This year enterprises are expected to invest $1.3 trillion (USD) in digital transformation initiatives to apply digital capabilities to improve efficiencies, increase customer value and create new monetization opportunities. Tragically, research tells us that 70% of these initiatives will not reach their stated goals. That equates to over $900 billion worth of spend that will miss the mark. This is mismanagement on a colossal scale.
Why does this happen? I believe there are two core problems.
Transformation success is completely dependent on employees working together to achieve the program’s goals. The whole company, not just a few people on the same team, must unite to drive success. Unfortunately, most organizations are siloed, with functional areas and business units struggling to communicate, coordinate and collaborate in relation to transformation initiatives.
It gets worse. The diverse tools, data repositories and workflows across disparate functions exacerbate enterprise disorganization, resulting in a work ecosystem that is largely analog and siloed. Hence, a relatively small portion of a knowledge worker’s time — 39% according to our study — is dedicated to their primary job duties. Too much of the workday is swallowed up by email, administrative tasks and meetings. Substantial time is lost in the frustrating “shadow work” of trying to navigate the seams within and across silos while doing cross-team work.
Source : Forbes