Bain and Company recently conducted a survey to gauge digital preparedness. Two major conclusions emerged. One was that companies who effectively transformed to their digital avatars reaped the benefits in exponential figures. The other conclusion is that few managed this. Five categories of companies based on their level of digital readiness were included in this study. The study even compared the dichotomy between conventional and digital transformation. Conventionaltransformation was achieved by twelve percent of the sample, in comparison to digital which was only done by five percent. A fifth failed to deliver in either case. About three-fourths of the companies settled for a diluted version of digital transformation while the fraction was two-thirds in the conventional case. A balance is needed between the outer and inner games. But most companies prioritize the former which includes customer engagement and outreach through strategies such as digital marketing. The inner game focuses on the right investments and experiments. There are three things usually common to those who go through successful digital transformation. One, a clear alignment from the top between the corporate strategy sought and the actual execution. Then comes prototyping through investment on agile work ways. And the third is by building a virtual network and empowering the frontline workers who bring about the real change.

Source:http://www.bain.com/publications/articles/orchestrating-a-successful-digital-transformation.aspx

Uploaded Date:13 June 2018