2020 was an unprecedented year. Companies are coping and trying their best to support their business strategy.
Living in the 21st-century means, we need to constantly stay connected to the internet. For businesses to thrive, going digital is even more imperative. It’s not limited to the internet, but creating an intranet and internet network to facilitate seamless communication, productivity, and improve efficiency. Thus, there’s an increasing emphasis on digital transformation among businesses. However, incorporating technology-related changes in the existing business strategy would be a challenge.
As we inch towards the last quarter of 2020, companies are continuing to prioritize digital funds and initiatives. These transformation initiatives are an essential part of business strategy but it comes with its perils. Research suggests that challenges associated with these transformations are a top concern for businesses. According to a Gartner report, two-third of digital initiatives fail to deliver on their promises. Further, they reveal the business weak spots and the gap between expectations and results. That said, challenges are rightly a concern of business leaders.
Digital transformation initiatives create challenges for enterprises. Data security, privacy, and shortage of talent in emerging high tech talent is a top concern among business leaders.
The following are six other challenges that business leaders expect to tackle in the coming year.
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