If analysts are right, worldwide technology spending will total $3.8 trillion this year. A significant chunk of that money will be devoted to re-engineering business processes and customer experiences for the digital world. And unfortunately much of it will be wasted.

When it comes to going digital, companies often make three big mistakes. First, they try to just “become more digital” and start without a real strategy. That’s a killer. It’s almost impossible to get where you need to be without knowing where that is or having a clear map or plan to guide you. Next, they fail to put the customer or user squarely at the center of what they’re doing. That won’t work now that everyone has seen what truly customer-centric businesses can deliver. (Think Amazon, Starbucks and Google.) Finally, they are too slow. We’re operating in an age of digital disruption, a time when innovators can leverage fast-changing technology and user preferences to upend traditional business models. (Think Apple’s new Apple Pay.) In this game, speed absolutely matters.

To read this article in full or to leave a comment, please click here

…