Too often we hear about digital transformation failure. Good intentions, a massive project and for some reason or other, nobody can really put their finger on it, it just doesn't seem to happen.
Or we see digital transformation being "bigged up" usually by a supplier of those services as being cloud, or blockchain, or IOT or big data or something else.
Our definition of digital transformation is very simple ..
We know that social media has changed the way we do business and society. Never a day goes by without some discussion about social media. Whether you like it or not, social media has changed the world. There is no going back, the genie cannot be put back into the bottle.
So what has this got to do with digital transformation.
Well when we started up we knew we wanted to offer digital transformation using social and we needed to start somewhere. We were a start-up after all.
We therefore transformed sales with our social selling programs. Not laying social on sales but re-imaging sales, for the social age. Once we got to the point that the social selling program was repeatable and predictable ... we can increase sales by 30% and shorten sales cycles by 40%. We moved onto the next department, Human Resources (HR).
We have now built our HR program and expect to replicate similar savings with this program. We have already shown an increase in employee efficiency of 20%, which is a business case in itself. We are also seeing the reduction in the cost of finding talent.
All of this provides your business with digital transformation, one step at a time. Starting in sales, the new business will drive the cash for you to invest in the rest of the business, though HR, to Marketing, Finance, Procurement and customer service.
Strangely enough end-to-end digital transformation through social media, we are the only company in the world that do this.
Plenty, apparently. In fact, digital transformations have a notoriously high failure rate — as high as 86%, according to a McKinsey study last year. Companies also often perceive the cost of the transformation program to be the cost of bringing technology in, but they fail to account for the far-reaching impact these programs have. So the risks grow. By next year, businesses around the world are expected to spend nearly $2 trillion on digital transformation projects, according to IDC.