Digital Transformation using PRISM Model

Two key words, especially in COVID 19 times, that are changing the organisations globally and which hold the capability to make or break the situation for any organisation are: Digital Transformation. But the key question to ask is what makes these programmes tick? Recent studies reflect that more than 70% of transformation programmes fail while only around 10% of the total are able to achieve the stipulated target.

Despite the high failure rates, more and more organisations globally are investing religiously in digital transformation programmes. The reason is simple that in today’s world the things are changing so rapidly that an organisation working on legacy system / structure will soon be forced out of business or will have to settle with lower margins. Although there is no fixed mantra to deliver a transformation programme right but if done correctly the benefits clearly outweigh the costs of investment. According to a blog on UK government’s website: Digital and Technological transformations alone have resulted in £1.7bn saving for 2014-15 period for the government. Once the figures for past 3 years are combined, savings would increase to £3.6bn. Digital transformation programmes are currently the key to succeed in the over competitive market and around 30% of senior executives today feel that digital transformation has now become a matter of survival. The need of the hour is to digitalise the businesses to reduce operational costs, improve order fulfilment journey and most importantly impact on customer satisfaction. As per IDC, retail banks in US spent around US$1 trillion (circa £800bn) between 2014 and 2018 on digital transformation programmes. Looking at the wider impact IDC reports that businesses will spend US$2.3 trillion (circa £1.8 trillion) a year on digital transformation and this investment is expected to increase by 17.1% YoY. COVID-19 is further expected to fuel this increase by 5.1%.

Business Transformation through technological innovations and information technology is leading the way in helping organisations to achieve their targets across the spectrum of benefits. Although Digital Transformation programmes are a portion of actual business transformation programmes but do account for some of the heaviest budgets. There are numerous scholarly articles presenting guidelines and directions for organisations on how to select the right business transformation program. But, there are a very few, which talk about how to run and implement a transformation programme successfully once you have decided to move forward. After the decision has been made, an unsuccessful transformation attempt will lead to huge losses for both parties, the client and the suppliers. Apart from the cost factor, most importantly it could tarnish well-established vendor-client relationship. In this paper, we will discuss on the right technique for the implementation of Digital Transformation programmes to achieve the organisational needs. PRISM Model will be the centre stage of this paper and will act as a key enabler for organisations in carefully applying the drivers for implementation.

 

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