As housing leaders are positioning themselves to embrace technology, most also have to brace for one of the largest changes that their organizations have ever had to face - a digital transformation. This evolution can be tremendously difficult and present many complications. However, with the right leadership, these five challenges can be avoided.
- Lack of clarity of executive sponsorship
- Organizational misalignment around corporate objectives
- Low cross-departmental participation
- Culture that's slow to adopt organizational changes
- Not understanding what the market wants
No worthwhile business endeavor is easy. McKinsey & Company estimates that over 70% of all organizational change programs fail, which means you have a better chance playing craps in Las Vegas than you do successfully executing a digital transformation initiative. The difference is that the IoT may be one of the biggest technology movements of the next decade.
These symptoms of faltering IoT programs are warning signs to companies early in their IoT journey, as well as wake-up calls for those that have over-extended their organizational capabilities.
Companies that embrace the IoT as a strategic decision, become organizationally aligned around that vision, facilitate cross-functional collaboration, foster a culture that adapts quickly, and seek frequent market feedback are best suited to turn their ability to innovate into a competitive advantage.
