That headline is according to 451 Research, as shared in an article by Marc Wilczek at InformationWeek. Businesses must stop dragging their toes about digital transformation if they fall into that percentage, because complacency is the death knell of business. In his article, Wilczek shares some more insights he has collected from various reports.
Transform or Else
He offers this pretty explicit quotation from Ritu Jyoti, Research Director at IDC, about how much more effective those deeply engaged in transformation are:
Leading digital organizations are exploiting data insights to deliver personalized value services, optimize customer experience, explore new opportunities, and reduce the overall cost of doing business. The world’s most admired and best-run businesses use IT for their competitive advantage. The groundbreaking agility, flexibility, and power of cloud computing has businesses exploring ways to adopt cloud functionality and economics. Hybrid cloud and multi-cloud deployments are becoming the new norm.
However, McKinsey finds that seven in 10 change programs fail to accomplish their objectives, either because the culture refused to change or leaders did not buy into them enough. This reiterates how important it is to transform with purpose. If leadership says, “We have to transform because everyone else is doing it,” people will just shrug their shoulders. Instead, leadership needs to paint a clear picture of how transformation is exactly what the business needs to remain competitive and exploit opportunities.
Toward that end, Wilczek says CIOs should do a few things:
- Understand the goals and intentions that underscore business strategy and assist in crafting the roadmap that enables strategy
- Use IT assets to strategically disrupt the marketplace, target new customers, and generate revenue
- Pursue innovation actively
- Align with line-of-business peers
For further thoughts on this subject, you can view the original article here: https://www.informationweek.com/over-60–of-organizations-have-no-formal-transformation-strategy-/a/d-id/1330978