Digital Transformation. How many times do you hear that phrase? Last year, digital transformation was a top-three strategic priority in 11 out of 15 industries. However, companies that “make tech-focused investments… find that those investments often impede their ability to connect with customers,” and decrease customer satisfaction. Spending for digital transformation will approach $2 trillion in the next four years, but there’s much evidence for high-profile digital transformation efforts failing. Though it promises new ways to innovate and stay ahead of the competition, misplaced investments that lack a strong focus on people (customers and employees) often cause digital transformation to fizzle.
We believe investing in digital is futile if you aren’t capable of transformation. In more than three decades of working closely with clients, we’ve learned transformation, digital or otherwise, requires adopting new ways of working and embracing new values. At EPAM Continuum, we call this a second way of working that’s parallel to your primary operational methods. We predict successful companies will focus on innovation capability (IC)—the ability to create, launch, and scale human-centered innovations and offerings in a repeatable way—and meld human-centricity and digital transformation.
We identified four key capabilities—two centered on process and two on employee experience—that are transformative to corporate culture and will help you embrace digital. This year, we challenge you and your organization to implement them.
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