Why Digital Strategies Fail? 5 Pitfalls To Avoid

Digital Strategy
03Jan, 2019

Why do digital strategies fail? 5 Pitfalls To Avoid

These are the five common digital strategy pitfalls companies must avoid.

Pitfall 1: Fuzzy definitions
Pitfall 2: Misunderstanding the economics of digital
Pitfall 3: Overlooking ecosystems
Pitfall 4: Overindexing on the ‘usual suspects’
Pitfall 5: Missing the duality of digital

Surprisingly large number underestimate the increasing momentum of digitization, the behavioral changes and technology driving it, and, perhaps most of all, the scale of the disruption bearing down on them. Many companies are still locked into strategy-development processes that churn along on annual cycles. Only 8% of companies surveyed recently said their current business model would remain economically viable if their industry keeps digitizing at its current course and speed.

Original article from McKinsey Quarterly By Jacques BughinTanguy CatlinMartin Hirt, and Paul Willmott