If companies are ready for digital transformation, why are so many of them not reporting Digital Transformation success stories? CIOs and business leaders are searching for an answer to this question. For companies who are already pushing through the challenges of adopting digital solutions, it can be very discouraging when according to Gartner, 50 percent of them fail to achieve their digital transformation initiatives.
Despite the lack of success stories, the need to focus on a digital-driven approach to improve the customer experience persists. However, there is a gap between identifying the need to digitize and developing a well thought out transformation strategy. When surveyed, 42 percent of executives do not know where to begin. Beyond the shared goals of efficiency, productivity, and profitability, many businesses remain uncertain of what areas they should focus on and where they can derive the most value.
Among challenges companies face when adopting digital solutions in their organization, there are several misconceptions holding business leaders back from success. Beware of these three digital transformation misconceptions:
There’s no rush
This is one of the biggest misconceptions holding organizations back from moving forward in their digital transformation projects. According to the State of Digital Business Report, 47% of companies haven’t started their digital transformation yet – while 59% are worried that it might already be too late for them. The speed of innovation in the digital world is so high, you can never get back lost time.
Digital Transformation = IT Makeover
Too often organizations focus on technology tooling updates, thinking that these innovations are going to transform their business. In reality, technology capabilities are best utilized to support a business transformation vision, not in place of it. Related to this is the idea that one technology advancement is going to make or break the transformation, i.e., Cloud.
“If it ain’t broke, don’t fix it.”
Companies remain reluctant to embark on the latest and greatest ideas until they have been proven in the market place. Traditionally, if the current business works, the pressure to change is low. The problem with this is that traditional BI solutions have been inflexible to changing data needs, user requirements, and customer expectations.
As complex as digital transformation can be, it takes a well thought out strategy and a significant amount of time to get up and running. It also must be part of your company’s ongoing efforts as innovation continues to advance. Consider working with an experienced technology partner like Intellective to help define your digital transformation strategy and to help choose the most flexible technology to handle all your digital content needs now and into the future.
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