The only constant is change, and the pace is unprecedented
Technology-enabled transformation remains a high priority for many companies today.
The pace of technological evolution – and the reality that we will interact differently with our customers, vendors and employees in a post-pandemic world – is forcing companies to revise and adapt. Companies must ensure that their current investments and plans take advantage of new opportunities.
As companies are dealing with these challenges, another question they are asking is: “Could the presidential election impact my current plans for technology investment?” Regardless of the election’s outcome, the need to transform and operate with outstanding agility and adaptability is only going to accelerate in the future.
While the election doesn’t change the need for companies to rapidly evolve, the pace of change is accelerating, and the global business environment continues to redefine itself. Technology-enabled transformation provides a foundation that allows you to be agile, but successful transformation requires commitment, a well-planned strategy, focus and solid execution.
Successful transformation follows a five-step process – a proven approach that will serve you well beyond the pending election:
Step 2: Pre-implementation workstreams
Step 3: Phase Zero/Implementation Readiness to start the “long pole” workstreams
Step 4: Transformational system implementation
Step 5: Stabilization and optimization
With a solid blueprint as your foundation, you have a stable platform from which you can consider and adapt for the risks that could be introduced by the election and other turbulent factors.
Adapt for risks
The ongoing transformation requires you to address and undertake risks such as:
- Market volatility: Almost every market is facing turbulence. The good news is that your competitors might be facing the same challenges you are – but, if your market is facing a high degree of volatility, you should review your blueprint and possibly adapt the plan, your timeline and your investments.
- Partner stability: Technology transformation typically involves a network of partner relationships, especially where cloud comes into play. Even if you’re not affected by recent changes, your critical partners might be – so you need to be aware of these risks, and be prepared to adapt your strategy accordingly.
- Deployment issues: If platforms, customers or deployment systems become unavailable, you might lose a critical artery to achieving your transformation goals. Make sure you are aware of any risks that might arise as you near the finish line and have the appropriate contingency plans in place.
- Cost impacts: All of these risks add up to potential cost impacts. Make sure that your costs will still meet the overall budget for your transformation, and be aware of any risks to that budget itself.
In a recent webcast, Grant Thornton specialists were especially focused on cost impacts, and how IT organizations can reassess their approach to delivering technology. As they noted, it's important to improve the way your business aligns costs overall, while building build out your capabilities and keeping a focus on innovation.
As the election and other emerging issues introduce new risks, IT organizations have to be agile about their agility – by maintaining much-needed digital transformations that will foster future agility, but also remaining agile in how they adapt those plans for successful execution today.
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