4.2.1 Budget and resources isssue
The most prevalent direct costs associated with the introduction of a new policy are that of consultants or board representatives who prepare, carry out and deliver preparation, as well as the costs of the modern, relevant technologies.
4.3
While infrastructure and technology are important considerations, it is also important to digitally change the way workers think. According to Gupta, the cultural aspect and technology require equal attention from the application leader. Staff trapped in a ‘fixed’ way of thinking may slow down or, worse, derail the company’s digital business transformation initiatives.
To implementing the digital mindset, LMNS could find, hire, develop and reward strategic thinkers who exemplify the thinking of change. Fully develop the employees they have within the enterprise strategy team and bring new talent to know-how and new perspectives.
4.4
The cultural shift is required in digital transformation to change the attitude of the workers, without which no digital transformation project can succeed. There are, however, some issues that may arise while implementing a digital mentality.
4.4.1
The connection is crucial to executing any new approach. An effective communication plan needs to be launched from top to bottom. Transparent, truthful communication is not only about the consistency of an efficient organization, but it is also a critical step for any new implementation. The lack of communication leads to a disjointed team and widespread uncertainty.
4.4.2
A strict and comprehensive schedule for the project is quite necessary. There should be clear milestones, clear timelines and precise roles for employees when implementing a digital strategy. If a growing, corporate-wide action is taken, it is best to start small and ensure that the goals are realistic and attainable. From this stage on, resources and goals will be extended before the outcomes are reached in the timelines package. However, if the project plan is poor, they can delegate unclear tasks or overload teams too quickly.
5.1
The Balanced Scorecard was first written as a report by Dr. Robert Kaplan and Dr. David Norton in 1992, and later as a book in 1996. It is referred to as the BSC, a structure for the execution and management of the plan. It ties the vision to strategic priorities, acts, goals and initiatives. This combines revenue metrics with efficiency indicators and targets relevant to the other areas of the organization. (The Kaplan 1996).
In brief, the four perspectives of the scorecard are as follows:
Financial
Financial goals are typically the most simple to describe and calculate. Furthermore, the development of a financial goal, such as Increase Profit, never gives a hint as to how to accomplish the target.
Customer
Objectives and measures that are directly related to the clients of the organization, with a focus on customer satisfaction.
Internal Processes
Objectives and metrics to assess how effectively the company performs and how the goods or services meet with the expectations of the consumers.
Organizational Capacity
Objectives and steps pertaining to the success of our employees, their expertise, preparation, organizational culture, leadership and knowledge base. Infrastructure and technologies are also included in this field.