McKinsey’s 2018 article, “Unlocking Success in Digital Transformations” paints a bleak picture for the success of digital transformation. They indicated that, while more traditional transformations have shown a success rate of less than 30%, digital transformations also appear to be difficult. Only 23% of respondents indicated that their organization’s digital transformation has successfully improved performance. And only 16% of these same respondents indicated these changes were also sustainable.
The latest in operational and digital transformation through people.
Digital Transformation is everywhere, splashed across websites and publications, in all industries around the world. This single term, however, has a vast range of meanings. There is no one size fits all approach to Digital Transformation. Each company starts from a different place. Each company has unique capabilities and challenges. Each senior executive must tailor the company’s approach to Digital Transformation to fit their own unique situation.
Market pressures, new opportunities and organizational drift have compelled you and your leadership team to transform the company. You have laid the groundwork – clarified strategy, identified differentiating capabilities and assessed gaps. Yet you know, both from studies and in your gut, that most transformation efforts fall far short of expectations. For most firms much of their investment in transformation proves wasted.
Contrary to popular myth, front-line managers want to effect change and want to commit to making it happen. Unfortunately, they feel helpless. Senior leaders risk losing their greatest advocates – the lynchpin players in transformation.