Some interesting dynamics in digital. I am quoting from Tech Republic.
In 2020, more than one-third of companies (36%) expected digital to account for 75% or more of their revenue within three years, according to the Closing the Acceleration Gap: Toward Sustainable Digital Transformation report by Workday. By 2021, only 13% of organizations said the same — a figure that aligns with pre-pandemic digital aspirations (12% in 2019).
Fewer businesses are adopting a “fail fast” mentality (53% in 2021, 77% in 2020), which suggests the culture of experimentation that gathered during the pandemic has lost momentum.
The findings reveal that while finance, HR, and IT leaders recognize the importance of digital transformation, 55% said the demands of the business consistently or often outpace their digital strategy. As a result, the digital acceleration gap is widening, where business needs are changing faster than the technology, processes, and culture required to keep pace.
Why do we care?
Is the “fail fast” methodology slowing? Or is this more a factor of coming into more uncertain economic times? I’m more inclined to think it’s the second, with a bit more cautiousness with the combination of the pandemic leading into the post-pandemic inflation hangover.
The big reason to care is aligning your approach with your customers. Let’s note the have and have not gap – those embracing digital will continue to pull ahead, and the risk for those who remain overly cautious is that the gap may become insurmountable. That said, a massive change may not be the approach to use, and like all engagements, you will need to customize to where they are.