5 Essential Steps for Avoiding Digital Transformation Failure
With the stakes so high, why do so many digital transformation projects fail?
A recent piece in Forbes magazine blames digital transformation failures on one thing: lack of coherent leadership. The article cites research that shows that the CEO only leads digital transformation projects in 27 percent of companies, with other companies spreading responsibility between IT, marketing and other departments. In many organizations, what’s called “digital transformation” is really just a sequence of small-scale, unrelated IT upgrades.
The Forbes article argues that the purpose of transformation is to find a new business model, which is the most crucial element of any business and therefore must be overseen by the CEO. It is a complex but essential process and the author offers a five-step plan to guide organizations through the process:
- Pinpoint your beliefs
- Inventory your assets
- Visualize your new business
- Operate your existing business while developing the new one
- Track your progress
Or, simply, PIVOT.
You can read the full article here, which contains more detail of this five-step model, plus a discussion of some of the major international companies that are struggling to PIVOT in a challenging environment.