A digital strategy should serve to help companies succeed in a digital age, but sometimes, things don’t go as planned. To know why digital strategies fail, business leaders need to understand three issues associated with failed Digital Transformation – and take steps to avoid them. Issue 1: Unclear Direction
One of the reasons why digital strategies fail is due to misunderstanding. Many business leaders don’t think they need a digital strategy, don't understand their IT infrastructure, or are too focused on technology trends rather than solutions that suit their business. When a digital strategy is built without knowledge or insight into a company’s specific goals and needs, it becomes limited in its ability to help that company grow and often costs more in time and money than the previous infrastructure might.
A lack of a clear definition of what digital is, what Digital Transformation looks like for a business, and what Future Workplace goals a company might have will fail to connect a digital strategy to ongoing success.
To counter this, business leaders should take the time to define their long and short term goals, examine their current infrastructure, and decide what steps they want to take in a digitally-driven future. From there, the right solutions can be tailored to their needs – and a successful digital strategy formulated.
Issue 2: Digital Ecosystems
One of the reasons why digital strategies fail is because companies are looking at their industry as a single organism, rather than a growing ecosystem. A modern market has allowed for improved agility and productivity across multiple sectors, and strategies for success in all businesses have changed. Creating a digital strategy that works should be about creating a strategy that works now and well into the future – and that can be utilised against multiple growth avenues.
Companies who can link traditional and digital infrastructure are thriving in a digital age, and those who utilise relevant solutions develop strategies that allow them to grow in multiple directions. In turn, this helps companies keep up with their consumer, their competitor, and with the requirements associated with operating in a Future Workplace.
Issue 3: Complete Overhaul
Many business leaders think that they need to overhaul their infrastructure completely if their Digital Transformation is going to be successful. This is one of the reasons why digital strategies fail. The idea that transformation is disruptive lends itself to the same issue when the truth is that engaging with a Future Workplace should enhance how a company operates – not overhaul it.
Digital Transformation should serve a business, not be its primary driver. Companies should think of it as a tool for growth, not the growth itself. While transforming core processes and switching to new solutions can cause some disruption, investing in digital should aim to increase productivity, not inhibit it. Companies also don’t have to overhaul everything at once and can make moves toward digital solutions that serve them gradually. For example, a Journey to the Cloud can occur in multiple ways, as can the implementation of Artificial Intelligence, the Internet of Things, and much more. The key is finding what works for each business and developing a strategy that works for their growth goals.
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