Why do 82% of Digital Transformation initiatives Fail First and succeed later?
Ever do a task, and then have to redo it again later? Because you didn’t understand the fundamentals of Digital Transformation right the first time.
I believe these top 2 fundamentals of digital transformation are true:
- Digital transformation starts at the very top of the company rather at the IT division, which continues to change how we do business
2. Is the process of using digital technologies into the areas of the business to solve customers’ problem
Digital transformation begins and ends with, how to think about and engage with customers.
The key technology trends for digital transformation are :
1. Blockchain Finally understood, which is kind of mess
Blockchain technologies are in the early stage of maturity, adopting in the digital transformation needs careful considerations
2. Compliance like GDPR forces deeper digital strategies
As of August 2018, about 1/3 of the companies were still not compliant with Europe’s General Data Protection Regulation (GDPR)
3. IoT needs better edge analytics
As IoT grows — and millions of devices/sensors get connected, demands more space and analytics towards the edge i.e. near the field
4. As-a-Service Industry is growing
The idea of anything and everything as a service is highly desirable for a shorter procurement cycle and increased agility
5. AI, Data to analytics to AI, which won’t see a slowdown anytime soon
Data is key to companies being able to make good decisions about products, services, strategy and more.
6. AR (Augmented Reality), continues to be in the game
AR has found many use cases in enterprise workforce training, Industry 4.0
7. Chatbots, adoption rates are high
40% of a larger business will adopt to Chatbots and its automated responses
In pretty much every industry, we know for sure, it’s the digital transformation that will continue to change the way we do business. The potential and implications of these technologies will continue to land immensely as the years pass by.
Food for thought:
As shown in Fig.2, digital innovation is rapidly creating new interfaces to a host of experiences. Typing text is replaced by new avatars, such as voice recognition. Facial recognition now removes friction in many industries.
Digital, by definition, is about the connection (Connected Enterprises) it creates — across people, data, and experiences. Digital also allows a differentiated level of process capability, such as robotic process automation is transforming how different workflows and processes get accomplished between people and technology.
Given the totality of the mandate, we must battle the tension between incrementalism and wholesale change, honoring the duality of the businesses we are in and the ones we will be in as industries continue to evolve.
References
Top 10 Digital Transformation Trends For 2019
Digital transformation
Why is the best digital strategy a human one?
