Many business trends come and go at the blink of an eye, making it easy to turn the other cheek and wait for them to fizzle out. In today’s climate, that trend is digital transformation, and many executives across a variety of industries have understandably been reluctant to embark on the endeavor. It’s big undertaking, and a significant investment of time, resources and budget, and for some organizations operating in industries that may not be as digitally mature as others, the mentality is often, “We have time to implement this down the road.”
But delaying action in the present means risking a company’s survival in the future. And the fact of the matter is every industry, regardless of its technological maturity, has competitors already capitalizing on a digital strategy and positioning themselves to capture market share. If you’re not thinking about digital transformation now, it can put you years behind the competition as it takes about that long to strategize and execute a complete digital transformation.
The time to consider digital transformation is now. But the question for many remains: Where to begin?
Because digital transformation is a subject area that has serious implications across the business world, I dedicated this PM360 article, “Is Your Organization Due for Digital Disruption?” to exploring the true definition of digital transformation, signs your company is overdue to make a digital investment, and the three first steps to take when beginning the journey. There are also some startling statistics and data sets from Forrester, KPMG and MIT Sloan’s Center for Digital Business to take into consideration.
Read the article here.