When it comes to digital transformation, the key to success lies in more than just technology implementation. Tim Hertzig, a principal at Deloitte, emphasizes the importance of incorporating change management and industry-leading practices to achieve the desired value from these projects.
According to Kristi Kaplan, another Deloitte principal, technology alone does not drive value – it’s how it’s implemented and adopted within an organization that creates real value. To ensure lasting success, executives need to have a long-term transformation plan in place.
Deloitte’s analysis reveals that a strategic approach to digital transformation can unlock significant market capitalization for companies, highlighting the importance of aligning strategy and technology investments.
Best practices for implementation
Ensure inclusive governance: Successful digital transformation projects involve stakeholders from various departments, including business, HR, finance, and IT. This inclusive approach fosters transparency in decision-making and progress tracking, ensuring all executives are aware of the project status and necessary actions.
According to Kaplan, lack of transparency and stakeholder involvement can lead to IT-driven projects instead of true business transformations. Transparency and ownership in areas like change management and technology adoption are crucial for minimizing risks.
Hertzig emphasizes the need for executives to have visibility into the ROI of technology investments and transparent communication to address issues before they escalate. This transparency should be ingrained in the organization’s governance structure.
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