According to Gartner, 76% of organisations face budget constraints in their digital transformation initiatives, yet the need for digitalisation continues to grow. 'Love the one you're with' - as Crosby, Stills and Nash wisely sang - might be the pragmatic approach your business needs.
Are you trying to progress a digital strategy with enabling platforms whilst facing limited time, resources, or funds to implement a new system? You're not alone - McKinsey reports that 70% of organisations use less than half of their existing technology capabilities.
Here's how to maximise your current technology investment:
Unlock Hidden Potential: Research shows that enterprises typically utilise only 40% of their existing systems' capabilities. Review your current systems for untapped features - Deloitte found that organisations that fully utilise existing technology see a 15-25% improvement in operational efficiency.
Cross-Pollinate Solutions: A recent Harvard Business Review study revealed that large organisations have an average of 364 different software applications. Connect with other departments - you might discover that:
- 67% of departments use tools that could benefit other units
- Integration of existing tools can reduce redundant spending by 30%
Leverage Affordable Solutions: International Data Corporation reports that lightweight workflow automation tools can deliver 60-70% of the benefits of enterprise-grade systems at 25% of the cost.
Consider:
- Low-code/no-code platforms
- Business intelligence tools that integrate with existing systems
- Cloud-based workflow solutions
Remember innovation isn't always about new technology - it's about creative solutions with available resources.
When the opportunity presents to investment in new systems, you’ll be a long way in developing your thinking and the change management necessary to ensure a successful implementation.
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