Companies around the world are adapting to new ways of doing business, with automation and artificial intelligence playing an important role amid the ongoing pandemic. These insights from MIT Sloan Management Review can help ensure digital transformation initiatives are successful while also resilient in the face of new disruption. As enterprises consider what digital transformation will look like after the pandemic, MIT Sloan senior lecturerGeorge Westermanencourages business leaders to leave behind their pre-pandemic assumptions about innovation. Instead, he said in a recent webinar, lean into how COVID-19 forced enterprises to change for the better. The collective response to the pandemic challenged longstanding notions about the efficiency of remote work, the agility of corporate IT departments, the rigidity of government regulators, and the willingness of customers to embrace (and pay for) digital interactions.
More than 40% of all employees were thinking about leaving their jobs at the beginning of 2021, and as the year went on, workers quit in unprecedented numbers.1 Between April and September 2021, more than 24 million American employees left their jobs, an all-time record.2 As the Great Resignation rolls on, business leaders are struggling to make sense of the factors driving the mass exodus. More importantly, they are looking for ways to hold on to valued employees. To better understand the sources of the Great Resignation and help leaders respond effectively, we analyzed 34 million online employee profiles to identify U.S. workers who left their employer for any reason (including quitting, retiring, or being laid off) between April and September 2021.3 The data, from Revelio Labs, where one of us (Ben) is the CEO, enabled us to estimate company-level attrition rates for the Culture 500, a sample of large, mainly for-profit companies that together employ nearly one-quarter of the private-sector workforce in the United States.4 Monthly research-based updates on what the future of work means for your workplace, teams, and culture. While resignation rates are high on average, they are not uniform across companies.
For many organizations, key performance indicators are "key" in name only, tracked primarily to meet compliance regulations or provide a retrospective analysis. What's needed are smarter KPIs, said Michael Schrage, a visiting research fellow at the MIT Initiative on the Digital Economy. As Schrage wrote in a recent article and accompanying report in Sloan Management Review, advances in machine learning and predictive algorithms can turn KPIs into prescriptive indicators that guide strategy, rather than metrics that simply help managers keep score. When applied to digital transformation efforts, KPIs can drive business strategy and provide a distinct competitive advantage, Schrage said. Because algorithms can "learn" from previous results to improve future performance, smart KPIs will only get smarter with time and further accelerate digital transformation.
Between digital transformation and COVID-19, the way that many people work is changing dramatically. The latest perspectives from MIT Sloan Management Review help executives support remote teams, meet employees' expectations for how work fits into their lives, and emphasize corporate values ranging from visibility to cybersecurity. Even prior to the pandemic, executives worried that employees working remotely would struggle to collaborate and build relationships. A literature review by MIT Sloan professorThomas W. Malone and several co-authors, spanning 22 separate studies over the course of the last decade, suggests that this fear is overblown. According to Malone, the collective intelligence of remote teams is little different than teams meeting face to face.
Due to changing conditions of the business world, innovation and adoption are the key drivers to stay ahead of competitors. Digital transformation is an emerging trend as seen in the featured image but some companies may not manage to succeed in the transformation. To achieve success, leveraging a digital transformation framework that assists your organization as a roadmap can help. We'll provide you our digital transformation framework along with five different digital transformation frameworks from different consulting firms such as Mckinsey, Accenture, Cognizant, BCG and Gartner to guide you to success. Digital transformation is the use of the latest technologies to enhance existing processes and offer new and improved services and products to customers.