The 2020 pandemic crisis has pushed companies from all regions and sectors to accelerate the adoption of Digital Transformation several years, according to a survey published by McKinsey in October 2020.
In fact, Digital Transformation has become a top priority for finance organizations in fiscal year 2022.
Figure 1 Credit to MC Kinsey & Company
If we understand “Digital Transformation as the process of driving change in which we will leverage new technologies combined with people and processes to create value”, then it is clear that Business and Digital Transformation is more extensive than business unit improvements.
The ‘new normal’ is forcing companies to shift to a digital world so they can be ready to efficiently respond to the new global business strategies, but this is not an easy challenge there are some studies showing that companies are struggling to get the results they expected after investing in new technologies and that only 5% of Small Businesses reached their goals in 2019.
This stresses the need of having a BPM approach when starting a Digital Transformation Process.
Some of the benefits of having a BPM approach are:
1. Support the company’s leadership to create a process-driven organization that can effectively execute business strategies.
The approach of a strategy-driven process design and implementation will help to put the strategy into execution, deliver value to customers quickly and at a low risk while using resources efficiently.
2. Creation of a cross-functional team with representatives from the end-to-end processes impacted by the change.
- The team should have a holistic vision to overcome cross-functional boundaries and silos.
- The team will create innovation and optimization of critical process areas based on KPIs and strategic Value drivers
3. Digital Transformation will change fundamentally how business is conducted, the leadership’s long-term commitment and the stakeholder’s engagement are vital to sustain transparency by providing periodical progress and target results.
4. Creates a Digital Transformation culture that fosters the group agile mindset, creating a network that promotes respect, collaboration, improvement in learning cycles, pride in ownership, focus on delivering value, and ability to adapt to change.
Figure 5: Credits to Agile Singapore
5. Design the implementation process using the correct people approach to reduce change resistance.
The implementation of the new process also includes a revision of the roles, determination of key skills gaps, and organizing and upskilling to retain talent.
To reduce the resistance, the company should have assertive communications, well-designed training programs, defined targets, mentors, and coaches.
Figure 6: Credit to SWISS
 The Hackett Group 2022 Finance Issues Research