The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherPartner ContentWed 11 Nov 20

Digital Culture Fosters Peak Property Game Performance

b266f1c8-3b27-4fcc-bc9e-537e31cbbdf1

In these difficult and uncertain times, many property organisations are currently accelerating their digital transformation aspirations.

However, only those with a mindset for continuous change—and a culture that enables this process from the top—will ultimately succeed.

Forging a path towards business performance improvement through digital transformation takes time, focus and a substantial mindset shift.

Develop a digital culture


Organisations that focus on developing a digital culture are five times more likely to achieve breakthrough performance in digital transformation than those who neglect the cultural aspects.

Developing a solid digital culture starts at the top and is impossible to achieve without the support and efforts of the CEO and senior business leaders.

According to Boston Consulting Group, there are five key imperatives for organisations seeking to develop a digital philosophy.

  1. Encourage employees to look outside the business and engage with customers and partners to deliver new solutions.

  2. Value delegation above control and disperse decision-making ability across the organisation.

  3. Develop an environment that rewards boldness, encourages employees to take risks, fail fast and learn.

  4. Do more, plan less and practice fast and continuous iteration.

  5. Value collaboration over individual effort and encourage interaction with transparency.

For most organisations, those imperatives represent a substantial cultural shift.

Conventional wisdom has us believe that humans naturally resist change, whereas reality suggests otherwise.

If we instinctively shied away from transformative innovations, then uptake of new technologies such as smart phones would be considerably less than the 76 per cent ownership rate achieved in the world’s advanced economies in less than a decade.

Humans don’t resist change, but acceptance does require an understanding of the benefits that change brings, making clear articulation of transformation plans, objectives and advantages a priority.

How do you change culture?

BCG has identified the three key steps for an effective cultural change.

  1. Articulate the change required: This is a multi-staged process that requires clarity and internal assessment. Business leaders must identify the characteristics of the desired digital culture based on the company’s strategy, goals and purpose. Articulated in unambiguous language, those characteristics are then translated into specific behaviour examples. Assessment of the current culture will help identify gaps between the ‘now’ and target, enabling identification of the changes required and clear communication of those changes.

  2. Activate leadership characteristics and engage employees; High-performing digital cultures require teams to act autonomously and for individuals to exercise judgement. Leaders must embrace and manifest these behaviours and signal change via symbolic acts that embody the new culture, emphasise company values and spur employee engagement.

  3. Align the organisational context to embed the new culture: It’s virtually impossible to change culture without addressing underlying systems, processes and practices. Implemented changes must incentivise the desired new behaviours, including hiring policies that actively seek out prospects that exhibit the same desired characteristics.

Long-term plans deliver long-term benefits


BCG assessed the digital transformation of 40 organisations and found that fostering a digital culture becomes particularly powerful when viewing sustained performance.

The results showed that 80 per cent of companies that explicitly addressed cultural change enjoyed continuing success (for a period of at least three years), whereas not a single organisation that neglected to do so could boast the same outcome.

The group also found that embedding digital practices and behaviours—embodying a digital culture—within an organisation is a greater predictor of transformation success than other business levers including investment in digital initiatives and recruiting digital talent.

The window for opportunity is narrowing, with adoption of digital transformation plans now a mainstream activity across every business sector.

For organisations hoping to gain a competitive edge and stay relevant in a streamlined and more agile world, fostering a digital culture is the first step—your very survival may rely on it.

Take the next step in your digital transformation journey now.


The Urban Developer is proud to partner with TechnologyOne to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.

OtherInternationalOther
AUTHOR
Partner Content
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/technology-one-helps-property-industry-embrace-technology