Digital Transformation - The top 10 risks every business needs to be aware of

Digital transformation can open many doors – giving you an exciting pathway towards innovation, growth, customer and staff fulfilment, and that sought-after competitive edge. But like most things in business and life, risks lurk in the background.

Don’t let this put you off continuing to develop and adapt though – when you have a robust digital roadmap in place you mitigate the potential risks before jumping in.

Transcript

With our number 8 wire mentality and a “she’ll be right attitude”, we don’t really like talking about risks. We’d much rather skip to the good part and focus on benefits.
But when it comes to digital transformation, adopting new technology and systems can be expensive and painful if not done right. And some pitfalls may not be immediately obvious if it’s a process you’ve not done before or for
a while.

Target State knows being aware of the risks is the first step towards successful digital transformation.  And who doesn’t want that?


The top 10 most common risks organisations face in digital transformation

1. Failure to get everyone on board.
2. The wrong mindset for change.
3. Lack of strategy and not thinking far enough ahead.
4. Technology is a distraction and a symptom of shiny object syndrome.
5. Overspending in technology.
6. Underinvesting in technology or spending in the wrong areas.
7. The process takes too long, stalls or is rushed.
8. Failure to protect yourself against enhanced cyber security and privacy threats.
9. Are you compliant or could you be doing something illegal?
10. Giving artificial intelligence (AI) too much power and neglecting the power of human wisdom and context.