Digital disruption is not new news. It is the daily reality of Media & Technology companies. Some are the disruptors, and others are disrupted.
All understand that digital transformation—not evolution—is required to maintain a competitive edge. However, 70 percent of all digital transformation initiatives do not reach their goals. Moreover, of the $1.3 trillion that was spent on digital transformations last year, an estimated $900 billion went to waste.
With so much on the line, media and technology companies need to shift their approach to ensuring they reap business value and desired business outcomes from digital transformation initiatives. Across industries, 93 percent of organizations report using standardized project management practices such as a traditional Project Management Office (PMO).2 But digital transformation requires more than status-tracking and risk escalation—it requires a robust capability that drives execution with a value-realization focus.
ATransformation Management Office (TMO). This is not just semantics, not just a lift-and-shift, not just a PMO with a facelift. It is a genuinely different undertaking to ensure digital transformations deliver on their promise.
Three out of four businesses do not feel confident in their ability to execute a transformation.3 A well-executed TMO can improve that confidence via a comprehensive approach across four areas: value, design, execution, and business adoption. Think of TMOs as a risk mitigation insurance policy on your most critical digital transformation initiatives.