How long should you wait to update your digital tools?

Implementing a digital transformation strategy means we also need to make a monetary investment that understandably, many of us doubt, as it can vary depending on the magnitude of the project. But for digital transformation, this number tends to be higher than we previously expected.

Money investment tends to be one of the most important factors when deciding to invest in digital transformation, especially when there is no actual certainty that the investment is going to be returned. According to HBR, of the $1.3 trillion that was spent on DT last year, it was estimated that $900 billion went to waste.

It takes a huge risk to invest in a project that statistically, there’s a 70% chance will fail. But if the company’s digital transformation is successful in at least the first phase, the next question always is, and now, what?

Surely if we don’t keep on investing everything we did before will mean nothing. For example, corporations are often motivated by the fact that they use technology to interact with clients and want to be seen as leaders in business and innovation. Most of these organizations choose to update their technology every three years.

I think this is a mistake though, at the rate technology keeps changing and evolving, a digital solution would be obsolete before then. This is why digital transformation is never truly over, as companies need to constantly find those crucial points to digitize or improve at the same time the organization keeps on evolving.

In conclusion, there is no specific amount of time to wait until your next phase in a digital transformation process. We need constant investment in improving digital tools and offering new ones to the users, whether they’re your customers or your employees. That way we’ll stay relevant within our market and offer solutions up to date and compatible with our users’ digital needs.