Welcome back to UpSw!ng 2024. In our last series, we emphasised digital business transformation. This year, we’re shifting to impact business transformation, where digital remains pivotal, but our focus is on holistic and meaningful impact.

Digital Transformation has gripped the business world for years, with every boardroom filled with buzzwords like agility, cloud, and AI. But in our pursuit of digital transformation, are we asking the crucial question: are we still transforming for the right reasons?

 I know the word ‘transformation’ can create an allergic reactions for many, but simply put, transformation is about becoming future-fit.  A transformation strategy is one that is focussed on creating the future uninhibited by the past, vs change which is improving the past (a state many businesses are stuck in when they think they are actually transforming).

The “profit at all costs” mentality is as outdated as dial-up internet.

We’re facing a world feeling the effects of climate crisis, social inequality, and resource depletion. Businesses that cling to old models will not only be ethically bankrupt, but commercially irrelevant. The future belongs to future-fit businesses: those that are profitable, sustainable, and equitable.

And here’s the kicker: waiting to finish your digital transformation before embarking on this impact journey could be wasted effort and costs, not to mentioned the probable cultural deficit across your business.  You’ll be left behind by businesses embracing a new paradigm: impact transformation.

I don’t propose abandoning digital transformation altogether, the foundational work that organisations have undertaken to enhance platforms and operational methodologies serves as a crucial enabler for delivering impactful outcomes. Smart automation reduces carbon emissions, data-driven decisions amplify social impact, and AI enhances our ability to comprehend and address intricate challenges. It’s essential to recognise the pivotal role that a Chief Information Officer (CIO) or Chief Digital Officer (CDO) plays in impact transformation. Their profound comprehension of the business, cultivated through successful digital transformations, positions them as natural leaders. Their expertise in business operations, strategic insight, and forward-thinking approach make them instrumental in steering meaningful change. However, undertaking a digital transformation without alignment to impact goals can incur costs, necessitating reevaluation and risking the business’s unpreparedness for the future.

Let’s realign our business and digital programs 

So, let’s take a beat to realign our digital programs with impact break-even goals and positive impact goals, using the Future Fit Benchmark, an open source methodology that provides a business tool defining how to be  responsible and regenerative – providing a clear destination to aim for, and a way to steer towards it.

 This might mean:

• Prioritising cleantech and circular economy solutions.
• Using data to track and manage our social and environmental footprint.
• Empowering employees to innovate for good.
• Shifting marketing narratives to focus on purpose and impact.

The benefits of this impact-driven approach are immense:

• Enhanced resilience: Businesses aligned with global challenges are better equipped to weather future storms.
• Competitive advantage: Consumers and investors are increasingly choosing businesses with a positive purpose.
• Employee engagement: Purpose-driven work attracts and retains top talent.
• Long-term profitability: Building a sustainable future is simply good business.

The digital transformation train is still chugging along, but it’s time to jump onboard a different carriage: the impact express and focus on the real transformation that matters – building businesses that are good for people, planet, and profit.

Your customers, your employees, and the planet will thank you for it.

About UpSw!ng

The content in this series is my perspective, open to discussion and healthy challenge, and welcomes ideas and collaboration should you wish to get involved.

It is my objective to represent diverse thinking and inspirational leadership towards a fundamental shift in the way technology and innovation can grow profitable organisations, whilst making positive impacts on the environment and society.

What may feel dramatic now, will be considered visionary in the future!