In 2016, American car giant Ford attempted a digital transformation by creating a segment called Ford Smart Mobility to build digitally-enabled cars.
Long story short. The unit reported a loss of about $300 million in 2017.
No matter the size of your company, a digital transformation strategy could still fail.
The truth is… an overwhelming 70% of digital transformation initiatives fall short of their objectives, as research from Boston Consulting Group shows.
We’ve provided some critical reasons why these failures happened.
❌ Having the wrong mindset. For example, when the rest of the organization views IT as a “necessary evil.”
❌ There are no clear goals for implementing transformation efforts. Not defining clear goals means your organization will end up with people going in different directions.
❌ Companies fail to consider the technology necessary for their transformation efforts.
❌ Some companies give up too early. Such a fail-fast attitude doesn’t give projects the time they need to succeed.
We’ll like to add that digital transformation also includes company culture, DNA and specific business models, which isn’t only around infrastructure and IT.
If you want to get the most out of your digital strategy, consult an expert who can help you succeed.
Synvance, as a management and technology consulting company, can help you with your critical transformation activities, from identification to business-as-usual.