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Nov 23, 2021 · The fundamental meaning of transformation is not about replacing old technologies with new ones, or capturing high volumes of data, or hiring an army of data scientists, or trying to copy some of ...
Aug 7, 2024 · Digital transformation is the fundamental rewiring of how an organization operates. The goal of a digital transformation, as outlined in the new McKinsey book Rewired: A McKinsey Guide to Outcompeting in the Age of Digital and AI (Wiley, June 20, 2023), should be to build a competitive advantage by continuously deploying tech at scale to improve customer experience and lower costs.
- Transformations Are Hard, and Digital Ones Are Harder
- The Anatomy of Digital Transformations
- The Keys to Success
- Having The right, Digital-Savvy Leaders in Place
- Building Capabilities For The Workforce of The Future
- Empowering People to Work in New Ways
- Giving Day-To-Day Tools A Digital Upgrade
- Communicating Frequently Via Traditional and Digital Methods
- Looking Ahead
Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. 2We define a successful transformation as one that, according to respondents, was very or completely successful at both improving performance and equipping the organization to sustain improvements over time. In o...
Whether a change effort has succeeded or not, the results point to a few shared traits of today’s digital transformations. For one, organizations tend to look inward when making such changes. The most commonly cited objective for digital transformations is digitizing the organization’s operating model, cited by 68 percent of respondents. Less than ...
Having these technologies on hand is only one part of the story. The survey results indicate how, exactly, companies should make the technology-supported changes that differentiate successful digital transformations from the rest (Exhibit 2). Our research points to a set of factors that might improve the chances of a transformation succeeding (see ...
Change takes place at all levels during a digital transformation, especially when it comes to talent and capabilities. Nearly 70 percent of all respondents say their organizations’ top teams changed during the transformation—most commonly when new leaders familiar with digital technologies joined the management team. Indeed, adding such a leader is...
The survey results confirm that developing talent and skills throughout the organization—a fundamental action for traditional transformations—is one of the most important factors for success in a digital change effort. Of our 21 keys to success, three relate to the workforce’s digital capabilities. First is redefining individuals’ roles and respons...
Digital transformations require cultural and behavioral changes such as calculated risk taking, increased collaboration, and customer centricity, as our previous research has shown. In this survey, the results suggest two primary ways in which companies with successful transformations are empowering employees to embrace these changes. The first is ...
For organizations to empower employees to work in new ways, the survey findings show how, and by how much, digitizing tools and processes can support success. We asked respondents about seven structural changes their organizations had made since the transformations began (Exhibit 4). Three of these changes—each of which involves making the use of d...
As we have seen in traditional change efforts, clear communication is critical during a digital transformation. More specifically, one key to success is communicating a change story, which helps employees understand where the organization is headed, why it is changing, and why the changes are important. At organizations that follow this practice, a...
While respondents say that many digital transformations fall short in improving performance and equipping companies to sustain changes, lessons can be learned from those who report success. The survey results suggest steps companies can take to increase their chances of success during a transformation: 1. Reimagine your workplace. The results show ...
Digitalization is the use of digital technologies to change business processes and projects—such as skilling employees to use new software platforms designed to help launch products faster. While digital transformation might include digitalization efforts, it goes beyond the project level and affects the entire organization. For most ...
- The five main ways to address digital transformation are: reimagine your growth strategy powered by technology, realign your organization to put te...
- Think of two, similar consumer product companies. One has undergone a digital transformation, the other hasn’t. The traditional company simply prod...
- Funding digital transformation is a complex process that is best approached one step at a time. In the short term, start with an end-to-end view of...
Sep 21, 2020 · Only time will tell, but here are my top ten digital transformation predictions for 2021. 5G Will Finally Go Mainstream - For Real This Time! We have been hearing about the benefits of 5G for ...
Mar 4, 2021 · Digital transformation varies greatly between different companies, but in a nutshell, any successful strategy needs to adhere to a number of core principles: 1. Follow a clearly defined vision, focused on the customers' needs and shared by the whole team. 2. The C-suite needs to take the lead in ensuring that the path to that vision balances ...
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Dec 17, 2021 · Read more on Digital transformation or related topics Strategy and Technology and analytics Marshall W. Van Alstyne is the Questrom Chaired Professor at Boston University Questrom School of Business.
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related to: What does digital transformation look like in 2021?EY Teams Originate, Build, and Scale New Businesses that Deliver Growth and Market Cap. Breakthrough Digital Venture Building from Concept to Cash. Learn What EY Teams Can Do.
