Digital transformation is a crucial strategy for businesses aiming to stay competitive. Yet, 70% of all digital transformation initiatives do not reach their goals. This results in $900 billion wasted on unsuccessful projects out of the $1.3 trillion spent on digital transformation in 2018. The main reasons for failure include lack of employee engagement, inadequate management support, poor or lack of cross-functional collaboration and a lack of accountability.
To avoid such pitfalls, businesses should ensure they have a clear vision and strategy for their digital transformation. This includes defining what success looks like and how it will be measured. They should also engage employees from the outset, ensuring they understand the need for change and how it will benefit them.
Furthermore, fostering a culture of collaboration is key. This should involve breaking down silos and encouraging teams to work together towards shared goals. Finally, businesses should hold individuals and teams accountable for their part in the transformation. This could involve setting clear expectations, monitoring progress and providing feedback.
It is also important for businesses to be agile and flexible, adapting their approach as needed. This might involve changing course if a particular strategy is not working, or scaling up successful initiatives. By following these steps, businesses can increase their chances of digital transformation success.
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