1. excessive caution
Studies seem to show that the most successful companies are those that implement bold, even disruptive, strategies.
2. Fear of the unknown
Sometimes there is a lack of information, which can lead to a certain withdrawal. Hence the importance of dispelling the unknown by painting a (documented) picture of what the company's future might look like.
3. The dilution of initiatives
Too much of a good thing is a bad thing. Rather than multiplying initiatives and diluting budget and results, focus on initiatives that are focused on consumer needs and can have the greatest impact.
4. Lack of budget
The costs of a transformation can grow faster than the revenue it generates, at least initially. To avoid going into the red, it is important to identify initiatives that will allow for quick wins within the budget.
5. Lack of talent
Digital transformation means new skills. Too often, companies that embark on the process misjudge the presence (or absence) of the talent needed to successfully carry out this change. Identifying what needs to be accomplished will facilitate external sourcing or internal skills development. Recruiting from university can also be considered: young recruits are often gas pedals of change. It is also a good way to anticipate team turnover and to integrate new ways of doing things.
6. Lack of discipline
To avoid the dispersion of teams and efficiency, managers must constantly identify the added value and the associated performance indicators to ensure objective and transparent monitoring.
7. Stop learning
It is essential to encourage experimentation, in order to transform failures into lessons to improve (not punish) and become more creative.
8. Change fatigue
Some changes, because of their magnitude, can have the effect of overwhelming teams and creating a kind of change fatigue. To avoid this, it is up to managers to break down the change into smaller sub-projects with regular milestones in order to generate a sense of accomplishment.
9. Going it alone
The company evolves in an ecosystem including partners, service providers, customers... who can be called upon to have a better understanding of the market and needs.
10. Take your time
The market is always changing faster than we think, at the risk of missing revenue opportunities. Hence the importance of automating what can be automated, especially if it is repetitive and of low added value. This saves brain time that can be better used. Integrating agility in the product and project cycle also allows to react faster and therefore better.
Transforming is always a challenge. Fortunately, solutions and support exist.
(source : A CEO guide for avoiding the ten traps that derail digital transformations – McKinsey Digital)
