.I have seen executives move in and out of their roles quickly due to failed digital transformation efforts. These efforts fail for various reasons. Here are a few.
It's not like waving a magic wand. Expectations on timing and scope tend to be unrealistic in many cases. Failing to recognize that digital transformation is a multi-year effort can be a big mistake for leaders.
The devil is in the details and digital transformation efforts often fail due to poor execution. Prioritizing technology roll-out, governance, user adoption and measuring the right metrics needs to be thoughtfully orchestrated and deployed.
Change management efforts to transition from old to new are underestimated. Modernizing legacy organizational structures, ways of working, systems, processes, and tools can be the biggest hurdle to success.
"There’s a learning curve to digital transformation, and most companies need to walk before they can run. The key is to start with modernization efforts that don’t transform the business—much less create a new one—but which create the capacity to succeed in more ambitious efforts later on," says Dr. Didier Bonnet.
Link to Dr. Didier Bonnet's HBR article on the subject in comments
Diversity is Good Business
Diversity. It’s not just good morals, it’s good business too.
I read a piece from The One Brief recently noting that companies with more diverse management teams have 19% higher revenues due to innovation.
Why? Because having a diverse set of perspectives in the room ensures that your company remains vigilant in its search for newer and better ways of doing things.
It makes your business more profitable, and it makes it safer as well. Innovative teams help navigate risk and protect companies from current and future disruptive forces.
How do I know? Because I see this dynamic play itself out very often. Companies that take on genuine diversity efforts see benefits in areas they couldn’t have anticipated, and that makes my job really exciting!
I know that “diversity” can mean a lot of different things, and there are a lot of ways to meet diversity goals. I’d be excited to hear from you in order to hear all sides of this interesting story.
Have you heard any good examples of diversity initiatives lately? Let’s share success stories in the comments.