culture eats strategy for breakfast<\/em>“. Thus, culture can totally derail any transformation program if you haven\u2019t considered it. So, you need to identify those cultural attributes, what they are and what they need to do to successfully deliver in a digitally enabled world.\u00a0<\/span><\/p>\n<\/span><\/p>\nHave a plan on how and what culture you will need to shift. Remember that digital success requires a digital culture (a mindset that fuses the business with technology, creating new agile ways of working and new digital-based products and services ). \u00a0<\/span><\/p>\n<\/span><\/p>\n\n- Risk appetite<\/strong><\/span><\/li>\n<\/ul>\n
<\/span><\/p>\nYou need to understand your strategic risks and ensure your plan allows you to mitigate and manage them. Therefore, you have to determine your risk appetite and put them in writing to your board for them to agree and\/or debate.\u00a0<\/span><\/p>\n<\/span><\/p>\nAn agreed risk appetite statement will be extremely important down the track when you are making key decisions. In Australia, corporate governance practices are now expecting boards to have an agreed risk appetite statement for their executives to work for. \u00a0<\/span><\/p>\n<\/span><\/p>\nRisk appetite does need to be formed under relevant categories. For example, you need to consider your financial risk appetite, technology risk appetite, operations risks, industrial relations risks, etc.<\/span><\/p>\n\u00a0<\/span><\/p>\n<\/span><\/p>\n2. Planning and prioritising initiatives to maximise business success and benefits<\/strong><\/span><\/p>\n\u00a0<\/p>\n
<\/span><\/p>\nWhen planning and prioritising initiatives, you need to:<\/span><\/p>\n<\/span><\/p>\n\n- Develop a master plan<\/strong><\/span><\/li>\n<\/ul>\n
<\/span><\/p>\nAt this step, you need to start with your master plan, which is your vehicle to explain how and when your organisation expects to transform itself.\u00a0<\/span><\/p>\n<\/span><\/p>\nYour master plan is actually your transition plan to a new way of working that supports your organisational change effects.<\/span><\/p>\n<\/span><\/p>\n\n- Establish clear and transparent priorities<\/strong><\/span><\/li>\n<\/ul>\n
<\/span><\/p>\nYour master plan needs to be based on a clear set of transparent priorities that reinforce why you need to transform your business.\u00a0<\/span><\/p>\n<\/span><\/p>\nSo, you have to establish a prioritisation framework that everyone understands and provides consistency of decision making aligned to your strategy. \u00a0<\/span><\/p>\n<\/span><\/p>\n\n- Answer the \u201cwhy\u201d<\/strong><\/span><\/li>\n<\/ul>\n
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