Categories
Digital Transformation

Digital Transformation Failure Rate

What is the digital transformation failure rate? And why do a lot of businesses lose their digital transformation or Dx works?

Let us get to know more in this article.

Digital Transformation Failure Rate

The Dx failure rate is very high. About 70% of businesses doing fail in their Dx works. Also, about 73% of firms failed at giving market benefit to their Dx works.

Then, 78% of them fail to move their Dx goals. This means only 22% of companies work in their Dx.

So, these numbers scream bad news. What are businesses leaving?

High Digital Transformation Failure Rate Reasons

Not Knowing Market Chances

One of the most important reasons why businesses fail at their Dx is due to one goal. Not being able to see more changes in the market.

So, because they hold only to what they are already doing, they fail at their Dx. Also, businesses today need to go digital.

And there is part of other things businesses can do when they do so. But companies fail to see these.

Not Getting Close to Buyers

One of the centers of doing Dx is to meet client needs. And also better the customer contact.

So, those businesses who know their clients well will win the match. But some firms fail to do so.

These companies fail to see the value of getting to know their client. Making their Dx visit a big loss.

Lack of Connection and Vision

Dx is not something that you do now and will get over and finished with the next day. This takes months or even years of the plan and making those ideas to the truth.

Here are some real-life cases of those who needed time in making their Dx:

  • Nike – 2 years
  • Microsoft – 5 years
  • Best Buy – 7 years
  • Target – 8 years

So, because the journey takes a lot of time, businesses need to have a clear connection. Then, they also need to have a clear vision of the mission.

But a lot of them fail in this field. They fail to talk to each other about each team’s growth, any changes, etc.

Also, some fail to take everyone on the same side by not giving them a clear idea.

Fear of Change

One of the biggest ideas to check before doing Dx is that everyone is on board. Businesses need to make sure all are ready to take the changes Dx will make.

But some businesses face the fear of change. It is even harder to deal with if the officers themselves the ones scared of change.

Thus, it becomes a big test for everyone in the business. They need to consider the pros of doing Dx versus the concern that they have.

Digital Skills Gap

The digital skills gap is real. And it is one of the causes why a lot of Dx are missing.

Because any smart plan of doing Dx can be put to waste without someone or a company to make it true.

Thus, businesses must have the right skillset before doing Dx. Doing so makes it possible for all plans to be a fact.

Categories
Digital Transformation

Digital Transformation Numbers

Digital transformation numbers. How do they see like? To get to know the business better, we first need to know its statistics.

But first, let us start by understanding what is a digital transformation or Dx. Do you know what it means?

Read on to know more.

What is Digital Transformation?

Dx is a process where businesses make use of techs to better a lot of their fields. Like:

  • business method
  • culture
  • customer action
  • customer service
  • product control
  • services
  • back office

Thus, this journey is taking lots of businesses like a storm. Companies, big or small, are doing a Dx in one form or another.

Also, it is now important for big companies to do this journey to keep up with rivals. Thus, making them invest in techs to better all fields of their job.

But it is vital to note that tech is not the end of the journey. It is only the enabler to make the Dx a success.

Also, the term Dx is not new now. But its meaning is increasing as time goes by. Today, it now means the digitization of stocks and services. For what? For the end-user.

So, today we can see a lot of changes in a lot of areas. From tourism, learning, banking, media, and more.

Thus, making the journey more on being when and how. Meaning, if you won’t do one, it is hard to stop.

But everything is simpler said than done, as they say. A strong Dx needs a lot of time to grow.

And fruits of work will take time to develop, so patience is the key for businesses doing the journey. And it is important not to rush and reach many aims at once.

But while the look is on fire right now, it does not return a hundred percent profit rate. 

Why is that? And what are the other numbers on Dx?

Digital Transformation Numbers

What are the Dx numbers that you need to understand? Here are some:

  • 70% of businesses fail their Dx tour
  • Only 22% of businesses see success in their Dx
  • About 40% of tech purchases are going to be about doing Dx. Meaning, investments of up to a large $2 trillion.
  • The two roles that manage the Dx from the top-down are the CIOs and the CEOs. The CIO has a 28% say in the journey’ plan while CEOs have 23%.
  • Around 70% of businesses today are doing some sort of Dx or are making a plan to do one.
  • Six out of ten managers think that IoT will be important for their success in the coming years.
  • About 68% of people think that both humans and AI will work more exactly in the future.
  • 71% of people think that the workforce is an important part of doing a Dx.

Also, as per one study, the top three perks of doing Dx will grow to be:

  • 40% on better operational ability
  • 36% on more active time to market
  • 35% is meeting client needs and demands

So, are you doing a Dx now? What do you think of these numbers? Do you agree with these or not?

Categories
Digital Transformation

Digital Transformation Statistics You Need To Know

How is the digital transformation statistics looking like as of recent? Many companies now do some form of a digital transformation (Dx).

But what does this mean? Let us start first by getting to know what Dx means. Then, we will dive into its recent statistics.

So, keep on reading to know more.

Digital Transformation Definition

Dx is the process in which companies make use of technologies to better these areas:

  • business process
  • culture
  • product delivery
  • services
  • customer experience
  • customer service
  • back office

Today, doing Dx is taking a lot of companies by storm no matter the size. Why? Because it is now the key to survival.

Dx is going beyond becoming something as only nice to do. Today, companies need to do this to make sure they rise against rivals.

Also, it is very crucial to meet the modern customer’s wants and demands. Which is something that is getting higher each time.

But take note, techs are not the endpoint of doing the journey. It is only a key enabler to ensure success.

Further, as time goes by, the term Dx is evolving. It now means digitizing the products and services for the end-user. Who are these?

The end-user may mean the employees, customers, or business partners. Thus, we can see a lot of companies in many sectors doing the journey.

And no one is exempt. May it be in finance, education, media, manufacturing, and more.

But doing the journey does not give a hundred percent success rate. Why so? Let us take a look at the Dx statistics.

Digital Transformation Statistics

There are many numbers that we can see about the Dx journey. But here are the ones you need to know:

  • 70% of companies today are doing some sort of Dx or is making a plan to do one
  • There is a 70% failure rate with companies doing Dx
  • Only 22% of companies see success in their journey
  • CIOs and CEOs are the top two roles taking the lead in doing a Dx from top-down. Around 28% of CIOs have a say in their company’s strategies. While it is 22% for CEOs.
  • Around 40% of tech investments will be for Dx. This will amount to up to $2 trillion.
  • Six out of ten executives think that IoT will drive the success of their Dx in the future
  • 68% of people think that humans will work closer with AI in the coming years
  • 71% of leaders think that their workforce is vital to the success of doing Dx

When it comes to doing Dx, the top three benefits are:

  • 40% on better operational efficiency
  • 36% on a faster rollout to the market
  • 35% on faster meeting with customer needs

Last Words

Yes, doing Dx may sound hard at first. You may be scare about hearing of the high failure rate of doing the journey.

But companies like WalkMe can help a lot. They can guide and give you the platform you need to succeed in the journey. So, go ahead and see if they are a perfect fit for your company.