A better way to de-risk digital transformations

eBook Why 84% of digital transformations fail

looprisk.com

We are de-risking

digital transformation

The way businesses approach digital transformations is broken.

Looprisk is fixing it!

Looprisk is the first to bring risk awareness, cost based tracking, and team accountability to digital transformations. We’re helping digital transformation teams to avoid being one of the 84% of companies that fail due to inadequate management of implementation risks.

Designed to feel like the social apps you use every day, Looprisk lets your team apply leading risk management practices without feeling like an unwanted compliance exercise.

With features such as a powerful library of digital transformation risks and associated controls, team collaboration and cost impact monitoring, Looprisk makes derisking digital transformation simple and intuitive.

Today, Looprisk is working with digital transformation teams at companies with turnovers between $50M and $4B.

Who is behind Looprisk?Looprisk is owned and backed by a team of Australian consultants that specialize in de-risking digital transformations. Here's our story...

In 2017 we searched 'far and wide' for a quality risk management product suitable for helping teams to manage the treacherous risk landscape of digital transformations.

In short - we couldn't find one. Instead, we decided to create our own.

Even the best, most experienced teams cannot avoid the fact that their digital transformations are 84% likely to fail1.

We believe that concepts such as ‘embrace failure’ have been taken too far - nobody should embrace wasting their company’s money or disappointing customers. Now is the time to take digital transformation risk management to the next level.

1Joseph Gulla, 2011. ‘Seven Reasons Why Information Technology Projects Fail’.

looprisk.com

These days, digital transformation is ‘all’ business people seem to talk about. To an onlooker, you could be excused to think that phrases such as “transform or prepare to die” are slight exaggerations!

It’s not that those who say such things are overly emotional or unstable - it’s just that important digital transformations can be exceedingly difficult to get right.

In fact, researchers of medium to large digital transformations have put the failure-rate at 84%¹.

Why de-risk digital transformations?

looprisk.com ¹ Seven Reasons Why Information Technology Projects Fail (2011) Gulla J. 2011

Of course, today, nobody is a onlooker to digital transformation. This current wave of digitally fuelled transformation is linked with the greatest redefinition of our entire society in world history. These changes are sometimes referred to as the 4th industrial revolution.

First came steam, second came electricity, third came computing and today... ‘intelligence’ (or digital capability).

From social attitudes, to increasing standards of living and technological automation, transformational forces have sent the business world’s pulse-rate soaring. This has resulted in immense pressure for CEO’s and their teams to ‘get digital transformation right’!

What’s so special about digital transformation?

looprisk.com

The risks to digital transformation success are numerous. It is the nature of transformation itself that we can’t know all the possibilities before we begin. For this reason, it’s often said that transformation is a journey of learning. However, the key is to do as much of the important learning as early as possible, early, when it’s least costly.

What risks are contributing to the low rate of digital transformation success?

looprisk.com

Researchers put the key risks of digital transformations into two clear categories. 25% are failing because of technical reasons

e.g. problems with integrating with legacy systems.

75% are failing because of non-technical reasons e.g. lack of buy-in from stakeholders for the solution, inadequate skills, ineffective communication.

looprisk.com

What’s clear from these findings is the substantial risk component associated with people or organisational factors. For this reason, if your organisation can ‘get a handle’ on the enabling people related factors, its digital transformation efforts can have a substantially greater chance of success.

The point is that the daily behaviours or actions of your transformation team to identify, manage and mitigate potential risks substantially contributes to the overall risk profile of your digital transformation!

So what?

looprisk.com

Without a structured way of managing digital transformation risks, you are ‘playing roulette’ with your company’s money and its future. As a result, independent research shows that teams that persist with risky implementations usually cost their companies dearly.

At Looprisk, we believe that every digital transformation team should foster a risk management culture based on the principles of awareness, cost focus and accountability. Why?

Simple… because these are a prerequisite to digital transformation success.

Let’s cut to the point

A better way to de-risk digital transformationsLooprisk.com

support@looprisk.comGround Floor, Unit 3, 1008 Wellington Street, West Perth, WA, Australia 6005