Digital transformation seems the new buzz word in organizations. No wonder, given what you can do for your clients, with all the computing power, data, analytics, artificial intelligence, and other new tools. While the opportunities seem unlimited, the reality is harsh. Forbes estimates that over $900 billion worth of spend on such initiatives will miss their mark; mismanagement on a colossal scale.
How can you avoid such mismanagement of resources in your organization?
How can you make sure your digital transformation and innovation efforts pay off?
This question has kept me busy, since I left Fluor Daniel now more than 18 years ago. I thought to share some of the lessons I have learned since.
I condensed these lessons learned into three guidelines, to help service organizations create a pay off from their digital transformation and innovation activities. In the first video below, I explain what these guidelines entail and why they are important.
However, I realized that without providing practical guidance on how to put these guidelines in practice, they would be worthless.
So, the second part of this blog, contains a downloadable worksheet and a second video that explains how to implement these guidelines. Including metrics and examples of how others have taken action to ensure their innovation and digital transformation activities pay off.
Pay off guidelines
The same Forbes article as mentioned above, mentions that 70% of of digital transformation projects fail because of lack of metrics and teamwork. The guidelines are to help you avoid these common pitfalls.
Watch the video below, for an explanation on the three guidelines:
Pay off worksheet
The worksheet provides you with exercises and example metrics that you can use, when implementing these guidelines in your organization.
You can download the worksheet below.
Pay off worksheet - explanation
This second video provides examples on how to implement these guidelines. It provides practical guidance on how to go about using the worksheet and getting to the desired goal of making your innovation efforts pay off.
Making your digital transformation and innovation activities pay off
Goal of the guidelines is to leverage and optimize what you currently already have in place in such a way that the sum of all innovation and digital transformation activities pays off. While ensuring that all ongoing innovation activities are aligned with the strategic direction of the organization.
If you could use some help with the implementation of these guidelines, please contact us. We can give you specific tips and tricks on how to get started in your organization. We can help you get this done and accomplish your goals.