The pace of digital transformation is increasing dramatically. Many businesses name the coronavirus pandemic as the main reason for their investment in digital transformation. It makes sense to drive business processes and technology to meet the challenges of a changing environment. The pandemic has forced businesses to adapt to remote-friendly work requirements and encouraged the market to build the new digital economy. As such, it is no surprise that 40% of all technology investments will go toward digital transformation.
However, the horror stories of failed digital transformation frequently make the news, revealing the importance of managing the digital product from start to finish with the end-user in mind. When Haribo made the move toward digital enhancement with their SAP implementation in 2018, they experienced many tracking issues that affected sweets production and delivery. As a result, sales dropped by 25% immediately after the digital transformation mishap. Poorly managed digital projects can go wrong. Haribo is only one of many famous brands that experienced a significant loss after an ill-managed digital investment. Nike took a loss of approximately $100 million after an ERP system upgrade project that took the company five years (yes, 5, you read it right) to complete successfully.
The truth is that digital product managers are an essential actor in digital transformation projects. Indeed, while big brands can sustain the loss, smaller companies could go bankrupt over a transformation mishap. If you want to learn more about what digital product managers do, check out this informative infographic that decodes the functions and challenges these digital experts face.
