The newer suite of technologies comes in various forms. Some of these includes the likes of Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), automation, Industry 4.0 and business analytics. A number of top business executives believes that these technologies can boost business benefits by between thirty and fifty percent. Digitally reinvented incumbents can also leverage the same. Some key principles adopted by successful transformative companies have been identified. It all starts with developing a tech road map that can help curate new business models, while also successfully reinventing legacy businesses. Management training ought to be provided to the existing personnel to develop new opportunities. A modern technology environment needs to be built in at the firm. The entire data strategy needs to be devised to make it more valuable and accessible. The strategic value needs to be captured from the tech used in the operating model.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-cornerstones-of-large-scale-technology-transformation

Uploaded Date:07 January 2019