According to Forbes, organizations are expected to invest $1.3 trillion (USD) in digital transformation initiatives this year. However, research points to the fact that 70% of these digital transformation initiatives will fail. The problem is that companies aren’t actually transforming, instead they are only attempting to transform by wedging new mobile applications, engagement layers, or channels on old and brittle infrastructure. Frankly, this is not transformation, this is stagnation.
Here are some of the most common and expensive mistakes that send well-intentioned digital projects to their doom.
Successful digital transformation projects aren’t built around shiny objects. They deliver true value to customers. Approach transformation from the customer’s point of view. What will truly fill a need, delight and support a customer along the buyer journey? Use both quantitative and qualitative methods to formulate and validate your hypothesis:
Failing to plan carries the opportunity cost of delayed or abandoned projects, which translates to lost customer sales while giving your competitors time to get ahead.
Define your …read more