Last year, a McKinsey study documented that companies spent more than $1.3 trillion on digital transformations 70% of which failed to reach their desired outcomes which means that over $900 billion went to waste.
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Entries by woetmrc
For businesses of any size to be successful today, they need to think and act like a software company. Whether they are actually developing software or just deploying and leveraging it, they need to configure their business model to operate like one.
The frequency and pace of change from digital disruption necessitates that companies can no longer rely on traditional planning and decision-making models. Simply put, they are too slow, too rigid and too process-driven to adapt to the new speed of business.
Michael Simmons has an unbridled passion for teaching people how to learn. In his work with successful leaders he has come to the following conclusion: “At the highest levels, learning isn’t about something you do to prepare for work. Learning is the most important work. It is the core competency to build. It’s the things you never delegate. And it’s one of the ultimate drivers of long-term performance and success.”
When Steve Balmer became CEO of Microsoft in 2000, the stock was trading at $40.00 a share. When he stepped down as CEO in 2014, the stock was trading at $40.00 a share. During his entire 14 year tenure as CEO of Microsoft, the stock never traded above $40.00 a share.
To successfully compete as a digital enterprise requires starting at the top with the CEO and Board agreeing on the right digital strategy for the company and a game plan to implement it. That is virtually impossible to do if the majority of board members are not digitally savvy.
As the old adage says, what gets measured gets done. So, if you are measuring the wrong things then the wrong things are getting done. Less than 30% of companies have a process in place to measure the return on investment of their digital technology projects.
A recent Harvard Business School study documented that “leading digital companies generate better gross margins, better earnings and better net income than organizations that have not adopted a digital-first business growth strategy.
The myriad of new disruptive digital technology innovations has raised the leadership bar for success. Companies can no longer pay lip service to innovation as an addendum to their business growth strategy if they want to compete as viable digital enterprises.
Failure to attract and retain top talent was the number-one issue in the Conference Board’s 2016 survey of global CEOs ahead of economic growth and competitive intensity.
A McKinsey Global Institute study found that employers in Europe and North America will require…
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