Not the first and not the last to point this out. Read "Top 10 barriers to digital transformation are really just in the mind. Please discuss"
"A recent survey of directors, CEOs, and senior executives found that digital transformation (DT) risk is their #1 concern in 2019. Yet 70% of all DT initiatives do not reach their goals. Of the $1.3 trillion that was spent on DT last year, it was estimated that $900 billion went to waste. Why do some DT efforts succeed and others fail?"
Forbes Business Review March 13th 2019
The authors present five key lessons to avoid the chasm. Lesson that I've found rings true in a wide range of digital transformation projects.
- Figure out our business strategy before you invest in anything
- Leverage insiders
- Design customer experience from outside in
- Recognise employee's fears of being replaced
- Bring start-up (Silicon Valley. Insurtech, Fintech) culture inside
Some good advice here; too few digital transformation projects are started without knowing why they are important. Vision, culture, leadership, the right mindset. All vital.
Do not be fooled by having AI and Blockchain in any strategy statement. Probably hiding a lack of purpose and probable failure. It's not about technology.
Fundamentally, it’s because most digital technologies provide possibilities for efficiency gains and customer intimacy. But if people lack the right mindset to change and the current organizational practices are flawed, DT will simply magnify those flaws. Five key lessons have helped us lead our organizations through digital transformations that succeeded.
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