Many companies are struggling with transformation, both with the speed and the priorities. ”Unlike in the famous Sofia Coppola Movie ‘Lost in Translation’, being lost in transformation may feel overwhelming and chaotic”, says former executive and now founder of Trusted Advisors, Lauri Peltola, interviewed by JFP Executive Search Senior Partner, Heikki Vahtera.
One of the key concerns among the executive business leaders today, is whether their company is left behind by the digital transformation. Based on a recent study by Couchbase, more than half of the executives fear their company will go out of business, unless they are successful in their transformation efforts.
How do companies cope with these pressures?
”They turn to business consultants for help and often hire digital talents to solve the challenge. What they hear from the experts may feel slightly confusing and overwhelming, but there is really no other option than to prioritise and act.”
What’s the outcome?
”You get a CDO and with the CDO a team of digital natives. However, unless you pay careful attention to the people, organisational model and mandates, you may end up yet with another silo, besides the already existing business silos. In the end, no transformation takes place or it is painfully slow.”
How do you solve this kind of situation?
”It all starts from the top. The CEO has to have courage to shift focus from the good old-fashioned P/L towards becoming a Chief Transformation Officer. The transformation resources must have a vertical mandate and also budget, and sometimes that is not an easy discussion with the business heads.
But, with no courage there is no transformation. At the same time, the transformation teams need to remember that they are only as good as the benefits they bring to the businesses. The organisation and ways of working have to reflect this.”
And then it is living happily ever after…
Not necessarily, but the foundation for success has been laid. And just maybe, the outcome is similar to what it was in ”Lost in Translation”, between Scarlett Johansson and Bill Murray; they helped each other to deal with the challenges and the positive implications were long lasting.”