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Digital Transformation: Rampant Failure, but the Cost of Giving up is too High
Digital Transformation is viewed as disruptive and a way that many companies are re-inventing themselves and how they do business. Businesses are rushing to jump on board, with spending growing at 16.7 percent annually and expected to reach $2 trillion by 2022.
But getting it right isn’t easy.
A survey from Couchbase recently found that 86 percent of businesses have failed in at least one project related to digital transformation, and 41 percent said that their implementation plans have slipped. Why? Because it was difficult to let go of legacy technology, or it was too complex, or the organization just didn’t have the staff members with the rights skills.
But whatever the reason…
Srinivasan CR, Chief Digital Officer at Tata, said that Digital Transformation requires “a significant overhaul that can be a daunting prospect for any business and inevitably will involve some challenges. But finding reasons to put it off in favor of sticking with the comfort of familiarity will only damage your performance in the long term.”
Matt Cain, CEO at Couchbase, said that “in order for companies to succeed with their digital projects and overcome the inherent challenges with these new approaches, they have to attack the projects in a comprehensive and systemic way. Transformation is ultimately achieved with the right combination of organizational commitment and next-generation technology. Change must be driven across the entire enterprise as a true strategic imperative, not left in the sole hands of the IT team. The best technology will then help companies enable the customer outcomes they desire.”
