The Myth of the Digital Bandwagon

Many business owners suffer from the idea that the road to transforming their business to cope with the digital economy is to ride on the technology bandwagon. Unfortunately, this does not often lead to successful results. I call this the myth of the digital bandwagon.?

The digital bandwagon is a commonly-held belief that the only way to succeed in the digital economy is to ride on the wave of technology. Unfortunately, this does not always lead to successful outcomes. This idea can often lead business owners down a dangerous path, as they toss aside important principles that have been proven successful in the past in favor of chasing after something new and shiny. This can often lead to failed business ventures and wasted resources.?

The digital bandwagon is a term used to describe the bandwagon effect, which is the tendency for people to bandwagon or conform to the opinions of others. The digital bandwagon effect is often seen in the context of technology - we see people rushing to use new digital tools, apps, and platforms, without really understanding the benefits or drawbacks. Instead of making decisions based on the facts and your own needs, you instead rely on the opinions of others. This can have a number of negative consequences, including less productivity, increased stress, and even mental health problems. So, when it comes to technology, take things slow and make sure you're comfortable with the changes first. That way, you won't be tempted to jump on the bandwagon - and you'll be able to enjoy the benefits of technology in a mindful and thoughtful way!?

More often than not, the alluring promises that a technology-dominated approach to digital transformation do not materialize. According to a McKinsey study, more than 70% of all digital transformation initiatives fail. Businesses just end up spending precious money on information technology projects that don't deliver on their promises.

Because the word "digital" comes first in the phrase "digital transformation", there is a tendency for people to focus on the digital more than on the transformation. This leads people, and the businesses that they are leading, to suffer from the "shiny object syndrome", where they are attracted and excited by the latest trends, only to lose interest and shift their focus when something new comes along.

If they will only realize that the acronym for "shiny object syndrome" is SOS, they will realize that to suffer from it is already signaling a call for help.

What businesses need is "transformative digitalization". Yes, it is still about digital transformation but by shifting the words, transformation becomes the focus now and the technology factor becomes simply a means to that end.

Despite the fact that digital technology has definitely aided a lot of companies in today's world, it does not imply that everything has to be on-line and that the latest technology has to be applied. In reality, a mix of old and new processes and tools, especially digitally integrated and driven, have been some of the most effective disruptors in recent years.

A lot of business owners and C-level executives I talk to say that they are being overwhelmed by the technology jargon that keeps growing everyday. All these acronyms like AI, ML, RPA, IOT, IOE, etc. are making them dizzy. But what I tell them is this, "Don't be overwhelmed because the technology that is best for you is simply the technology that you need." In other words, focus on your needs, understand your pain points, consult your people, especially your front liners and your customer-facing staff, and get a good grasp of what problems you need to solve to move your business forward. Once you have these captured, you look for the right technology that you can harness to provide you with the optimal solution to meet your requirements and address your pain points.

Here's an interesting take on the subject by Alisa Nishimoto of the Digital Maturity Group.

So get off the digital bandwagon now and start focusing on transformative digitalization!

*Cover image by Pam Simon from Pixabay.

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