Digital transformation within enterprise is about so much more than the adoption of technology, it’s about wider business development. The connotations that come with words like disruption, which is often mentioned in the same breath as digital transformation, can understandably put people off the idea. However, missing out on the opportunity to transform will leave you paying the price further down the line, with the potential of a 12 per cent reduction in revenue over three years.
All of a sudden, heads start turning, and yet initiating that disruption can still prove difficult. According to one integrated technology expert, the fact that technology leaders within businesses often aren’t willing to change their behaviour goes a long way to explaining why 84 per cent of transformations fail. I’ve experienced it myself – it can be challenging to remove the fear that people have when it comes to the implementation of tech.
It’s no coincidence that the successful businesses are those that have embraced technological reform, no matter the industry. Earlier this year, The Times and Sunday Times revealed they had a combined 500,000 subscribers as digital readers surpassed the number of physical readers for the first time. Furniture giant IKEA have embraced mixed reality technology to bring their products into customers’ homes before they buy it. Meanwhile, former high street staples like Woolworths, Blockbuster and, more recently, Toys ‘R Us all met their demise by failing to move with the times.
The stakes, evidently, are high. So why is it that only 56 per cent of firms label themselves as currently undergoing transformation? And why, in the same survey, did 21 per cent say they had completed their transformation? This simply isn’t true: digital transformation is not a finite process, there is no end. The initial developments may seem to come to conclude, but true transformations see organisations continue to adapt and evolve as technologies advance, meaning a staggering 44 per cent of respondents aren’t actively transforming.
It’s a remarkable number, especially in realising that it has never been easier to start that process. As with all innovators, change was initially a tale of testing the waters or, for some, a leap of faith. Those who lead the way and broke new ground took the biggest risk, but for most companies it is simply a case of following suit. The risk factor associated with uprooting your processes and digitising them has been reduced. That’s not to say you shouldn’t be an innovator, however – no two digital transformations are identical, and changes to your processes must be for the benefit of the whole organisation.
The time to transform is now, before it’s too late. Taking small steps towards transformation is far better than standing still. With a solid plan and your ideas for tech implementation grounded in purpose, you can start moving your organisation forward towards a smarter, more efficient future. There are far too many examples of organisations paying the ultimate price for failing to transform – don’t let your business, your charity or yourself follow suit.
If you’re looking for help throughout your digital transformation, whether you’re taking your first steps in the process or already have a firm grip on the use of technology, we can work with you collaboratively to make sure you’re getting the most out of your project. Contact us today to find out more.