By not taking advantage of digital technology to offer better customer experiences, we are not taking advantage of the opportunity to generate greater efficiency in processes, save costs and improve resource management. When digital transformation initiatives get out of hand, a bad customer experience is likely to result. Digital transformation projects are known for causing disappointment. According to research published in MIS Quarterly Executive, 87% of digital transformation projects do not meet their original objectives.
Why is this? And what are leaders doing wrong who could be contributing to the failure of their projects? The term Digital Transformation is dangerous because it sends the wrong message. Time and again, I have seen companies find creative ways to reduce digital transformation budgets while waiting for the great results that digital transformation promises to offer. Digital transformation offers organizations the opportunity to reimagine the way their business is managed through new digital processes and tools. These are five strategies that companies can implement to overcome the challenges of digital transformation and achieve their potential by empowering new digital systems and technologies.
To ensure the success of your digital transformation project, invest in a digital adoption platform (DAP). Here, experts dive deeper into digital transformation and offer advice to IT leaders embarking on digital journeys. According to a report by the Capgemini Digital Transformation Institute and the MIT Sloan School of Management, digital transformations are delayed or even failing for several reasons, such as poor leadership, the disconnect between IT and business, delayed employee engagement and poor operations. The goal of digital transformation is to transform the organization wherever there is a digital touchpoint.
According to Josh Bottomley, director of global digital banking at HSBC, the introduction of Bud's technology will further improve the corporation's digital banking and meet customer needs. Digital transformation is a process of modifying or creating new business activities with the help of digital technologies. According to Laura Laberge, director of digital strategy capabilities at McKinsey, the adoption of digital technologies by companies has accelerated between three and seven years in just a few months, and companies are accelerating their efforts out of fear of being outdone by the competition. For more examples of digital transformations in action, see “Four Digital Transformation Success Stories”.
Cultural change is at the center of digital transformation, and existing cultures that are going to be most successful with digital transformation are going to be those that embrace change and collaboration. Failing fast, a mantra often associated with digital transformation, can be another impediment to successful digital transformation, according to Parry Malm, CEO and co-founder of Phrasee. This overview of the six main reasons why organizations face digital transformation failures, and tips on how your organization can avoid these obstacles, will help your teams create a digital transformation roadmap that provides business value. Not all changes are digital transformations: digital transformation is a total realignment of core processes, tools and experiences.
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