Author: Herve Parent

Where Most Companies Go Wrong In Digital Transformation

Many companies’ senior leaders and board of directors believe a company can buy digital technology, implement it and get the benefit of it in a few months. That’s an illusion. Because of the depth and breadth of change required to succeed, that belief is not realistic. The record of studies on digital transformation indicate a high failure rate, with a notable 2013 McKinsey study finding that 70% fail. That is a lot of wasted time, money and unmet expectations. In investigating why digital transformation often fail to meet expectations, I find several factors contribute to the failures. However, I believe the biggest problem is the mind-set. This is where most companies go wrong.

Executives’ mind-set must shift to approaching digital transformation as a journey. This is fundamental to success. Unlike transformation initiatives of the past, digital transformation is not an event that happens. It’s a journey with a road that never ends. It will continue – potentially indefinitely, but certainly for three to five years or longer.

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The Importance Of Diversity And Inclusion For Today’s Companies

Young businesswoman explaining and gesturing in meeting

Diversity and inclusion are essential today—something I have seen firsthand within Penn Community Bank. D&I allows organizations to be more inclusive of different ideas, cultures and lifestyles, leading to improved company culture. It also puts companies in the position to hire the best employees from a diverse and often untapped candidate pool while increasing customer satisfaction with their services.

I have found that diversity brings together people from different backgrounds, showcases a variety of perspectives and leads to innovation and creativity. When you bring people together from all walks of life—different genders, backgrounds and races—it’s amazing what we can accomplish. So, what are the benefits of D&I efforts and how can you implement them?


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