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Digital Transformation: Why almost 94% of companies fail!

Updated: Jan 15


LIVA digital transformation journey

Digital transformation is the fundamental rewiring of how an organization operates. It is fast-paced, requires new skills and experience, and is disruptive.


Entailing, but not limited to:

  • Talent Acquisition & Development

  • Technology Integration

  • Cultural Shift

  • Data Utilization

  • Customer-Centric Approach

  • Process Optimization

  • Collaboration and Partnerships

Did you know that according to McKinsey, BCG, KPMG and Bain & Company, the risk of failure falls somewhere between 70% and 94%?

liva digital transformation failure %

But why is that? Here is my take on one of the factors: Talent Acquisition!


In the realm of digital transformation, hiring someone who breaks the mould is key.

I believe in steering away from the conventional, avoiding the usual hires that maintain the status quo. Why? Because digital transformation isn't about sticking to the familiar; it's about innovation and change.



Albert Einstein once remarked, "Insanity is doing the same things over and over again, expecting a different outcome." This adage perfectly encapsulates the essence of what digital transformation truly means. To innovate and truly effect change, we must welcome diversity in thought and action.

✨ Pick someone who challenges the norm. While it is not always a bad thing to have someone who follows the norm, when it comes to innovation, seek out the individual who thinks outside the box and challenges the status quo. Ask yourself, who is fully prepared for the transformative journey that lies ahead?


How to identify such individuals:

  • Look for candidates with a diverse range of experiences. This will help to ensure that you are getting a fresh perspective on your digital transformation initiative.

  • Be open to candidates who come from diverse backgrounds. This could include people with experience in different industries, different educational backgrounds, or different cultures. Have they stepped beyond their comfort zone, perhaps relocating to a different city or even another country for education or work? Venturing out of familiar surroundings often necessitates acquiring new skills, adapting to diverse environments, and evolving to overcome challenges.

  • Don't be afraid to take a risk on someone who is not a perfect fit. The right person for the job may not be someone who is exactly what you are looking for, but they may be someone who can bring a unique perspective to your team.


🌟 Before you reject a candidate who doesn't think the way you expect them to, remember the success stories of leading companies and startups – the unicorns of our era.

What set them apart? They dared to be different, faced rejection, and embraced unique visions and ideas. In the face of laughter and disbelief, they persevered. These innovators transformed industries, shaping the society we know today.


Let us not shy away from the unconventional, but instead, embrace the disruptors, the visionaries who defy the odds.

Remember, the road to innovation is paved with diversity, and the success stories that echo through time are those of the daring, the different, and the determined.

In the face of challenges, rejection, and scepticism, they persevered and reshaped industries, leaving an indelible mark on the world we inhabit today.

So, as you embark on your transformative journey, be bold in your choices, seek those who challenge norms, and let their unique perspectives illuminate the path toward a future defined by innovation and change.


Want to dive deeper into how to be prepared for digital transformation?


Your transformative journey awaits—forge ahead, and may it be nothing short of extraordinary. 💡



- Lisa V. LIVA

 

Forbes

https://www.forbes.com/sites/forbescoachescouncil/2022/03/16/12-reasons-your-digital-transformation-will-fail/

McKinsey


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