Companies are facing the perfect storm of a technology revolution, a global pandemic, ongoing recession, and changing customer priorities – all of which are intertwined. In this environment, organizations must take initiative to drive change through digital transformation or risk failure.
What is Digital Transformation?
Digital transformation is not just about digital technologies. It encompasses all aspects of an organization – and it should be driven by business, not IT. Ultimately, it means reimagining your products and services portfolio from the customers’ point of view and reinventing the value chain to deliver modern, connected experiences to all stakeholders.
As depicted in the graphic, high quality data is needed to create exceptional customer and stakeholder experience chains. Extreme customer centricity in the functional areas of acquisition and growth, value delivery and operations, and value enablement requires a high degree of executive involvement, according to the profiles we’ve gathered on companies we call Digital Champions.
Defining Digital Transformations
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Investment and leader-commitment starts the engine that gets great data flowing. The data then allows the business to not only contend with serious operational issues like cost-savings and supply chains, but also informs where companies must look to stay responsive to the consumer’s needs and relevant in the marketplace.
Our research shows that nearly 30% of companies will not survive this decade due to a lack of alignment with how customers define value in the digital age. However, the No. 1 challenge organizations face is understanding what digital transformation means to them individually and how they can achieve it in a highly resource-constrained environment.
Our Digital Transformation Services
We partner with organizations across the entire transformation life cycle – from strategy through implementation and results. Our approach leverages the power of Trasers – our research arm – for analytics-driven prioritization, benchmarking, strategy and roadmap development, technology selection, and process digitalization.
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Digital champions – or, those most likely to succeed – know that uncertainty is a certainty. They expect it. They plan for it. And they don’t get upset or derailed when it inevitably occurs. Why? Because they have anticipated the emergence of new customer needs and new industry dynamics; it was included in their roadmap from the beginning.
