be largely determined by the company’s leaders. In order to create change as significant as the change required for digital transformation, business leaders must possess a multitude of “soft” skills, including expertise in communication, influence, empathy, and strategic thinking. A good leader will be able to capitalize on the company’s core values to promote digital transformation.
Remember that digital transformation is an extensive, expensive and global process; therefore, implementing it will require a strong leadership presence and investment.
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