You should also encourage experimentation by shifting from a “don’t fail” to a “fail fast” mindset. Small failures can lead to big successes. Fear of failure, meanwhile, often leads to missed opportunities. Forty-six percent of respondents from high-performing transformations established a process that encourages innovative experimentation, while also ensuring that failed experimentation won’t negatively impact career or compensation.
Foster a culture of experimentation and create a mindset of fail fast to capture and realize opportunities that a don’t fail mindset may miss.
5. Build: using technology and capabilities to drive visible action quickly
Technology isn’t the vision in and of itself, but it does bring the vision to life. The right technology is critical to fulfilling the vision and facilitating the process of transformation. Executives ranked effective use of technology as the number two driver of success and ineffective use of technology as the number two driver of underperformance.
Nearly half (48%) of respondents in successful transformations said that their organization had invested in the right technologies to meet their transformation vision versus 33% of respondents from underperforming transformations.
It’s also important to acknowledge the emotional component involved in introducing new technology. Some people fear the impact of technology. Workers in underperforming transformations are 25% more likely to agree that transformation leads to worry about job security (49% versus 39%). Others may see it as a means to avoid human interactions, which are essential for the emotional wellbeing of the workforce and the effective operation of the organization.
As a leader, you should prioritize progress over perfection. It’s important to prove the value of the new technology-enabled approaches early and to enlist early adopters and influencers to bring your customers and the workforce along in terms of realizing the vision and the value.
Through a combination of hiring, upskilling or reskilling, partnering and outsourcing, you can cultivate the right digital mindset and skillset to turn the potential value of technology into reality. Forty-nine percent of respondents in high-performing transformations said their organizations had the digital skills and mindset needed for transformation versus 35% of respondents from low-performing transformations.
Recognize the emotional impact technology can have on the organization. Provide the right learning and emotional support to foster a digital mindset and skillset, and convince workers of the vision and the value.