But despite companies’ best efforts, a large amount of what firms invest in digital transformation actually goes to waste.
An article by McKinsey reveals that 70% of such large-scale change programs don’t meet the organizer’s targets.
And if enterprises globally invest US$2 trillion on digital transformation – which is research firm IDC’s prediction by 2022 – then roughly US$1.4 trillion will be spent in vain.
That’s why it’s important for enterprises to know the exact benefits, potential pitfalls, and ways to avoid setbacks.
But there is some method to the millennial madness: flexible hours can improve work-life balance, talent retention, and increase productivity, and hiring home-based employees results in lower costs.
Additionally, people can connect to each other flawlessly and instantly through any device via the cloud, which helps employees work from anywhere at any time, share knowledge, and have real-time communications.