How to beat digital transformation fatigue

It’s safe to say that by now, most businesses are now in some phase of digital transformation. Most are driven by objectives such as improving critical processes, revamping products and services, or increasing agility across the value chain.

But not all is well.

Many studies suggest that the overwhelming majority of digital transformation projects fail, stopped by some unforeseen roadblock or otherwise overwhelmed by the very scale of their ambitions. Our own research at Procensol found that nine out of ten financial services leaders said they do not feel “well-equipped or prepared” for digital transformation. And these are senior executives with years of experience who were deep into DX projects.

Digital transformation initiatives fail for many reasons: Businesses try to do too much without establishing the right foundation. They focus on quantity rather than quality. Some try to separate digital initiatives from the rest of the business, or they rush haphazardly into a wide-scale project with only a blurry idea of future ROI. And all share a common fear of being left behind by newer, more nimble competitors.

But in my experience, the biggest reason by far is digital transformation fatigue.

In his book Start with Why, Simon Sinek states, “All organizations start with why, but only the great ones keep their why clear year after year.” He points to classic examples of large businesses losing their purpose, including Volkswagen and Walmart, both of which began with great visions for the future that slowly eroded over the years. Both of these organizations, and many others, ran into trouble because they lost their direction.

Here’s how to rediscover (or reinvent) your “why” and alleviate digital transformation fatigue.

Gather your executive team, your co-founders, shareholders, and anyone else who has a substantial stake in your business. Forget about profit and loss statements and financial forecasts for the moment and take a trip back in time. Why was the business started in the first place? Why are you now undergoing a digital transformation?

In many ways, our current rush to digitally transform can mirror the startup journey of a fledgling business. We begin with a clear purpose and experience great initial success when creativity and innovation are at their peak. Then, as we move into phase two, we hit a wall; the ‘why’ of our actions is lost in the day-to-day battle of deadlines and accountability to various parties.