Woe to Wow
Woe to wow. #woetowow #woe2wow
In 2019, over $4 trillion was spent on technology globally. Furthermore, businesses spend up to 7% of their entire revenue on IT costs. To undertake a digital transformation, many companies have invested heavily in a variety of digital solutions. As well as this expenditure, the UK consultancy industry has grown rapidly becoming a £9 billion a year spend as firms bring in experts to help with their digital transformation.
Yet, despite the costs, companies often face woeful results. At one end of the spectrum the pain and pressure Senior Managers feel as the initiatives, that they sponsored, struggle to deliver anywhere near the promised “return on investment“. For others a sense of awakening as they gain a much more realistic understanding of the technical complexity and organisational challenges that lie ahead.
It is easy to rubber-stamp the digital transformation budget when providers and consultants boast exceptional ROI. However, in far too many cases the initial challenge is to get a core solution working at all. And once it is then the ROI is often only going to become apparent if the business can utilise the solution to its full potential.
Far too many digital transformation projects fail, in part or full. Why?
- The digital transformation does not align with business objectives or solve any business problems
- There is no planning or preparation to help realise the benefits of the technology shift
- The cultural challenges of adopting new technologies
- There is a fear that technology will replace humans work
- The total costs (Tech + Consultants) balloons so much that the ROI becomes unachievable.
The first step of ensuring a successful digital transformation project is to focus on business challenges and business objectives. Never lose sight of the fact that you are doing something because it’s a problem that, when solved, delivers benefits to the business.
Once you know what your business really needs then look at the technology, get an idea of how technology can help and the results you'd like to see. Then you can begin work on a strategy for selection, testing and implementation.
Start small, aim for quick wins and look for the ways you can support your team rather than replace them. Then engage, educate and discuss. With full employee buy-in and training the transformation can be a resounding success. Morale can improve, your team and technology can work together in harmony and you should realise increased performance. A clear example of this being the Preparing for the future of Artificial Intelligence report commissioned under President Obama. Given images of lymph node cells it reported that humans had a 3.5% error rate when examining radiology images. AI had a 7.5% error rate. When they worked together humans, assisted by AI, had an error rate of just 0.5%.
Metro's "Woe to Wow" projects are short and focused. They deliver a core capability that helps businesses better understand how technology can add transformative value, covering both people and technology aspects.
- Deliver a "working demonstrator/initial solution"
- Fast track your learning with first hand experience
- A working solution to build on
- Engage your people and get early insights in the human aspects
- Helps you to better plan and prepare for a wider project
The next time your business considers a technology initiative contact Metro. Take the first steps in a low-risk high-value way.
Metro Communications Ltd
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0203 906 1400