The Leader Magazine

DEC 2018

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the lea D er December 2018 25 collected and stored; it's what you do with it that matters. Challenges include how to extract information from the data that drives the organization, who has access to it, who controls it and who owns it. The demarcation line between IT and business units that fostered a lack of communication and collaboration and that siloed operations and processes must be replaced with an environment that encourages and cultivates creativity. It doesn't stop at discussing new ideas but moves the ideas through proof-of-concept models to pilot projects at an accelerated pace with hybrid teams that include IT and business units with shared responsibility and accountability. In Prosci's "Best Practices in Change Management," 2018 Edition, when asked to identify key contributors to the success of their change initiatives, participants identified active and visible executive sponsorship at the top of the list. This executive sponsorship has been No. 1 on the list of top contributors in Prosci's benchmarking reports for 20 years. High- performance change leadership has remained a constant for success. Participants in this same annual study identified the lack of effective change sponsorship from senior leaders as their primary obstacle to success. This lack of visible and tangible support is more than an ominous cloud of confusion and mixed messages. It instills uncertainty around support for the initiatives that can make the organization a leader in the industry or a laggard that puts the organization in a position of competitive peril. In the September 2018 McKinsey Quarterly Report, an article entitled "Why Data Culture Matters" by Alejandro Diaz, Kayvaun Roshankish and Tamim Saleh reports on research that suggests an increasing gap between leaders and laggards in adopting analytics. Their research recognized the critical nature of a healthy data culture and the competitive advantage that accompanies it. This healthy data culture brings together data tools, talent and decision-making in a new reality. A healthy data culture is fueled by a digital ecosystem. What's a digital ecosystem? A digital ecosystem is an information-enabled network of collaborative internal and external business partners who use technology to connect strategies, business functions, competencies, and actions that cultivate innovation and lead to better business outcomes. An effective digital ecosystem creates an environment that fosters collaboration among individuals and harnesses technology to achieve better outcomes. Like an ecosystem in nature, a digital ecosystem sustains and supports growth. The data that feeds the digital ecosystem is multifaceted, with a need for effective data management and governance. A thriving digital ecosystem requires establishing data standards, data aggregation and integration using information from multiple sources, and addressing transparency and security issues. b uild your organization's ecosystem The human component of the digital ecosystem should not be minimized. It is as important as the data that feeds the ecosystem. So what are the next steps in building this ecosystem? • Start with the data. Multiple platforms that don't communicate impede your progress and can have long-lasting negative effects that diminish your competitive position. • Build your organization's internal support for data standards and effective data governance. It starts at the top. • Identify the business case and its role in your organization's strategic priorities. • Help your team members acquire needed skills for the digital world and connect the dots as to why this is important for them and the organization. • Create an environment that fosters and rewards collaboration. • Identify additional change leaders and managers within your organization who will commit the resources to move ahead. Sponsors are change leaders who provide support and remain a visible presence throughout the project. They help navigate stumbling blocks that threaten the outcome through delays that can arise for a multitude of reasons, including lack of shared vision. They activate the resources needed to move ahead, and it's not just about the money. Resources include building skills needed today and for the future within your organization to effect change at a significant pace, including digital competency. They are critical to the optimal success of each initiative. Change leadership is challenging and requires a higher tolerance for risk in a data-driven world and a commitment to building an effective digital ecosystem that is capable of advancing the organization. In a recently posted job opening for a CRE change-management leader, required qualifications included strong leadership, organizational and interpersonal skills, and a demonstrated ability to drive change and generate innovative approaches and solutions to create a team that powers a "best in class" global organization. Are you ready? "The most difficult thing is the decision to act. The rest is merely tenacity." − Amelia Earhart Lisa Stanley is chief executive officer of OSCRE, an organization focused on the development and implementation of global real estate standards.

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