Among companies that have made substantive digital efforts, has change been gradual or dramatic? And what are the next hurdles in their digital transformations? Researchers at the Boston Consulting Group’s Henderson Institute surveyed leaders at more than 20 firms to answer these timely questions. If your company is striving to keep pace in the digital race, this forward-looking article is for you.
CEOs are setting lofty digital goals, but success requires other leaders’ buy-in, an “ecosystem approach” and speed.
Digital’s first wave brought companies better processes, improved output, and extended their reach and customization. Firms developed digital-ready cultures and then began integrating big data into their daily routines and systems. Now, leaders across all industries are aiming high with their digital programs, especially by innovating products, services and business models. RBL Bank, for instance, pioneered profitable "open banking” operations in India, allowing other firms to create new services for its customers.
Several factors determine the success of a digital transformation. The influence of CEOs – as well as how executives oversee budgets and personnel decisions or shape company priorities – is decisive. Success hinges also on whether companies are able to transform their data and IT infrastructures. At the least, they should begin developing applications and services – even rudimentary ones – to nudge momentum. Further, digital transformations require a supportive company culture...