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It’s heartening to know that organisations who embark on the journey are realising the fruits that digital transformation offers. 56% of CEOs say digital transformation has increased their profits. The executives that sponsor these activities must be smiling as they see productivity increase, costs reduce and the share price tick up.
So, with all this promise why do only 16% of organisations that embark on a digital transformation succeed? (see — Why 84% Of Companies Fail At Digital Transformation).
What are the barriers to digital transformation success?
The top 5 common barriers to success include:
- Lack of vision and digital strategy
- Risk averse culture with inability to experiment quickly
- Lack of talent/skills required
- Inability to collaborate across silos
- Legacy systems
Our experience has shown us that organisations lack direction and focus too much on the technology – a hangover from IT leading the digital strategy. Human and cultural elements that ultimately make change successful are often overlooked and, in some instances, just ignored.
We know from research conducted by Gartner that successful implementations pay dividends.
So how do you increase your chances of success?
5 steps to increase your chances of digital transformation success
We recommend the following 5 steps below to increase your chances of a successful implementation:
1) Set a clear vision
Be clear about why you are embarking on this change. Articulate what the future will be like so that your stakeholders can visualise what the ‘nirvana state’ will look like. More importantly stakeholders need to understand how it will positively affect them to gain their early buy-in.
2) Determine your digital maturity
At Butterfly we conduct a ‘Fitness Test’ so our clients can assess where they currently stand compared to their vision. We assess this against our Methodology to identify the gaps and develop a plan for ‘next steps’ – documenting in a clear way what is required to bring the overall vision to life.
3) Think big, act small
Develop a roadmap with the core activity and dependencies outlined. We suggest focusing on small discrete deliverables at a time. Think of these as ‘building blocks’ that deliver value in themselves, but as you add blocks over time you achieve a wider change.
4) Define and measure success
When defining your strategy ensure you as a business agree what success looks like at the outset, and just as importantly how you will measure it. Ensure you have the right analytics tools in place to capture this information.
5) Continuously improve
Measuring success through the implementation of each ‘building block’ is an opportunity to learn and adjust. Building continuous improvement into your model allows the business to adapt to real-time feedback, enabling you to bake your learning into future developments.
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