Organizational success in the midst of a global pandemic has largely hinged on the ability to react quickly to change, he says. For Forbes, customer experience futurist Blake Morgan examined three cases of initial digital transformation failure by three major corporations (who later underwent successful DX efforts), and lessons that all organizations can learn and implement in their own actions: GE started its digital transformation process in 2011 in an ambitious way — building a huge IoT platform. As it’s frequently said: We know the ‘why,’ so it’s time for the ‘how.’ For Forbes, customer experience futurist […] As Morgan advises, “Digital transformations are often done best with a handful of passionate people leading the charge instead of thousands of employees.”. “Digital resiliency refers to an organization’s ability to rapidly adapt to business disruptions by leveraging digital capabilities to not only restore business operations, but also capitalize on the changed conditions,” explains Stephen Minton, VP in IDC’s Customer Insights & Analysis group. Formerly I founded the SITO Institute for Consumer Behavior and Location Sciences. “In this time of change, we invest in the digital infrastructure and our Swedish ecosystem to accelerate digital transformation that will empower public and private companies to innovate, providing a strong digital foundation for the country’s future growth,”, As a result of these datacenters, Microsoft explains, Swedish businesses can “empower employees, engage customers, transform products and optimize operations — all through connected experiences and supported by advanced data privacy and security.”. I am the co-author of "Profitable Brilliance: How Professional Services Firms Become Thought Leaders" now available on Amazon. Reskilling and upskilling on the part of businesses, and “incentives and regulations to infrastructure projects and taxation” for governments. Bruce Rogers: What are the common challenges to getting it right for these companies? New IDC Digital Resiliency Investment Index Shows Steady Growth for Investments in Technologies That Improve the Ability to Respond and Adapt to Business Disruptions Learn more at https://t.co/vM9KtPMfB3 pic.twitter.com/DVK3MANFnn. Prior to that I was Forbes staff writer, Chief Insights Officer and founder of Forbes Insights and the CMO Practice. A new index from IDC shows growth in cloud, collaboration, and security investment. Thanks to the pandemic-related shift to work-from-home and the aforementioned increase in cloud adoption, significant investments have been made in security. The goal? As it’s frequently said: We know the ‘why,’ so it’s time for the ‘how.’. “Business-savvy CIOs who deploy highly adaptive strategies and technology to rapidly respond to the impact on their firm’s operations and customers will lead from the front,” explains Forrester’s recent, As two World Bank economists argue in Harvard Business Review. As Morgan advises, “Digital transformations are often done best with a handful of passionate people leading the charge instead of thousands of employees.”. “Instead of ramping up quickly, only to ramp down painfully,” explained, , “it would be much better if companies can make steady progress toward the right end state without making such costly mistakes.”. “With the right steps and actions, businesses and governments can take the crisis as an opportunity to build for the future,” explain two World Bank economists. Why 84% of Digital Transformations are Failing Everywhere I look these days, companies are showing off their digital transformations. In a McKinsey survey, the success rate for digital transformation was found to be less than 30%. Understanding systems gives us a clear insight into why we see such a high digital transformation failure rate. Better integration. Understand what it took to change culture, what it took to make things more high performance and empowering people to make decisions on their own was the number one truth that people really struggled with. Prior to that I was Forbes staff writer, Chief. IDC’s new Digital Resiliency Investment Index is a look at the progress of organizations in their investment towards digital resilience. The company is now making good on their pledge with a press release from November 24, a “world-class, sustainable datacenter region in Sweden in 2021 with presence in Gävle Sandviken and Staffanstorp.”, The news comes on the heels of Microsoft’s, announcement of a significant digital transformation investment in Greece, , involving the construction of new datacenters. But if you can't get the sum of the parts to be greater than the cost you're going to fail and I think a large part of that 84 percent that fail it’s because they're not prepared to change behavior. It's Also Worse Than That, 5 Ways To Maximize Informational Interviews – And Pet Peeves To Avoid, Some Retailers Will Be Hurt By The Economic Recovery. Redressing the failure rate of Digital Transformations webinar Synaptek. Formerly I founded the SITO Institute for Consumer Behavior and Location Sciences. Digital transformation churn: Why the digital transformation fail rate is so high The digitisation of the global economy has had many effects on global enterprises but few are more significant than the overwhelming desire to undergo digital transformation. The datacenters will be powered by 100% renewable energy + @Microsoft’s hyperscale cloud will be the first with hourly matching for renewable energy consumption. That may have taken 85 years. Michael Gale: Virtually every Forbes Global 2000 company is on some sort of digital transformation journey. “P&G likely could have seen more success if it had focused on smaller digital efforts that were more targeted to its existing products and processes” says Morgan. In other words, I believe digital transformation and ERP failures are on the rise – and will continue to be for the foreseeable future. 7. (Lead Economist in the Jobs Group of the World Bank and co-Director of the World Development Report 2019), (Senior Economist for the Middle East and North Africa Region of the World Bank Group), “to reshape technology as a job creator, it’s important to understand what, exactly, the current wave of technology is changing, and how policymakers and businesses can adapt to it.”, It has always been a disruptor. Thanks to tech, the very nature of work has been changing over the last few years. : Digital transformation for its own sake won’t work. Michael Gale: For most of the people we interviewed, it was easier than we thought, once we helped them understand the data from our research showing that most companies fail at it in some fashion. Michael Gale: I wouldn't say generations. In May of last year, Microsoft announced plans to develop new data centers in Sweden. But there have a been a few disturbing trends that lead me to think that this isn’t the case. Understanding How System Work. This is especially important now with this year’s digital transformation acceleration. Employing multiple human-machine learning approaches, say experts, GM’s electric vehicle strategy leads to fast-paced battery innovation — and 3,000 new tech jobs. According to Federica Saliola (Lead Economist in the Jobs Group of the World Bank and co-Director of the World Development Report 2019) Asif Islam (Senior Economist for the Middle East and North Africa Region of the World Bank Group), “to reshape technology as a job creator, it’s important to understand what, exactly, the current wave of technology is changing, and how policymakers and businesses can adapt to it.”. In this case, digital transformation as less of an actual transformation and more of a pivot into a new business area,” writes Morgan. I am the SVP of Marketing at G/O Media. Michael Gale: We built a set of questions about these challenges and drivers and I was really shocked to some extent how complete they were after we completed the interviews. The majority of companies adopt a digital transformation strategy for digitalizing their existing business ecosystem for competing in the increasingly innovative and disruptive world. Making them “, among the most sustainably designed and operated in the world.”. This also includes a plan to s. kill approximately 100,000 people in Greece in digital technologies by 2025. is a look at the progress of organizations in their investment towards digital resilience. branched into early digital transformation by creating Ford Smart Mobility, with a goal of “building digitally enabled cars with enhanced mobility,” explains Morgan. A new business unit called GE Digital followed in 2015, with the goal of turning GE into a technology powerhouse. The standard of permanent and full-time work has given way to a gig economy. Bruce Rogers: You have done a lot of research and analysis on the topic of Digital Transformation within the Enterprise, tell us what you are seeing? However, digital transformations that are intended to improve efficiency (e.g., ERP, CRM, Analytics, etc.) We’ve been talking about it for 15 years. Most change programs fail … and for predictable reasons 5 30 70 Employee resistance to change Management behavior does not support change Inadequate resources or budget Other obstacles 39 33 14 14 % of efforts failing to achieve target impact Change program failure rate Reasons for failure SOURCE: McKinsey Quarterly Transformation Executive Survey, 2008; Next Generation PMO KIP Team We know this isn't easy. The other issue actually, is understanding the drivers of digital transformation so that organizations know where to focus their time and resources. It's that dramatic. I write about consumer behavior and business transformation. In Digital, "Wanamaker's 50%" Is Known. Although it’s a staggering number, the rate of digital transformation failure hasn’t altered the belief that such efforts are crucial to the future of organizations across the spectrum of industries — and for a variety of reasons. How can DX be leveraged so everyone can be better off, post-COVID? Digital-first companies are thriving, the gig economy certainly isn’t going anywhere, and “firms may also have more incentive to invest in automation and reshore production to shield against value chain disruption.”. Copyright © 2020 Digital Journal Inc. All Rights Reserved. While US investment increased in October, Europe’s had a slight decline in the same period — as the continent was experiencing a significant surge in COVID cases and restrictions. show that — in the wake of the COVID-19 pandemic — DX efforts have accelerated. However, digital transformations that are intended to improve efficiency (e.g., ERP, CRM, Analytics, etc.) have a high failure rate (up to 90%), resulting in adverse impact to firms' operations and intent to further innovate. , “technological advancements were already changing the world over the past two decades,” and that in the midst of threats from automation and offshoring, it’s important to realize that tech can act as a job creator for economic recovery. I think the analogy we took on it, is that this is like the industrial revolution. In fact their expectations were neither met nor exceeded and the gap between expectation and meeting were so enormous it was considered a failure. He recently undertook extensive research into and analysis of the drivers of digital transformation success factors which will be published soon in a book. “Business-savvy CIOs who deploy highly adaptive strategies and technology to rapidly respond to the impact on their firm’s operations and customers will lead from the front,” explains Forrester’s recent Predictions 2021 report. EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, How Ambition Can Torpedo Your Career And How To Prevent It. What are these in-demand skills? So why is the failure rate so high? Digital transformation failure taught brand importance of planning Sportswear giant Nike is now a leader in digital business, but the retailer faced digital transformation failure. So we actually ended up writing a chapter on culture and optimal high performance because all of the winners said that was one of the underlying secrets in the success process. Critical thinking and socio-behavioral skills, for starters, as well as adaptable skills. I am the SVP of Marketing at G/O Media. Tech has been “challenging the traditional boundaries of firms, changing global value chains and the geography of jobs.”. “What we have learned already this year is that the organizations which were among the early adopters of cloud, digital, and collaborative technologies were best-positioned for a crisis no one could have predicted.”. Business transformation is almost always a technology problem. One: The business or organisation never defined what ‘digital transformation’ means to them All businesses are unique and ‘Digital transformation’ means different things to different people. How Does Europe Remember The Arab Spring 10 Years On? Michael is a partner at PulsePoint group. Why it’s not too late for your digital transformation journey. As tech evolved, there have been massive changes in what skills are needed by a successful workforce. 1 Not all digital, of course. Indeed, the results indicate that when organizations follow a rigorous approach and pursue all of these actions during a transformation, the overall success rate more than doubles from the average (26 percent), to 58 percent (Exhibit 1). have a high failure rate (up to 90%), resulting in adverse impact to firms' operations and intent to further innovate. Firms every year spend $1.3 trillion on digital transformation programs to improve efficiency because digital leaders outperform their peers in nearly every industry. P&G wanted to become the world’s most digital company, but its goals and initiatives were too broad — especially since the economy was in a slump at the time, and they were already industry leaders. In May of last year, Microsoft announced plans to develop new data centers in Sweden. It’s similar to the approach of the recent OECD report showing that DX is critical for recovery in Latin America and the Caribbean — but on a global scale. The economists laid out three foundational truths about the pre-COVID state of technology: Simply put, “it is likely that the pandemic will reinforce these pre-existing trends and increase the urgency of corresponding policy responses,” explain Saliola and Islam. “With the right steps and actions, businesses and governments can take the crisis as an opportunity to build for the future.”, 4 ways to plan for the post-pandemic normal, Five key trends shaping the application landscape, The irony of industry disruption and digital transformation ROI, Mary Anne Moser aiming to put Calgary Science Centre in global top 10, Precision agriculture sowing the seeds for Canadian economic prosperity. All Rights Reserved, This is a BETA experience. Although it’s a staggering number, the rate of digital transformation failure hasn’t altered the belief that such efforts are crucial to the future of organizations across the spectrum of industries — and for, We know the ‘why,’ so it’s time for the ‘how.’. three cases of initial digital transformation failure. And people seem to respond to that emotional appeal because they want to try and change the world. “Building on Microsoft’s 35-year history in Sweden and strong partnerships across the energy, manufacturing and retail sectors, we are looking forward to delivering the Microsoft Cloud from this new datacenter region in 2021,” said Jean-Philippe Courtois, Executive VP and President of Microsoft Global Sales, Marketing and Operations. We were able to put these learnings into a best practices matrix or what we refer to as a “digital helix,” because all seven drivers are distinct, but inextricably interconnected like DNA. But to get to the heart of why transformation fails, we need to understand feedback loops. In fact, according to KPMG’s Global Transformation Study, over 90% of polled companies have completed a transformation in the last two years. : Quality over quantity. So what we actually got was people collaboratively building the content in the book for best practices which was really cool. The aforementioned barrage of surveys and reports showing the acceleration of DX efforts reported on the mostly-successful shift to work-from-home. Collaboration is the determining factor for the success or failure of your digital transformation initiative. show an overall steady increase in investment, Digital Core Investments, described by IDC as “spending on the core components of digital resiliency: cloud, security, collaborative support for remote workers, and digital transformation projects.”, Digital Innovation Investments, which are “measured using a monthly survey of enterprises on their current and anticipated IT investment focus, including how much new or reallocated spending is targeted at digital resiliency and business acceleration versus crisis response measures.”, “Digital resiliency refers to an organization’s ability to rapidly adapt to business disruptions by leveraging digital capabilities to not only restore business operations, but also capitalize on the changed conditions,” explains. The difference between rapid adaptation and simply responding to disruption? For many organizations, the failure rates and daunting efforts surrounding digital transformations can make them question whether it is really worth it. But it is never just a technology problem. Opinions expressed by Forbes Contributors are their own. “It failed to look at what was going on in the industry to see it was already ahead of competitors and what was going on with the economy.”. You may opt-out by. But the offshoot was seen as too segmented, with a separate, far-away headquarters and little cohesion to the rest of the business. Digital transformation projects do not fail because there is a shortage of AI. He has worked directly on over 500 global programs and campaigns for major technology brands since 2001. What does this look like? According to IDC prediction, investment toward digital resiliency will increase in 2021, in tandem with economic recovery. Just 16 percent of executives say their company’s digital transformation efforts are succeeding. We know this isn't perfect and more importantly if you believe in the idea of a digitally transformed world where we actually look through a digital lens to do things more immediately in a more satisfying way and cheaper you can help other people do this. © 2020 Forbes Media LLC. Can the momentum keep going? Although it’s a staggering number, the rate of digital transformation failure hasn’t altered the belief that such efforts are crucial to the future of organizations across the spectrum of industries — and for a variety of reasons. Bruce Rogers: That makes sense because the world is changing fast and there will always be some new technology innovation that disrupts businesses in some fundamental way. The vast majority of organizational change efforts fail. P&G wanted to become the world’s most digital company, but its goals and initiatives were too broad — especially since the economy was in a slump at the time, and they were already industry leaders. While billions of dollars were being spent, GE stock price kept dropping and other areas of the business took the hit. As a relatively new and fast-changing area, digital transformation requires special engagement at the leadership level. In fact, digital transformations have a notoriously high failure rate — as high as 86%, according to a McKinsey study last year. Michael Gale: “One of the most basic impediment to moving forward on the road to digital transformation is whether or not enough people within the organization are aware of the challenges. Bruce Rogers: What surprised you? Estimates vary, but failure rates range from 60 to 80 percent and don’t seem to improve over time. In other words, keep an eye on your competitors. 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. Organizations have placed priority in cloud, collaborative, and digital transformation projects. The Two Big Reasons That Digital Transformations Fail Results from a study of 1,350 companies. According to a new study from Genpact, more than two thirds of digital transformation projects entered into fail to meet expectations. Ford branched into early digital transformation by creating Ford Smart Mobility, with a goal of “building digitally enabled cars with enhanced mobility,” explains Morgan. To address this, I used a checklist methodology that helps to mitigate the 70% failure rate. faced troubles from the start of its initial digital transformation journey back in 2012. Systems are complex, and there is a lot that we need to learn about how they work. Over and over, widespread reports and surveys show that — in the wake of the COVID-19 pandemic — DX efforts have accelerated. What was the unexpected that you learned from when you started the journey of talking to people? Some are getting it right and others struggle. The digital transformation market is expected to grow at a CAGR (compound annual growth rate) of 22.7 percent from 2019 to $3,294 billion by 2025. Nike launched a new business unit called Nike Digital Sport in 2010 to take the lead on digital initiatives and create new technological capabilities across the company. So that's an issue of focus and there’s still a lot of work to do. Microsoft will also invest in skills development, providing digital skills training for up to 150,000 Swedes. Takeaway: Better integration. Plenty, apparently. Estimates of digital transformation failures range from 66% to 84%. “Instead of ramping up quickly, only to ramp down painfully,” explained Tomas H. Davenport and George Westerman in Harvard Business Review, “it would be much better if companies can make steady progress toward the right end state without making such costly mistakes.”. Digital transformation is having a moment. A new business unit called GE Digital followed in 2015, with the goal of turning GE into a technology powerhouse. The evidence is piling up that organization-wide digital transformation is challenging for many organizations. In terms of geography, digital resiliency investment had the fastest growth in the Asia/Pacific region. Another impo… I think we started with two or three questions but we added more and more questions about what works and what doesn't. Subscribe to the Banking Transformed Podcast “The next several months may put increased pressure on some organizations to respond to second waves of COVID infections and economic lockdowns, which will be reflected in our monthly surveys throughout the winter,” adds Minton. First Communication Problem Surfaces In Covid-19 Vaccination Campaign; General Takes Responsibility For Snafu, What Leaders Can Expect In 2021 And How To Best Prepare, How The Navajo Nation Is Transforming Math Education. Basically, one in eight got it right and then there were ranges of failure to really whereby more than 50 percent just didn't go right at all. Despite being expensive and embarrassing, digital transformation failure happens, and it’s often because of common mistakes. Related reading: Why it’s not too late for your digital transformation journey. showing that DX is critical for recovery in Latin America and the Caribbean — but on a global scale. A plan. Several studies have proved that digital is a non-negotiable responsibility of the CEO and the board. Unfortunately, most digital transformations are still run with IT project management methodology, which misses the need to completely change the culture of the organizations themselves. They forced us to sort it out. Some 40 percent of the people we talked to say they expect to be digitally transformed completely in the next three years. A year or two ago, I thought that failure rates might actually be declining. Takeaway: Quality over quantity. October 23, 2019. 9. So it became sort of a co-created process, much quicker than I ever would have expected which actually surprised me. Let’s go a bit deeper. (Research and Markets) Are there digital transformation failure statistics? As Melissa Swift, senior client partner for digital solutions at Korn Ferry, recently wrote, “The chestnut about ‘70 percent of transformations fail’ has been nicely debunked“ – this well-researched HBR article puts the proportion of completely failed transformations closer to one-tenth. Companies are beginning to report high failure rates for digital transformation, similar to failure rates for large-scale transformation in general.There are too many legacy systems, too much technical debt, and too many functional and business unit data silos to overcome. This may take 15 years. The second thing is everybody said this is a fundamental shift in how people had to think about how they interact, how they collaborate and work and if you don't spend time changing people's behaviors, you don't spend time changing culture and how people make decisions, all of this falls flat. Because if they're not aware of the challenges the probable truth becomes they're either going to trip up, fall over and be massively disappointed when it comes to doing it. “Technology can be a boon to society if businesses and governments prepare and adapt,” they write. This is especially important now with this year’s digital transformation acceleration. Michael is a partner at PulsePoint group. The news comes on the heels of Microsoft’s announcement of a significant digital transformation investment in Greece, involving the construction of new datacenters. Strategy must be a component. Results from the initial index show an overall steady increase in investment toward resiliency. started its digital transformation process in 2011 in an ambitious way — building a huge IoT platform. Microsoft is investing in Sweden thanks to the Scandinavian country’s strong commitment to sustainability and innovation. Without strategic focus, “the company was simply too large to transform all at once, especially without a true vision of what it was trying to achieve,” explains Morgan. James Macaulay Executive Education March 30, 2019. Companies with successful digital strategies (for example, the Washington Postturnaround) and countries such as Singapore (which is a leader in digital) are a testament to this. Here’s a quick round-up of some of the key reasons. Ultimately, Saliola and Islam explain, organizations and governments have to turn to policy to ensure that digital transformation can lead to a more successful economic recovery. Takeaway: Digital transformation for its own sake won’t work. In our research we found working with companies like USAA, Master Card and IBM all talked about having to go through this cathartic learning process before they really talked about where they would allocate. “The premium for skills that cannot be replaced by robots has been increasing,” they explain. Related Article: Failure to Launch: 5 Causes of Digital Transformation Failure Pitfalls on the Road to Digital Transformation: What to Avoid . Basic awareness about those challenges is probably the key indication of how well the process will be successful. In this case, digital transformation as less of an actual transformation and more of a pivot into a new business area,” writes Morgan. Most Digital Transformations Fail, Here’s How to Change That. And now we’ve identified the core seven driver of digital transformation and created an algorithm to help companies assess where they are in the process. Saliola and Islam reference World Bank and World Economic Forum reports that show (unsurprisingly) positions and organizations that have put WFH measures in place are more prevalent in wealthier countries and regions, and that women and young people are more likely to hold positions where WFH isn’t feasible. Loading... Unsubscribe from Synaptek? They think they can have strategy and technology and it just doesn't get them there fast enough or in a good enough way. “Investments in digital capabilities not only enable an organization to adapt to the current crisis but also to capitalize on the changed conditions.”. To say they expect to be digitally transformed completely in the wake of the we! Covers the impact of digital transformation have placed priority in cloud adoption, significant investments have been in... Full-Time work has been “ challenging the traditional boundaries of firms, changing global value chains and the gap expectation. 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