In this article from the Boston Consulting Group (BCG) they ponder this exam question, and I will answer it based on how we see the world here at DLA Ignite.

"If Failure Is Not an Option, Why Is Success So Rare?

With so much at stake to build digital capabilities that drive customer centricity and productivity, why do so many companies fail? And not just troubled companies—top performers, market leaders, and investor favorites, too. New BCG research shows that 70% of digital transformations fall short of their objectives, often with profound consequences."

No Strategy or Strategy Is Based around a Tool or Technology

The number one thing we see is that people have no strategy for digital, or they have based their strategy around a tool or technology.  We have so many conversations like this

DLA Ignite - "Please explain your digital strategy?"

Prospect - "We purchased the ABC tool, the sales person said it would transform our business."

DLA Ignite - "How's that working out?"

Prospect - "It isn't, which is why you are here"

or we have conversations like this

DLA Ignite - "Please explain your digital strategy?"

Prospect - "We had a Linkedin expert in to give us some hints and tips."

DLA Ignite - "Has anything changed?"

Prospect - "No, which is why you are here."

BCG say

"Digital transformations are an imperative as today’s leading corporations need to build bionic capabilities in order to harness the potential of disruptive technologies and integrate them into new processes, organization models, and ways of working. This necessity has been accelerated by the pandemic."

We talk to so many companies that tell us they have changed during the pandemic.  They have furloughed staff, they have cut certain areas, focused in other areas, they have laid staff off.  When they are asked "what are you doing different now in sales and marketing, since the pandemic?" and the answer will be "nothing."

But we do now have more and more CEOs turning to the CMO on these calls and say "all this money we are spending on advertising, martech, email marketing and cold calling, what return are we getting?'

It was refreshing to hear one CMO recently say "nothing"

You Need a Digital Strategy

Here at DLA Ignite, we will run a one day digital strategy session for you, this isn't "hint and tips", this isn't about a tool, this isn't about teaching your CEO Twitter.  This is about getting you to understand the opportunity for social media and digital in your business.

We work out your "as is" and we map out your "to be" and we get you a plan in place.

It is during that where we work out the best plan for your digital transformation.

Again, no tools, no "hints and tips", this is a plan to transform your people and your process to digital.

Often we start in the Sales department, usually because you will see a revenue uplift, which can then release budget for the other departments.  (The revenue uplift in sales is 30% and we reduce the sales cycle by 40%)  This is about stripping out cost and increasing output. 

The other place we often start is Human Resources (HR) as this is a place where we can strip out cost, such as job adverts and recruitment consultants and increase output.

The other of the transformation is down to you, but we can cover Sales, Marketing, Human Resources (HR), Customer Service, Procurement, Supply Chain, Finance, etc etc. 

At the end of the strategy session you get a report, a digital strategy and you can decide where the business needs to go from there. 

To quote BCG

"Our research shows that more than 80% of companies plan to accelerate their companies’ digital transformations—and with good reason. Overwhelming evidence shows that successful digital transformations drive performance and competitive advantage and propel companies toward becoming bionic."

"Digital leaders achieve earnings growth that is 1.8 times higher than digital laggards—and more than double the growth in total enterprise value."

Leadership Commitment

The next thing you need is Leadership Commitment.

On a call, with a digital team the other day and I asked "who was the corporate sponsor?".  They eyes dropped and said the management team are too busy for this.

This is a business that has far to fall.

Your CEO downwards must be committed to digital and must be driving the digital strategy.

Where Do We Go From Here?

Just give me, or one of the DLA Ignite team and hour of your time and we can walk you through what we are doing for other companies.  No hard sell, just take you through what other companies are doing to transform.

Please contact me here or one of the DLA Ignite team here, so please pick one of our industry experts or one of our experts in your geographical locality.  Our website is here.

If you want to start a conversation with me, you can find me here

Final words from BCG

"Digital laggards fall behind in customer engagement, process efficiency, and innovation."