7 out of 10 digital transformation projects fail. How to avoid that.
Only 30% of digital transformation projects met or exceeded their target value, according to a report from Boston Consulting Group. Forbes, McKinsey and others report numbers much like this. Add it up and digital transformation efforts, which are critical during the COVID-19 pandemic and new normal, need some work. BCG said it its report that more than 80% of companies plan to accelerate digital transformation efforts.
Question the arise, how to avoid failing projects?
Success factors include:
- A strategy with clear goals and business outcomes with the why, what and how.
- Commitment from the CEO to middle management for accountability. BCG noted that middle managers are often overlooked.
- Deploying high-caliber talent and freeing up resources.
- Address roadblocks quickly and adapt to contexts and missions.
- Monitor progress toward outcomes with clear metrics and targets around processes.
- A business led modular technology and data platform.
Read more: 5 min