In the coming years, digital transformation is going to change the way people conduct business. So much so, that the shift has an anticipated value of approximately $767 billion by 2026. If your business is looking to get less analog in the way you go about your processes, you need to understand the pitfalls that many businesses are going to experience so that yours can thrive. This month, we take a look at why digital transformation objectives fail and what you can do about them.
Why Does IT Project Success Not Carry a Higher Percentage?
According to a study conducted by the Boston Consulting Group, three out of four businesses will not reach satisfactory levels of digital transformative success, with many of those businesses finding troubles as a result of failed IT projects.
When an IT project fails, it can severely impact a business. This comes from wasted capital, productivity and revenue generation being interrupted, and costs to reestablish policy and procedure. Unfortunately, some plans that start with great anticipation can go horribly wrong and negatively impact the bottom line.
According to Tsedal Neely of the Harvard Business School and Julia Lamm of PricewaterhouseCoopers, there are basically four reasons why your IT projects fail. They include:
- A workplace culture that is stuck in their ways: Workers that don’t want to change tend to resist any move toward digital transformation. You’ll need their support for your changes to take, so you should come up with a strategy to educate and incentivize employees to use new technology. By abandoning old tech for the new system, you don’t give them a choice.
- Project success comes from the top down: It’s important that management knows exactly what the technology is designed to do and is capable of understanding how it will work in concert with the other technology in place. The more fluent that decision makers are with a system, the better off the whole company will be.
- Data analysis failures: It’s important that businesses have people making solid decisions based on analytics and not by the seat of their pants. The more that is understood about how a new piece of technology fits into the business, the smoother any transition will be.
- Ignoring Customers: Since a lot of today’s digital transformation has to do with creating a better customer experience, make sure that there is a set of time where you work through how new tech will impact customers. Known as a dual transformation, technology implemented with customers in mind can have major positive impacts on a business.
Let Our Experience Work for You
Our team of IT professionals have years of experience with business technology implementation and can really be a huge benefit when trying to transform your operational effectiveness through technology. If you would like to learn more about how we can help your IT projects be a success, give us a call today at 317-759-3972.