1 in 300M vs 1 in 8: You’re Much More Likely to Win at Digital Transformation
More than 300 million people played the Mega Millions last week in hopes of winning $1.6 billion, the largest jackpot in U.S. history. I understand the inclination: spend a little, get a lot. The chance of winning, however, is so abysmally small that you might as well throw your money down the drain. Research shows, for example, that you’re more likely to have the following happen to you than hit the jackpot:
- Win an Olympic gold medal (1 in 662,000 chance)
- Be crushed by a meteorite (1 in 700,000 chance)
- Win an Oscar (1 in 11,500 chance)
- Be killed by lightning (1 in 2.3 million chance)
“Why’d you have to do that, Chris?” I know it sounds pessimistic, but I promise I’m working towards a constructive point. If you did play last week’s lottery, ask yourself why. Think beyond the obvious of becoming an instant billionaire:
- “I could buy the car of my dreams.”
- “We could pay our children’s college tuition in full.”
- “We could afford several new properties.”
- “I’d never have to work another day in my life.”
- “I could invest it to double or triple my earnings.”
There’s this hope of transformation, and that hope is so strong that it drives millions to play the lottery despite the extremely unlikely odds of winning. This gets me thinking about organizational transformation, specifically the number of executives who played Mega Millions yet put off digital transformation efforts proven to create real change:
- The average enterprise sees a 23% increase in revenue by relying on digital-first strategies, with start-ups as much as 34%
- Insights-driven businesses are growing at an average of more than 30% each year, and by 2020 are predicted to take $1.8 trillion annually from their less-informed peers
- Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result
But the chances of successful digital transformation are so small, right? Not exactly. In a recent interview with Forbes, speaking on his extensive research into companies’ digital transformation journeys, industry expert Michael Gale revealed that one in eight companies get digital transformation right. Although this means 84% struggle with transformation, there are positives here: A, This is a heck of a better chance than one in 300 million and B, there are ranges of digital transformation failure (not being as black and white as winning or losing the lottery). That is, there is the hope of continual improvement and success.
I understand that paying $2 is radically different than the massive amount of time, funding, and planning required for successful transformation. But just imagine for a moment if digital transformation had the same bandwagon effect as playing the lottery. Consider how different the world would be if hundreds of millions of businesses were so enamored by the hope of successful transformation that they couldn’t help but invest. The good news is that unlike the lottery, companies don’t have to hope for transformation success. With the right strategy, it can be made a reality.
So, here’s my last question: knowing that digital transformation can be done right, what factors do you believe contribute to an effective strategy? Access to innovative technology partners? Progressive corporate culture? How quickly would you be willing to embrace digital transformation if you had everything just right?
If you believe that six numbers have the power to change your life, consider that just one click or call to the right partner has the power to transform your organization. You’ll never know, after all, unless you try.