So often we see people making tactical decisions when it comes to digital transformation.
People either get dazzled by the bright lights of tech; "we are going cloud" or "we are investing in IOT". Or we see people investing in a tool "we have just purchased Sales Navigator" are all examples. Without any real understanding of the ROI or it's just seen as "cost saving". Which is then followed up by a question from us, why? Where is the strategy?
Digital Transformation is a strategy and the subject is complex. The Board / C-Suite has to understand it and be totally behind the levels of spend and expected return on investment (ROI). This isn't about teaching the Board about the bits and bites, but getting them to understand the business benefit, the incremental revenue opportunity the competitive advantage. Digital Transformation is not an "efficiency" drive or a way to "cut fat from the business". It's a total new way to do business based on a programatic approach.
Here at Digital Leadership Associates (DLA) we run a strategy session to allow our clients the time to listen, debate and grow as a business. So everybody buys in. But this isn't about teaching a CEO how to use Twitter or what an IOT is. It's to look at the strategy, to look at the blockers, the incremental revenue opportunity, the ability to take market share and gain competitive advantage.
If you have any Digital Transformation project under way, you need a strategy and one fast.
Last year, according to World Economic Forum figures, private sector global spending on digitizing business operations exceeded $1.2 trillion dollars, yet just 5% of executives reported being satisfied with the results.