What are the 3 new years’ resolutions every Australian Business should have for 2020?
January 08, 2020
New Year, New Strategic Objectives
As with any new year’s resolutions, there are tough questions to ask and sometimes you have to accept that the answers can be even harder. How did we go last year in terms of our goals? Where are with those goals now? Given the progress we’ve already made, what new goals should we be pursuing?
These are important questions for every organisation. Over the past five years many organisations have been working to digitally transform (the Digital Transformation Initiative was launched in 2015) and these are the high-level questions every organisation – public, private and government – should be asking:
- Have we started our digital transformation? If not, why not?
- Are we hitting our milestones?
- What should we focus on next?
Resolution #1 – Get your 2020 Digital Transformation started!
Has your company started its Digital Transformation? Does your company not want to gain efficiencies through optimisation, cost reduction and the subsequent re-investment of those savings into building a stronger, more customer focused organisation?
Digital transformation is the way to do this. It typically involves:
- Modernising legacy applications for the future (e.g. Docker for modernising)
- Optimising and standardising design, build, deploy and maintenance all the while addressing security concerns as well as risk and compliance through the embedding of practices through Continuous Delivery (e.g. K8s and Istio on an F-16 fighter jet)
- Enhancing Customer Experience allowing for access-based models (follows the principles of access based consumption) for business, empowerment of customers through personalisation and more compelling experiences that lead to more business
- Moving to a new business model where innovation is the heart and soul of the company so that the company increases its competitiveness while increasing new growth opportunities
- Cultural changes that lead to a digital mindset that encourages collaboration, experimentation and innovation
Digital transformation is hard and requires enterprise-wide change. So how does your organisation improve its chances of success? Leveraging expertise in the industry will certainly help! This also leads to a great many benefits such as the immediate increase in capability and capacity of your existing workforce, increased appetite for change, new efficiencies in operation, reduction of knowledge and capability gaps, the ability for the organisation to pivot in the short term and increased investment into newer growth areas due to lower costs.
Business Drivers – how did we do?
As part of any new year’s resolution process, reflection on the past year is key before you can look to the future. In a business context, this means that data points were (hopefully) collected and measured against predicted values for success. Analysis on historic data points can help with future predictions. How accurate is the data? How much data is there? Is the data normalised? Do we have all the data points we need to understand the current situation let alone predict trends for the future? Has someone been manipulating the data to show only positives and none of the negatives?
Big data and Machine learning are all key to optimisation and potential growth opportunities and have been touted for years as game changers. However, like Digital Transformation, as much as 85% of Big Data projects fail. I suspect that many machine learning projects aren’t too dissimilar due to the challenges faced – as discussed in this article.
Resolution #2 – Agree on realistic outcomes
Let’s hope that for the second new year’s resolution, data scientists and machine learning specialists get the opportunity to sit down more frequently with stakeholders (that’s all the CXOs) and really collaborate and discuss the real values for success – long term innovative goals backed by incredibly accurate datasets, analysis and insights that align.
Resolution #3 – Remain open to new ideas
Grasping current and emerging trends and really understanding them in the context of your organisation and industry is difficult. Even if you feel that your organisation is achieving great results, it’s all relative. You need to consider the success of your organisation in the context of the broader market and your competition before you can truly understand how well you’re faring. The truth is, most companies are actually falling behind others in the industry.
This year’s third resolution should be to ensure that your company at least considers these solutions to successfully adapt and catch up.
Questions, comments or complaints? Send me a message!