89% of board directors say digital initiatives are embedded in their growth strategies, but only 35% have achieved or are on track to achieve their digital transformation goals.
If investments in technology help businesses grow exponentially, why are so many organizations waiting?
There are many reasons why organizations are apprehensive about investing in new technology, but when it comes to achieving a successful digital transformation, they are most often faced with the following barriers:
- Resistance to change from employees
- Lack of budget
- Insufficient business case to display value to stakeholders/competing business priorities
- Lack of clear strategy and objectives/seems too difficult to take on
- Information and option overload
- Concerns about data privacy and security
- Processes aren’t broken enough to warrant new technology
Digital transformation is critical in preparing your business for what comes next. The “digital imperative” urges companies to modernize and optimize, using technology to do more with less, while differentiating and building resilience. Transforming your organization to think digitally forward is the difference between standing still and thriving in the new digital era.
The cost of inaction
Organizations need to consider ways of working differently as new technologies, such as artificial intelligence, cloud computing, Internet of Things (IoT) and big data, become the new way of operating. Threats to current business models and human capital needs are two areas that display the cost of inaction that organizations are starting to face.
