Digital Transformation: The Role of a Project Manager
Businesses looking to grow have made digital transformation a priority. Digital transformation is the new normal. What does it take to make project managers successful in digitalization in a rapidly changing world? Project managers must have a clear plan to help them move beyond their traditional roles and implement digital initiatives at their organizations. This article will discuss the capabilities project managers must have to make digital transformation vision a reality.
Digital transformation is important, so let’s start with the basics.
The Netflix Story
Reed Hastings started this company in 1997. It used to rent DVDs and send the same to customers. Although business was good, there was fierce competition.
This company launched its online streaming service in 2007. It quickly became popular as a new way to consume content via the digital medium. This company’s total revenues jumped 25% from the same quarter in 2019 to 6.14 billion US dollars in the second quarter 2020. The company’s 2019 annual revenue was 20.15 Billion US Dollars. Keep in mind that the same company had a little over 1.5 Billion years of revenue for 2011. This is an exponential growth.
Source: reddit.com
Netflix has revolutionized the way people see digital content with more than 180 million subscribers. Netflix is a hugely successful brand despite the fact that the Covid-19 pandemic, and subsequent lockdowns, have made it more popular.
What are the factors that have made this brand so successful? The following factors can be attributed to the company’s success: From a DVD rental company, to a Digital streaming giant,
Scalability
Leadership Dynamism & Agility
Understanding Customer needs
Leveraging and Building Digital Capabilities
Source:nasdaq.com
You have the ability to control the viewing experience. The content you see is far better than what is shown on cable TV. How is Netflix able understand its customers and provide a superior viewing experience?
It is essential to have a clear understanding of the needs of the consumer and to ensure that the content is of the highest standard. This is the mindset of company leadership.
Their ability to transform their businesses via Digital Transformation is what is helping them achieve their goals and scale up aggressively.
There are many examples of organizations that have successfully adapted to changing market and macro-economic conditions, such as the Industrial revolution age or the Services boom.
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What are the advantages of digital transformation?
Due to the negative impact that the Covid-19 epidemic has had on businesses, there are organisations that are either-
Fighting for survival
Thriving, or
Perishing
Some businesses seem to be playing the “waiting” game. This segment believes that the “vaccine”, or “vaccine”, will solve all their problems, including business. This segment fails to realize that business will not return to its earlier state anytime soon. The way consumers and markets behave will change if they no longer buy products and solutions in the same way as they did “normally”.
The ones who are “Thriving”, on the other hand, have the advantage of being at the right place at just the right time. They worked hard to create a model that placed ‘digital at the heart of the strategy.