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Digital Transformation: It Should be an Investment and not a Cost Center
Digital transformation is the recent buzzword among analysts, like Gartner and IDC. It’s about the adoption of technology to bring innovation into business strategy, operations and customer experience. Enterprise Content Management (ECM) has been subsumed into the sector now being called Digital Transformation.
A recent report by the Altimeter Group highlights the steps and stages that companies follow to adopt digital tools and technologies.
The report identifies some road blocks of the digital transformation journey:
- lack of digital talent and expertise (31.4 percent)
- perception that digital transformation is a cost center and not an investment (31 percent)
- cultural roadblocks in adopting digital transformation (31 percent)
Of these, one of the most important aspects is the ability to recruit employees with the right skill sets. Unfortunately, the Altimeter report found that only about half of companies have any kind of training programs in place.
Brian Solis, principal analyst at Altimeter, said that “the operational models of most companies are designed to be risk averse. The idea of innovation was always about risk versus reward. And so it’s this mindset within the organization that is its own inhibitor … [this is] one of the reasons why it’s so difficult to be customer-centric, because we’re beholden to shareholders and stakeholders and quarter to quarter reports that all get in the way of making these bold moves.”
