Extra-condensed knowledge

This is a gold knowledge article from THE FINANCIAL EXPRESS that provides key insights into the reasons why digital transformation fails.
CONTEXT

g-f(2)174 THE BIG PICTURE OF THE DIGITAL AGE (3/20/2021), geniouxfacts, Executive guide of golden knowledge to fire up your unlimited growth.
g-f(2)163 THE BIG PICTURE OF THE DIGITAL AGE, geniouxfacts, The Current Story Illuminates a Successful Path, 3/10/2021.
g-f(2)151 The Big Picture of the Digital Transformation, 3/1/2021, geniouxfacts, How To Succeed At Business Digital Transformation.
g-f(2)153 The Big Picture of Business Artificial Intelligence (3/3/2021) in a Single “g-f KBP” Chart

Statistics show that 70% of digital transformation efforts fail!
Reason? Most digital transformations start from the technologist's desk. Technology is often synonymous with transformation and is over-prioritised. Things often ignored are people, culture, and mindset.

Genioux knowledge fact condensed as an image

Condensed knowledge

CONTEXT

Statistics show that 70% of digital transformation efforts fail!
Reason? Most digital transformations start from the technologist's desk. Technology is often synonymous with transformation and is over-prioritised.

Things often ignored are people, culture, and mindset.

Managing change requires a different rulebook. This process doesn't have a track record as it deals with the most volatile aspect of human beings-their emotions.
The Resistance

Processes and automation that are introduced into core business functions as a way to save time and money are perceived by employees as a threat with a fear of being replaced. Employees are generally overwhelmed with the complexity and pace of change.

So, what contributes to the failure of the millions of dollars spent in digital transformation efforts? And how must companies tackle the mistrust in the process of change or in the intentions of the change agent? Where do organisations go wrong?

Change management is an afterthought

All major transformation activities start with their focus on technology implementation.

Introducing too much too soon

For employees to cope up with the change, one needs to be sensitive towards how much a change disrupts their daily tasks and performance, their learning curve, and the upskilling.

Not aligning people's interests with the business vision

People are driven to change when it is aligned with their personal aspirations.

Change management is a project management activity

Change management usually gets a stepmotherly treatment and is unbudgeted because the value it brings is an uphill task to quantify.

Ignoring the 'Resistors’

According to Harvard Business Review, in the first half of the transformation, no organisation has the momentum, power or time to eliminate all the obstacles. But the big ones must be confronted and removed.

Category 2: The Big Picture of the Digital Age

[genioux fact produced, deduced or extracted from THE FINANCIAL EXPRESS]

Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

Type of validity of the "genioux fact".

Inherited from sources + Supported by the knowledge of one or more experts.

Authors of the genioux fact

Fernando Machuca

References

Five reasons why digital transformation efforts fail, Priyanka Agrawal, March 28, 2021, THE FINANCIAL EXPRESS.

ABOUT THE AUTHORS

Extracted from LinkedIn

Priyanka Agrawal

Country Head - Isobar Counsulting | Co-founder, Chief Strategy Officer - Fractal Ink

About

Over the past 20 years, I have worn multiple hats; entrepreneur, mentor, evangelist and designer being among them. Each of these has given me the ability to switch between them and help drive full value for my clients and bring delight to their consumers. What I bring to the table is not my education, nor my number of years of experience but my constant endeavour for innovation, disruption and value creation.

Creating digital transformation roadmaps for companies, handholding them to internalise innovation culture and operational efficiencies are my strengths. Driving companies towards their full potential on these transformational journeys is unique for each company. Their core values, challenges and aspirations are different; hence the cookie-cutter approach to problem-solving needs to be changed to customised one for each company.