Article
Amplify business value through digital transformation
March 15, 2024 · Authored by Amanda E. Klein
With Forbes estimating the average failure rate of digital transformation to be 84% [1], it’s clear to see that the majority of organizations are failing to unlock the full potential business value of digital transformation efforts. While various factors can contribute to the failure of a transformation initiative, many organizations tend to only focus on implementing the correct technologies, systems or processes while neglecting organizational issues that can significantly impact the overall success of the initiative.
To increase the likelihood of success, organizations need to take a more holistic approach to change by developing a strategic plan, in alignment with your business goals, that better prepares your entire organization for change.
Defining strategic goals
It’s important to define your strategic goals prior to launching any transformation initiative as it provides a clear road map, aligns organizational efforts and ensures that technology initiatives are purposefully directed towards achieving specific objectives, enhancing the likelihood of achieving a successful and sustainable transformation. The following outlines key steps to help you get started:
1. Frame your vision
Regardless of where you sit in the organization, it's essential to understand what strategies are currently driving business decisions and then align the vision for the transformation to support those objectives. Your people will be more likely to support a change when the organizational vision is clearly connected to the benefits of the change or the potential risks if you don’t change.
2. Lead with focus and intention
Once you've framed the vision for where you're trying to go and why, it’s important to speak and lead with focus. Articulate to your workforce why the transformation is needed, how it will be accomplished and what it means to them specifically in their day-to-day work.
This article was derived from the Amplify business value through digital transformation webinar, watch the full recording below.
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