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Digital Transformation: Why So Many Failures?
Digital transformation isn’t easy. A survey by IBM found that 84 percent of companies rank their attempt to go digital as a failure. A study by Boston Consulting Group found that 70 percent of attempts failed. McKinsey found that less than 30 percent of businesses were able to claim success in digital transformation.
Why is it so hard? A team of industry experts was asked that question by Forbes Technology Council. Some of the reasons include:
- Getting the right data in the right place — data is often too dispersed across different devices and applications that it’s hard to bring it all together.
- Communication and training are lacking — users don’t come up to speed with the tools.
- New technology is implemented on top of broken processes
- Lack of a culture that can accept transformation and change
- Goals not coordinated across teams and an overall lack of commitment
- Lack of the right skills and talent.
- Overestimating the benefits and underestimating the costs.
Jason Hayman, market research manager for TEKsystems, said that “technology is at everyone’s fingertips but realizing how to optimize its potential is complicated. That narrow mindset — lacking a common vision and failing to consider the entire ecosystem — is exactly where digital initiatives go wrong.”
Informative analysis on digital transformation failures. Valuable insights for navigating challenges. Thank you for sharing this informative resource!