As we think digital transformation is important to your organization we want to provide some tips for budgeting smart for digital transformation. We all know budgeting is a big constraint in digital transformation. Without enough funding, digital transformation is not possible and funding is very difficult in a digital world. Home Depot, for example, planned to spend $300 million on technology allowing customers to order on their phones and pick up in the store, but ended up increasing that fivefold to cover additional digital innovations, according to analyst firm Forrester. Wal-Mart and General Electric, among others, are devoting more than $1 billion to digital transformation.
So to achieve the goals of digital transformation, companies must budget smartly and reconceive the funding structure.
