March 7, 2019
In the evolving, competitive business landscape, efficiency and continual innovation are imperative for an enterprise today. And technology has an undeniable influence when it comes to the enablers of this innovation.
While latest technologies show a strong promise to boost business performance, digital transformation is a rather complex exercise. In the absence of proper vision, realistic goals, and smooth execution, many initiatives end up failing or being suspended. A survey by McKinsey & Co. reveals that only 30% of digital transformation initiatives succeed in achieving desired results. Transformation involves multiple stages and can easily span over a period of a few years. An organization undergoing transformation must define clear objectives as to what it aims to achieve through transformation.
Also, the IT strategies should be in alignment with overall business objectives. To help employees work collectively towards it and embrace the change, it should be shared across the organization through networking and internal communication tools. Most importantly, there should be a talented workforce to drive transformation. This requires hiring experts and equipping current employees with the required skill set.
The infographic below highlights the key elements that are fundamental to the success of a transformation initiative.