Digital transformation: Is your company taking the right road?

BUSINESSES have been actively embracing digital transformation over the past few years, pouring in billions of dollars, yet nearly 70 per cent of all initiatives aren't reaching their goals. An IDC analysis released earlier this year estimated that of the US$1.3 trillion that organisations spent on digital transformation in 2018, more than US$900 billion went to waste. The moot question is, what can businesses do to course-correct their digital transformation journey?

The good news is technology has moved from being a siloed back office function to the centre of boardroom and management discussions. But, the real difference between technology implementation and digital-first-mindset-led business strategies remain unclear to many. Integration of digital initiatives with the overall business strategies remain unaccomplished. Most businesses aren't yet able to effectively communicate their digital transformation vision and plans, to generate buy-in across all layers of the organisation.

And, when Covid-19 struck, cutting both ways, businesses were pushed to face new challenges and make big decisions about newly-created opportunities, forcing the crux of the issue to the fore. Business leaders and organisations found themselves searching for the necessary digital acumen and skills at all levels, to not only comprehend the dynamics of potential digital world risk, but also prepare their teams for the future.