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How the skills-first economy is crushing or improving your profitability (Surveys revealed)

Oct 2021 by MARIA FORSBERG

It’s been on our minds for a while now and it is not going anywhere.

We’re referring to digital transformation of course.

It remains a mandatory consideration for every leader, and many of us are getting more accustomed to the accelerating changes in our daily technologies.

We may have moved on from on-prem to cloud solutions (or have plans to do so) and we have probably even embraced the subscription-based models for upgrading and purchasing technology, and many other things in our personal and business lives.

So far so good.

But are you realizing the benefits of a successful transformation from all your tech investments and upgrades?

The big bold question is: Have your digital transformation projects been profitable in the way that you had anticipated?

Chances are that the answer is probably no. According to McKinsey, a staggering 84% of executives say that their company´s digital transformation efforts are failing.



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The question is: Why do so many Digital efforts fail?

The reasons behind the failure are complex, but there are 3 major impacting trends that businesses are reporting.

According to research from Forbes, the vast majority of companies are failing to achieve full value from their investments in technology and there are 3 major impacting factors:

1. No Plan

2. Skills and Strategy are not aligned

3. Speed

The reasons for Digital Transformation failure

No Plan

Surprisingly, most businesses have no revenue or profitability expectations for their digital transformation. According to Gartner, a staggering 77% of strategists say that their company´s digital efforts are missing revenue expectations.

Skills +- strategy

Forbes.com has found that 95% of executives say that their strategies and their skills are not aligned. Just consider for a moment how unlikely it is, that you will create change when you don´t have the people or the skills to do it?

Speed

Now, much of your success will depend on how quickly and how well you enable your workforce to realize the value of not only new technologies that you aquire, but also the technologies that have already implmented.

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"Proof is in the pudding" as they say. Let us show you, how we will make your Digital Skills work. It will most likely be the best spent 30 minutes of your entire project.

Digital transformation is about skills. Not technology

With the facts of this blog in mind, many businesses are learning that Digital transformation is about skills. Not technology.

This is why executives are now realizing the rise of the skills-first economy.

Now, your Skills strategy and the path you chooose will determine, more decisively than ever, your company´s financial success.

The benefits
When companies do get their skills and strategies aligned for profitable tech transformations, the benefits are hard to miss.

In fact, businesses that do get skills right are seeing average increases in profitability of 23% according to Forbes.com.

To realize increases like that, most executives in the skills-first economy will need to think hard about a plan to get their skills and technologies in sync. Fast.

When done correctly, such a plan and its implementation can lead to amazing future proof results. And don´t forget, that by no means is initial failure the end of the road, a successful turnaround is always possible.

Learn more about Guides for success in the Skills-First Economy here

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