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Digital Transformation: Balancing the Risk of Getting it Wrong Versus the Risk of Not Doing Anything
FOMO – the Fear of Missing Out. It’s a hot button that marketers love to push. Digital Transformation is the current hype and has become a marketing mantra for many tech businesses. The marketers aren’t totally wrong. It is big. It is useful. When done right digital transformation can save a business plenty and also can bring many additional benefits, like better customer support and interaction, better reputation, and better product design and implementation.
But do you need it tomorrow or next month or even next year? Sure, it would be great, but rushing to implement an ill-conceived plan may do more damage than good. Good planning and investigation up front will save you headaches and job loss later.
A survey by Advance 2000 (research completed by Vanson Bourne) found that 85 percent of business executives said that they will fall behind their competitors within two years unless they adopt digital transformation. 89 percent said that they industry that they compete in is being disrupted and that they need to respond. More than one quarter said their businesses won’t survive if they can’t make the transition.
The Advance 2000 survey found that balancing the urge to to take quick action, executives worry if the implementation doesn’t work out 73 percent of executives worry that they could be fired if the project fails. And it is no wonder that they worry — the survey also found that 90 percent of digital transformation projects fail to meet expectation. Don’t forget to plan.