It’s time for companies to reconsider their long-held beliefs about the perils of digital transformation. In fact, these beliefs are quickly turning into myths that need to be debunked systematically.
Digital transformation is one of the top concerns for businesses around the world in the post-pandemic world. Companies have understood that, if leveraged timely and in a business-results-driven manner, technology can play a huge part in not only business continuity but also pushing the business forward.
Despite the fact that digital transformation was a goal for most businesses even before the pandemic, the progress made in the last year has been tremendous and faster than in the previous few years. Businesses are more eager to advance further and faster on their digital transformation roadmap now that they have seen the benefit they can derive from this effort.
Businesses can face several hurdles on their digital transformation journey, the most significant and detrimental of which are the myths surrounding it. Here are some myths about digital transformation debunked so that businesses can be confident in taking the next step in their journey and not be discouraged when obstacles arise.
Myth #1: Digital Transformation Is All About Technology
The majority of conversations about digital transformation are around technology. While technology is vital, it is not everything, and what matters most to businesses is value.
Also Read: Signs To How Digital Transformation Could Fail
The majority of digital transformation initiatives fail due to a lack of leadership support. Rethinking the business, how services and products are delivered, and how consumers are engaged and retained is too big a transformation for the IT department to handle alone. The management team and key stakeholders within the company are responsible for digital transformation, and without their commitment, employees at the grassroots level would be unable to drive and respond to the cultural and functional changes essential for initiative to succeed. It’s a concept that needs to be accepted by everyone in the company.
Myth #2: Digital Transformation Is Costly
The most significant impediment to digital transformation is generally the cost. Successfully transforming the way a business runs and increasing productivity, however, is the first step toward strategic cost optimization and may help an organization better align its IT budget with business objectives. In the long run, moving the budget from maintaining an inefficient and unproductive environment to deploying enabling technologies can save significant IT waste and debt.
A successful digital transformation decreases paperwork, improves data transparency, fosters cross-team collaboration, and aids resource optimization. If properly planned, the benefits and return on investment achieved from digital transformation far transcend the initial cost to implement change.
Myth #3: Digital Transformation Necessitates Workforce Reduction
Digital transformation does not imply a reduction in workforce. Employees have more opportunities as a result of digital transformation. Employees can thrive, grow, and uncover their true capability and contribution with enhanced automation, greater insight, and transparency into essential processes and systems. Digital technology is meant to supplement, not replace, the skills of the employees.
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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.
