Digital transformation is projected to make huge waves in the business environment, with an anticipated value of approximately $767 billion by the year 2026. It’s clear that businesses have lofty ambitions and expectations for their digital transformation initiatives, but there is a shadow that is cast on this number that holds many companies back: many of these initiatives fail, and fail hard. Why is this the case? We explore these reasons in this month’s newsletter.
According to Boston Consulting Group, even with so much excitement surrounding digital transformation initiatives, nearly three-quarters of businesses fail to reach their goals, sometimes even suffering from dire consequences as a result. This number suggests that digital transformation is not so simple, but if you’ve ever tried to pull off a major IT project, you already knew that, didn’t you?
Failed projects can come at a steep cost. Not only are you paying for additional time and solutions spent rectifying the situation, but you are also paying frustrated employees to solve the problem for you, something which puts a damper on morale and your profit margin. A great opportunity can quickly become a time and resource sink.
There are four primary reasons why digital transformation projects fail, according to Tsedal Neely of the Harvard Business School and Julia Lamm of PricewaterhouseCoopers. They are the following:
As you might suspect, many of these issues outlined above can be rectified if you simply work with a technology professional or managed services provider who can assist with the more technical aspects of the implementation. This is where Attend IT Limited comes in; we can help your business with each stage of the implementation process, from conception to realization. To learn more about how we can help any of your digital transformation plans become a reality, give us a call at 020 8626 4485 today.
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