Companies that are in the middle of a digital transformation often want to take their time rolling out their enterprise digital transformation to make sure they do it right. They don’t want to be among the 70% of companies that fail at this critical process. However, there is a risk of moving too slowly. Here are the major warning signs that you need to accelerate the implementation of digital business transformation in your company.
Your Digital Channels Aren’t Producing Results
Digital channels like your website, mobile apps, email, social media, e-commerce store, and online customer support are the foundation of an enterprise digital transformation. If you aren’t getting the results you expected from these channels, you may be moving too slowly. For example, you want your customers to engage with your company across channels, but if you only have one or two channels currently up and running, you’re not getting the engagement you need to acquire new customers or retain the ones you have.
If your customer’s experience isn’t seamless, it’s time to look for a new digital transformation guide to get your digital channels up to par. Your branding, message, and content must be consistent across channels and your customer should be able to engage with you no matter which device they’re using or when they’re using it. If they can’t get support on their mobile device, for instance, and have to go to your website to get help, they aren’t getting the experience they need.
You’re Experiencing a Lack of ROI From Your Digital Channels
The lack of ROI is a huge red flag that you’re moving too slowly in your digital transformation. You should be seeing revenue increases almost immediately if your digital channels are operating at an optimal level. Most companies are under pressure to keep their IT costs as low as possible, but if you cut funding for one of your channels, you must be sure that it won’t affect your ROI from that channel. If your ROI does become stagnant, you are moving too slowly with your transformation.
Conduct an audit of your channels and their ROI to make sure your funds are allocated properly. Be sure this audit is as objective as possible and includes feedback from cross-functional teams so you have a complete understanding of how best to fund promising transformation projects without impacting the channels that are currently yielding positive ROI.
Your Employees Are Leaving
Digital transformation isn’t just about technology. It’s also about your work culture, and if it’s not moving into the future fast enough, employees will leave for a company that is already up to speed. For example, if you’re not offering remote work opportunities yet because you don’t have the infrastructure to support it, you’re behind the curve and need to accelerate your transformation.
You’ve already made the right decision to digitally transform your company, but if you’re not able to implement it with the necessary speed, you’re probably going to fail. And, even if you do fail, you’re going to have to face digital transformation at some point if you want to keep up with your competitors.
Fortunately, you can outsource much of your digital transformation tasks so that your project proceeds at the right pace. A project portfolio management company that offers a variety of project management tools will turn your company into a digital-first organization that will appease both your customers and your employees.