How to be set up for success with Digital Transformation

How to be set up for success with Digital Transformation

James Silk
by James Silk

The benefit of Digital Transformation is clear to see.

Digitally advanced companies create 9% more revenue than industry competitors.

The 3-year average profit for digitally centric companies is 5% higher than those behind the curve.

However, there is one key statistic which should be highlighted – Over 70% of Digital Transformations fail to reach their stated objectives. We want to explore some of the reasons behind this worrying figure and share some of the steps companies can take to avoid becoming one of the many failures.

Why do Digital Transformation projects fail?

Digital Transformation typically involves a very complex piece of change that touches many aspects of the organisation, so it’s no real surprise that many of these programmes face challenges.

Some of the more common challenges faced by organisations attempting Digital Transformation include:

Of course, no two Digital Transformations are the same, and no two companies undergoing Digital Transformation are the same either.

For us, that’s sort of the key point. Attempting to carry out a Digital Transformation without considering all aspects of the environment that you are transforming in is like trying to drive a car with your eyes closed.

What needs to be done differently?

We need to take a step back and rethink Digital Transformation.

Before jumping into a new Digital Transformation programme, it is important to assess the state of the environment and understand the digital maturity across the organisation. This means focussing not just on the tools and technology, but on the culture, capabilities and frameworks that underpin success.

Considering all facets of the organisation when thinking about Digital Transformation is critical. One study by the London School of Economics suggests that combining technology with broader management practices and capabilities can increase ROI of initiatives tenfold.

When we consider the impact that our actions have on the environment around us, we are more likely to act in a sustainable way. Digital Transformation is no different.

Sustainable Digital Transformation is a game changer. This means looking at the bigger picture of the organisational environment and coming up with a plan to address not just the strategic goals of the organisation, but also raise up the immature areas so that Digital Transformation becomes perpetual.

Let’s use the example of a bank wishing to create a new customer app. Traditional Digital Transformation would mean focussing on delivering the technology and operations needed to support a shiny new digital channel. Sustainable Digital Transformation means focussing on those things, but also:

In line with the old adage about teaching someone to fish, focussing on sustainability will shift the perception of Digital Transformation from an ongoing cost, to a one-off investment that will support the organisation’s digital maturity for decades to come.

The Woodhurst Blueprint for Digital Transformation

We help financial institutions of all sizes adopt not just the tools and technology, but the culture and capabilities to stay ahead of the competition in an ever-evolving digital landscape.

Our Blueprint allows us to create and implement sustainable Digital Transformation, based on your specific level of digital maturity.

Have a chat with us if you would like to find out more.

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