Nice article that uses research to back it up.
But, the number one thing you need is a strategy. That strategy needs to take into account: People, Process and IT change. The people and the process being the largest part of the budget.
The mistake people so often make is that this is about system change or digital transformation is about shinny new objects.
The classic response then at this point is to call up a big company and throw lots of management consultants at the problem. One of the reason why Adam Gray and I set up Digital Leadership Associates www.social-experts.net was that at our previous company we actually could find anybody that understood digital and social transformation.
What I mean by that is, there are lot's of people that talk about it and say they can do it, but it's very clear when you look at their own digital profiles and social profiles they clearly don't. I was, only today looking at a Digital Transformation's consultants Twitter, they had 400 followers and hadn't tweeted for 6 months. If people don't understand the world today, why would you employ them to manage your transformation to the future?
Companies that are unable to effectively embrace digital ways of business are getting left behind by the competition. In a 2017 survey, UK CIOs gave digital laggards a lifespan of just over five years before going out of business or being absorbed by a competitor – caught in a downward spiral of poorer customer experience, lost customers, lower revenue and fewer resources. The recent demise of Toys R Us and Maplin are prime examples of big brands that paid an even bigger price for not changing with the times.