By: Karen Spencer, Area Vice President, OrasiLabs Product Manager
Without skilled talent, companies can’t afford to bet big on digital transformation. Skill gaps and lack of tech literacy can result in reluctance to use advanced technology that the company invests in, to digitally transform their business.
Unfortunately, these organizations could be missing out as research states that leaders in digital transformation achieve earnings growth, 1.8 times more than digital laggards, and they see more than double the growth in total enterprise value. It has also been seen that successful digital transformations created, on average, 66 percent more value, improved corporate capabilities by 82 percent, and accomplished 120 percent more of their targets on time. The ones who did it right created 29 percent more value, improved capabilities by 20 percent, and hit 32 percent more targets on time. The key word however, is ‘successful’.
The same BCG research shows that 70 percent of digital transformations fall short of their objectives. According to a study from Everest Group, almost 73 percent of enterprises failed to derive any business value whatsoever from their digital transformation efforts, and only 22 percent achieved their desired business targets. Digital transformation can lead to value and competitive advantage – but not for everyone? And it has nothing to do with the size of the enterprise or digital investment.
Could having the right skills be part of equation that explain how companies make digital transformation work for them?
What’s the solution?
Training is an essential step to ensure that gaps and skill-related challenges are identified and addressed in time. If training can be delivered virtually, then the investments in cost and time spent in this area decrease substantially. Now, if you add in a cloud component to the virtual training platform, then you can reap a much higher level of speed, effectiveness, and elasticity in your training projects.
Cloud-based virtual training solutions enable an enterprise to leverage:
- Wider training impact without geographical and time zone limitations
- High scalability and impressive flexibility
- Productivity enhancements for learners
- Time savings for both trainers and learners
- Enhanced engagement
- Thorough and contextual training for actual user needs
- Consistent and value-driven addition of skills
- Maximum returns on investment for software budgets and IT projects
With the emergence of affordable, accessible, and scalable tools like cloud native training solutions – it’s easier to get the maximum value of any transformation endeavor. Be the ones who position themselves for digital transformation initiatives right from start. Investing in skills, culture, and organization-wide agility could go a long way in ensuring the success of an ambitious digital transformation project.