Digitization is often merely thought of as a tool to reduce work and the resultant costs associated with internal processes. However, companies that are termed as digital-attackers follow a much wider approach. Digital technologies are not being fully understood or taken advantage of by business leaders. In a recent study conducted by McKinsey, about half acknowledged challenges in incorporating these technologies. For such efforts to succeed, full support of the top management is needed as this will enable digitization principles to be embedded within the corporate strategy itself. The capabilities deployed and the solutions derived need to stem from customer-centric inputs. Agile ways of working and thinking need be incorporated for this to succeed. Similarly, even the IT landscape needs to be flexible. Since now data is everywhere, it needs to be leveraged. For this, an advanced business analytics infrastructure must be in place for its competencies to be taken advantage of. Crucially, the business model must be fully scalable and automated.

Source:https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/winning-the-cost-battle-success-factors-in-digital-transformations-for-energy-retailers?cid=other-eml-alt-mip-mck-oth-1807&hlkid=704f856527634504a9ed595db3ee20d0&hctky=2657824&hdpid=68764403-c28a-49bd-9556-78e14a54102e

Uploaded Date:25 August 2018