Why 70% of Digital
Transformations Fail
Digital transformation is a major challenge for companies trying to leverage new technology to enhance their operations. Despite their potential for improving efficiency and profitability, a 2021 McKinsey study showed a staggering 70% of digital transformation initiatives failed. What can you do to avoid these common mistakes? Learn how you can ensure a 100% success rate in your digital transformation projects.
The Challenges of Today’s Digital Transformation
Digital transformation projects often fail due to a combination of technical challenges and human factors. According to the study the large failure rate can be attributed to:
- Poor Stakeholder Management: Employees are often not engaged in the process. They fear the unknown and do not have a vested interest in embracing new ways of working. Poor change management practices and messaging leads to stakeholders resisting new systems.
- Poor Project Planning: New projects and initiatives often lack clarity. Ambiguous goals and implementation objectives result in a lack of quantifiable outcomes for all involved.
- Poor Execution on Complex Requirements: Companies often have complex needs that cannot be met with one-size-fits-all solutions. Projects often expand beyond their original scope, leading to slow decision-making, delays, and increased costs.
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How to Succeed in the Digital Era – Overcoming Challenges
To succeed in digital transformation, it’s vital to address challenges and overcome resistance. This involves clear communication of benefits, gaining employee buy-in, and setting a clearly defined scope and outcomes. Incorporating these elements from the outset leads to a more engaged workforce, measurable results, and projects that stay within scope. This comprehensive approach is necessary for effective digital project management and ensures short and long-term success.
A 100% Digital Transformation Success Rate
Verified stands out in our digital transformation projects by addressing these challenges with a proven approach focused on stakeholder engagement, and 22+ years of industry-based, practical implementation strategies. We have achieved a 100% success rate for implementing small to large scale digital projects by employing proven project strategies such as:
- User-Focused Solutions: Verified builds solutions focused on end users to ensure high adoption rates, seamless integration into existing workflows and minimising resistance to change.
- Phased Implementation: A proven step-by-step methodology is used for project scoping and implementation, reducing risks and ensuring seamless transitions to new products and processes.
- Agile & Customisable Project Execution: Verified’s solutions are simple yet customisable, adaptable, and agile, enabling our platform to meet your specific needs; and
- Comprehensive Support: From stakeholder training documentation to Australian-based help desks, Verified provides ongoing support pre and post implementation to ensure continued success.
Verified’s approach leads to significant savings in time, costs, and resource efficiencies. Our clients often report immediate and long-term benefits, from improved operational efficiency to enhance compliance with regulatory standards.
Ensure your digital transformation is a success with our proven approach and solutions. Want to learn more? Feel free to give us a call on 1300 133 950 or send us an email.