Almost half of business leaders are failing to achieve a positive financial return from digital transformation projects they have executed, claims a new report from HR and payroll provider MHR, Businesses are not ready to transform (but they don’t know that).
A poll of 250 business leaders at public and private sector organisations with more than 1,000 employees, commissioned by MHR, reveals that while 90% of business leaders have initiated one or more digital transformation projects, only 54% believe that these have delivered financial benefits for the organisation. Even so, 95% of business leaders consider themselves to be ‘digital thinkers’ and 84% believe they have the necessary digital skills to oversee digital transformation projects.
Michelle Shelton, Product Planning Director at MHR, said: “The research highlights that while business leaders are confident in their own abilities to oversee digital change, the reality is that many projects are failing to deliver the financial benefits. One of the key drivers for implementing digital change is to deliver cost savings and revenue growth, but this is only achievable if people with the right skills, including a strong financial awareness, are spearheading the change. Ahead of carrying out a digital transformation project, it’s important to collaborate with all departments to create a joint strategy and establish a change team responsible for delivering the change. By adopting a collaborative approach, organisations can leverage the skills and expertise of its people and gain a true understanding of its current operation to establish a clear vision for the future.”