What Is the Average Cost of Digital Transformation?
On average, how much should your company expect to pay for a digital transformation?
[Jason Chisholm] Digital transformation sounds like it could be a very expensive undertaking. I don't know if that's true, right? I think it probably all depends on the organization. I think what I'd like to know, and I'm sure a lot of our customers would like to know, is there a general cost when you're thinking about doing this? What's a perceived budget for something like this?
[Chandler Stevens] Well, Jason, I think it's important to—when you talk about cost and digital transformation—for me, it's more about, what is the cost of not doing it? There's definitely cost if you decide as an organization that we're not going to embrace this new capability or these new services, even though perhaps our competitors are. And so there is this notion that to stay ahead or stay in step with industry norms or norms within the marketplace, it's important to have a digital transformation story and strategy. So costs are important to consider, and certainly, we recognize that not every organization has huge budgets for digital transformation. But it's important to look at it more from the lens of what do we do to really kind of think about cutting costs initially, and then have a digital transformation lead-in?
[Jason Chisholm] Can you definitely spend money the wrong way?
[Chandler Stevens] You can. You can spend money in the wrong ways in areas of looking at technologies that are, quite honestly, maybe very short-lived, or perhaps haven't been quite true tested in the environment or in the industry. I think that when you're looking at cost control, and you're looking at where to place your money, it's important to think about the fundamentals. Think about the ability to have employees able to perform work anywhere on any device, as an example. So definitely an investment there would make sense because you're raising the productivity and giving your organization a better chance to have—not be constrained by not being able to access email or not being able to access resources at any given time.
[Jason Chisholm] Ok, thank you. Great answer.