The term “digital transformation”, especially in the ready-mixed concrete industry, is often met with skepticism. Despite the existence of this common phrase for over ten years, digital transformation strategies can be interpreted as vague, complex, and difficult to understand.
According to this year’s study by Harvard Business Review Analytic Services, 95% of executives believe that digital transformation in their industry is of growing importance – a new record. What could explain this increase?
Using technology to improve business operations has been highlighted by the global pandemic. COVID-19 has tested the effectiveness of our digital transformation strategies. Companies capable of responding quickly and effectively to change are far ahead of those who are not, demonstrating the value of a digital transformation strategy.
In other words, the hype is real.
An even more surprising find this year is the fact that business continuity and resiliency (38%) have superseded profitability and productivity (35% each) as the most frequently cited business goal of surveyed executives’ digital transformation efforts.
The shift in focus from profits to resilience is remarkable, especially in a world where business decisions are increasingly influenced by market pressures that reward short-term results. Why the dramatic shift?
Because COVID-19 made it clear that all engines for innovation and growth have a finite life span and are always at risk of radical disruptions. As Mike Tyson once said, “Everybody has a plan until they get punched in the mouth.”
We’ve seen dramatic shifts in ways of working, such as team-based remote and hybrid working models, and an overall focus on business agility. These shifts, catalyzed by COVID-19 response and accelerated by technology adoption, are solidifying into business cultures that can provide greater resiliency in a post-COVID-19 world.
We’ve seen similarly aggressive shifts to the hybrid cloud as an operating model for enterprise IT. The combination of private, public, and multi-cloud capabilities helps establish a platform for digital business that balances optionality with a set of enabling constraints—and enables business resilience.
What steps will your company take? If your RMC company has yet to consider benefiting from digital transformation, you’re in the right place. I invite you to explore the digital solutions we have to offer to you – please contact us if you’d like to learn more.
Link to Pulse Survey by HBR Analytic Services and Red Hat