Digital transformation is undoubtedly the buzzword du jour, but for good reason — digital-first companies are 64% more likely to achieve their business goals than their peers. While the benefits are obvious, the path to digital transformation success is rarely as obvious. In fact, up to 84% of digital transformation projects result in failure.
So what can business leaders do to increase the change of success? Recently I sat down with Greg Adams, co-author of the course, Starter’s Guide to Digital Transformation, to discuss the big picture of digital transformation, and what it takes to achieve true success. Read or watch Greg’s answers below.
Greg’s answer: “There really is no industry standard definition for it, but as you research looking for one, you’ll notice common themes that have emerged from experts and practitioners. Digital transformation (which should be called “business transformation”), is where the organization visualizes, and then strives for their ideal situation. This ideal is progressively reached with use of modern digital technology and processes.” #MegaTrend
Greg’s answer: “Since most every organization is looking at, and striving to improve digital transformation, the real driving force is the competitive advantage to being successful in digital transformation. If your competitors are successful, and you are not, then they are going to have a huge advantage both vertically and horizontally. In addition to the competitive advantage, it’s also an improvement for employee and customer experience.”
Greg’s answer: “If 84% of companies fail at digital transformation, that indicates that 16% have had good success, and have had terrific results! In a lot of cases, that 84% indicates that those companies just have not gotten there yet, or that they didn’t really know what they were getting into initially. These practitioners didn’t appreciate that digital transformation requires a shift in culture and mindsets within the organization, or understand the vast amount of technology available. If you don’t know the technology, or how to apply it, it will make it difficult for you to be successful. Bottom line, you need to have a clear vision of the ideal place you want your organization to go!”
Greg’s answer: “Digital transformation is a discipline; you can perfect it, learn it, optimize it. So the key is knowledge. Do the research to understand, find out from others successes and failures, and come up with your own ideas. The internet is a great resource! Formal training can also help with your knowledge, which is why we created this Starter’s Guide to Digital Transformation course.”
Greg’s answer: “There are so many different technologies that are involved in digital transformation, and a lot of different processes. The good thing is, these cross over virtually every curriculum you can imagine – from AI, to data science, to cloud computing, Agile, DevOps. This can however make it difficult to know just what to study, but the nice thing is you don’t need every piece of technology, or to follow every process to be successful. That’s why we created this new course! The goal of this Starter’s Guide to Digital Transformation is to provide an overview to help each organization determine the direction they should go.”
To watch the full #ChatwithSME, here you go: What It Takes to Achieve Digital Transformation Success, with Greg Adams.
And while you’re there, check out our other #ChatwithSMEs to learn more.