C-Suite Blind Spot – 2021 The Digital Spend – Generate Success Not Wasted Efforts

Blind Spot

For corporations struggling to cope with and or capitalize on increased demand throughout the past nine months, digital efforts have become a major focus. In fact, multiple media and consulting sources have recently been quoting the 2020 Covid19 Digital Engagement Report developed by Twilio, a leading cloud communications platform. Twilio conducted an online survey of 2,569 decisions makers in Australia, France, Germany, Italy, Japan, Spain, Singapore, the United Kingdom, and the United Sates with all the respondents at or above the Director level.

According to this study, 97% of executives say that the pandemic has sped up their digital transformation initiatives and 79% say that budgets for digital transformation have increased in direct response as a result of COVID19. On average, the study found a six-year acceleration in digital transformation efforts across the board. Recent studies by Dell Technologies, IBM and Cloudinary, a leading cloud-based image and video management platform, found somewhat similar results.

Is digital transformation the only answer to accelerated adaptability for organizations? Unlikely. The Twilio study also reported that 95% of those same respondents acknowledged that in addition to digital efforts, they are also looking for new and better ways to engage customers. How can the C-suite ensure that efforts and resources invested in those areas will be successful?

Illumination

The reality is that not every proactive effort put in place to address an identified need is successful. In the case of digital transformation efforts, the Boston Consulting Group (BCG) reported that only 30% of these projects met or exceeded their target value. Another 40% created some value but resulting changes were somewhat limited in scope. Despite this, the need for digital transformation is emerging as an area to be given priority in 2021 and the years ahead.

For those already engaged in digital transformation efforts, continuous reassessments, refinements and reevaluation will help to keep the initiative on track. For those preparing to embark on implementing these efforts within their organizations in 2021 and the coming years; the following suggestions will be helpful to consider.

· Promote education on the elements of digital transformation at all organizational levels

· Retain individuals who have the talent and expertise to develop a robust and effective strategy

· Ensure all stakeholders understand, commit and are held to account for timelines and deliverables

· Identify and commit required resources

· Continually assess and evaluate efforts and deliverables

Many of my accomplishments have been win or lose situations. For me, second place was not an option. My key to success was to assemble a diverse team of specialized individuals who were experts in their fields. Together, we were able to develop strategies that helped me to identity, address and eliminate my “blind spots”. When winning or losing are the only two choices, choose to win.