Enterprises lose millions by not fully exploiting their IT
Failure to make the most of their technology investments could be costing large enterprises almost $100m a year according to a new study.
The report from user experience company WalkMe shows enterprises struggle to give employees the ability to use digital tools as they are intended and to their fullest extent.
A lack of uptake of digital technology means enterprises over-spend by more than $32 million in order to reach their strategic goals. In addition, 67 percent of organizations are under pressure to accelerate digital transformation but can't guarantee that employees will fully use the technology at their disposal to maximize its value.
Change management programs are 'no longer fit for purpose' according to 60 percent of respondents, while 70 percent couldn't identify exactly who is responsible for managing the adoption of new technologies in their organization. Enterprises plan to spend more than $30 million addressing these challenges in the next three years. The report argues that the right approach could greatly reduce costs of almost $100 million caused by organizations' inability to fully realize the value of their technology investments.
"Technology is the lifeblood of organizations, with most saying it's more important than a head office. Yet by failing to make full use of the resources at their disposal, enterprises are constantly subjecting themselves to needless losses," says Ofir Bloch, vice president of strategic positioning at WalkMe. "Whether it's projects failing to meet expectations, an inability to maximize the value of application investments, falling behind on strategic goals, compensating for employees' lack of digital dexterity, or employee churn caused by frustrations with technology, the costs all add up. Every enterprise has the potential to take full control of their digital investments, but they need the right approach in order to do so."
Enterprises do recognize that technology is key to satisfied employees, 64 percent say that technology and end user experience are more important than office facilities when it comes to attracting and retaining talent, while 61 percent say that poor employee experiences with IT are likely to add to the Great Resignation. However, 63 percent say a one-size-fits-all approach to technology support and training isn't appropriate and that it needs to be tailored to the individual.
The full report is available from the WalkMe site.