Digital transformation in the broadest sense is the use of technology to improve performances of the organizations. Executives in all the industries are using the myths surrounding digital advances such as analytics, mobility, social media and other smart devices as well as improving the use of traditional technologies for changing the customer relationships, internal processes and value propositions. These myths sometimes can be dangerously misleading and lead to creating expensive mistakes if not dispelled properly.
Researchers have found some common myths that should be shunned to help improve the success for any business. The most common among them is that many organizations believe that digital transformation is all about technology. Contrary to the belief digital transformation involves the process of redefining business strategies based on digital technologies. It fuels any corporate organizations in the correct direction by introducing new and innovative ways of thinking about customers, products and services, organizational structures, strategic alliances and business partnerships, leadership capabilities and change management.
Another factor is accountability myth, that is chief digital officer to be accountable for digital strategy. As a matter of fact the chief digital officer should not be accountable for digital strategies. An executive chosen should possess the work experience of interacting with technologies and business also adopt an “out in” approach and creatively use it in business. More importantly, they should work as a collaborator and an excellent facilitator to develop and execute several business strategies. For the success of any digital organization the chief digital officer or CDO must send reports to CEO as a member of the executive team.