In order to succeed in today’s digital age, companies need to be able to continuously evolve their processes and products. Digital transformation isn’t just a buzzword; it’s now become a crucial process for businesses to retain their competitive edge. However, without the right guidance and expertise, organizations embarking on this journey can fall into the same mistakes that have derailed others before them. In the banking industry alone, an astounding $6.5 billion was invested in unsuccessful digital projects and programs just last year. Even with projects that were successful, almost half of them were either delayed or came in well over budget.

While digital transformation may seem daunting, we can learn from these previous pitfalls to create a better way forward. Here are five pathways that companies can take to successfully navigate this journey.

1. Commit to a strategy that’s right for your business

For a lot of project teams, it’s important to establish that their digital transformation efforts are aligned with their operational needs. As tempting as it may be to do what your competition is doing, it may not be what’s right for your business. You have to commit to a strategy that capitalizes on your specific strengths and weaknesses. By focusing on areas where digital solutions can have the most significant impact, you can drive innovation, enhance customer experiences, and gain a competitive edge in the market.

2. Set the right expectations for your digital transformation 

There’s a common misconception that making the shift to digital will be a quick and easy experience. However, the reality is that without proper guidance from experts, this process can introduce significant challenges and setbacks. Setting realistic milestones is crucial because many programs fail to launch due to stakeholders’ unmet or unrealistic expectations of the project.

3. Think about what processes need to change to support what you’re developing

It’s crucial to align your technology with your processes for a successful digital transformation. Many programs fail because they either focus solely on technology or business, neglecting cross-functional collaboration. Think about the operating models and organizational shifts that have to be reevaluated in order to enable your digital ambitions. Don’t overlook the need to change processes to support new technology, and vice versa.

4. Overinvest in culture and enabling people

As much as the technology used is vital in this transformation, the people who will be in charge of spearheading this project are just as important. You need to think creatively and resourcefully, not idealistically, about the kind of talent that will be in charge of these efforts. This involves upskilling your workforce, especially since much of this technology is new. It’s crucial to develop this capability internally, understanding that the technology may still be evolving and not fully mature.

5. Choose the right partner

Don’t let talent be one of the reasons that your digital transformation programs run into roadblocks. It’s beneficial to supplement your efforts with third-party providers who have extensive experience in executing the kind of solutions that you aim to develop. While this process may be new to your organization, partnering with experts can help you avoid the challenges that have affected others who have made the same shift.

Once you’re ready to begin with your digital transformation journey, it’s best to start by partnering with a company that fits all the criteria mentioned above. If you’re still looking for the right kind of partner that can handle all of your digital business needs, regardless of scale and requirements, then look no further than Pointwest. 

HOW CAN YOU START YOUR DIGITAL TRANSFORMATION JOURNEY?  

Your ideal partner should be equipped with the tools necessary to propel your business forward. Through our established track record and expertise, Pointwest is able to empower our clients to successfully navigate their digital journey. Our solutions are designed to take their business from Point A to Point B at the speed of digital.

We’re committed to helping organizations transform their operations for the future and unlock new opportunities for growth. Our digital solutions ensure that our partners are able to reap the benefits of new technologies and revolutionize the way their business operates.

Get in touch with us today to learn more about how we can help you achieve your digital transformation goals.