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Digital Transformation Is Not (Just) About Technology

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The top reasons why your company’s digital transformation is failing – and what we’ve learned from them.

Did you know that 70% of digital transformation initiatives actually do not achieve their goals, according to Forbed? At the core of it all, most digital technologies aim to offer the solution for greater efficiency and customer engagement. The real issue is that most teams lack the right mindset to practice the actual chang. Mix that with current flawed company practices, digital transformation simply magnifies these shortcomings. 

So while we are committed to bringing the best solutions for you, here is what you can do as a company to further support your digital transformation journey. 

Lack of Commitment
Agreeing to the vision and committing to do the vision are two different things. Most of the time you get sucked in the end-result without actually having the commitment to see through this massive change. Now, imagine that being multiplied across all departments of the company – having great teammates who believe in the vision, but perhaps lack the bandwidth to practice the change. The initiative would have a higher chance of failing.

The solution?
As with all good things, commitment is not something you can rush. Go slow. Communicate openly with stakeholders to understand where this project is going, why the change is vital, and what is it trying to achieve. Without the support and understanding of enough stakeholders to drive this change, the result is a shoddy effort from the rest of your team. 

Multi-Year Vision
Now more than ever, most businesses would rush into a digital transformation not to lose out on market pressure. It starts off with a vision, then a business case for the vision, followed by funding the business case, and then a big overview of the two-year plan to implement it. 

The solution?
While it’s great to have a multi-year plan, it’s essential to break the project into short-term projects and goals with measurable results that are aligned with the vision and strategic intent – we call them ‘sprints’. As a solutions provider that ensures your business goals are met, we too practice sprints of our own at Prive.

With many unknown factors at the start, we are able to control risk better by funding the journey with each sprint for the multiple projects we have on hand. We believe that there should be room for the transformation journey to evolve flexibly, and that involves short term goals that drive the long-term plan.

Thinking It’s Tech First
Starting a digital transformation with expensive, legacy-changing projects can be exciting – but they can only work when supported with a greater understanding of how the business needs to change to deliver the improved experiences you want to see with customers and employees.

The solution?
As a summary, ensure that you prioritise the need for changes too. With that said, the three factors to drive success of your digital transformation lies in:

  1. Commit to the vision up-front with enough stakeholders
  2. Sprint out the progress
  3. Implement a balanced approach to technology and business changes.

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