Digital transformation is upon us as people and as businesses. Some of us are preparing for it, some are skeptical about it while others know nothing about it. No doubt, risk is a common thing in any business looking to make good rewards from e.g. an emerging technology or a structural change in the way business is done.
As sure as risk is, so is those who can handle the risk. In the 2019 Risk in Review Study by PwC, the study reveals that 83% of executives are risk-savvy while about 72% of enterprises are risk-savvy for the impending transformation.
What makes these risk-handlers thick? The study's authors outline six habits of successful risk-handlers
The 6 Habits that Fuels Smarter Digital Transformation Risk Taking
1. They go "all-in" on their organization's digital plan.
For starters, there's the question of what, exactly, "digital transformation" means. Beyond simply bringing in new technology or increasing efficiency, it means "new ways of solving problems, of creating unique experiences for customers and employees, and of accelerating business performance." Companies ahead of the curve make their digital vision "actionable and measurable."
2. They upskill and inject new talent to move at the speed of the organization.
"It takes a continual investment to keep skills fresh as technology evolves and to keep digitally skilled resources satisfied."
3. They find the right fit for emerging technologies.
"Emerging technologies such as artificial intelligence (AI), robotic process automation (RPA), and the Internet of Things (IoT) are taking efficiencies to new levels." Automate key functions to "free capacity and shift resources to be able to work on more value-added insights and analysis."
4. They enable the organization to act on risk in real time.
This requires well-governed, accessible and trustworthy data.
5. They actively engage decision-makers of key digital initiatives.
"Continuously connect with stakeholders about the risks stemming from innovations."
6. They collaborate and align to provide a consolidated view of risks.
"The ability to correlate data points across existing and new data sources will lead to greater collaboration across the lines of defense and more dynamic risk identification, monitoring and testing."
These habits are essential for executives and enterprises looking for new ways to solve new problems in the digital world. These are 6 core habits to get started on. There are ways to advance each skill for your organization.
Ways to advance
For example, to upskill and inject new talent to move at the speed of the organization, you can invest in data science skills; outsource for specialized needs; consider outsourcing talent to accelerate digital fitness. You can find more ways in the PwC's 2019 Risk Study