Every organisation has a unique pool of data at their disposal. However, these pools also face challenges from within organisations, such as the inability to manage, integrate and analyse colossal amounts of data, resistance to change and a lack of technologies that prevent change. In the long term, failure to address these shortcomings and form a successful digital transformation strategy can have a detrimental impact.
Polaroid is a prime example of a company that failed to adapt to changing market needs, and as a consequence, went from being valued as a $3 billion company in 1991, to filing for bankruptcy in 2001, eventually selling its entire brand and assets. Its decision to prioritise its primary business of selling instant film, and half-hearted effort at digital transformation, prevented it from cashing in on the success of digital images.
So, what are the key considerations for an organisation in forming an effective digital transformation strategy?