As a business executive, your job is to make decisions. While you hold a position of power, you may get away by not making timely decisions. You may blame lack of information, uncertainty in business or another excuse.
The fact is that you hold a position of power to make decisions. Yet, when you are postponing the decision every day, your business incurs a cost of delay. It is a debt of the status quo.
Let us unpack it!
What is stopping you from improving your business’s digital capabilities? Is it an investment decision, choosing a vendor, or deploying resources?
Each day, you incur costs because of delaying your decision to improve digital capabilities.
Did you say how?
Here are a few examples:
You may be losing business to your competition because of the lack of digital capabilities to interact and trade with your customers, suppliers and partners.
Your cost to develop products and offer services is high. It is affecting the bottom line of your business.
Smart people like to add value. They hate to undertake repeatable manual work. Hence, if you are not serious about digital investment, they are likely to move on.
Summary – Cost of Delay
The cost of delay can be substantial for your business. So, keep this in mind and understand that you do not have endless time to invest in digital capabilities. Every day you are delaying the decision, it is costing you. We call it the cost of delay.
Perhaps, it may be a good time to reflect on how much the cost of delay costs your business?
The bigger question is, what is holding you back to make swift decisions to improve digital capabilities within your business?