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Digital Transformation Leaders Are Few and Far Between
Thursday October 19 12:00pm to 12:45pm
A large majority of companies understand the importance of digital transformation to their survival. But just 3% of them have completed digital transformation projects across the enterprise. Most companies have a lot of catching up to do in several important areas.
Leaders who are fully committed to digital transformation across their enterprises are three times more likely to report high levels of value creation from digital transformation.
These leading companies will also be much more focused on technology change and customer empowerment over the next two years. But there are four key characteristics that really set them apart from the rest.
They are focused on true transformation.
The leaders view unifying their cultures with a digital mindset as the foundational element of transformation. Many are using purpose-built project teams to rethink business models and avoid piecemeal change. Meanwhile, most other companies are leaving transformation to IT or to individual lines of business – without the positive results of the leaders.
They transform customer-facing functions first.
Leaders view customer experience as the gateway to a successful digital transformation. They are 58% more likely to cite customer empowerment as a key global trend. The leaders have also successfully connected their customer-facing efforts to business processes across the enterprise and extended them to partners and suppliers.
They are talent driven.
With skills that drive digital transformation in high demand, leaders are investing heavily in recruiting and training to ensure they're prepared to meet new challenges as they arise.
They invest in next-gen technology using a bimodal architecture.
Finally, leaders invest more heavily in next-gen technologies, especially Big Data and analytics, the Internet of Things, and machine learning. They do so using a bimodal architecture so that they can make their core infrastructure more effective and cost efficient while quickly incorporating innovations and new technologies to get ahead of the competition.
The Organizational Strategy That Matters
The leaders have already made some of the difficult organizational changes that are required for digital transformation, such as creating a bimodal technology architecture to enable faster integration of new cross-functional processes.
Commitment to Digital Transformation Pays Off The results speak for themselves: the leading 100 companies have stronger revenue growth and profitability today – and expect that advantage to continue over the next two years – compared to other companies in our study.
Meanwhile, 70% of leaders say that they are already seeing increased customer satisfaction. That satisfaction is also reflected internally, with 64% of employees at leading companies feeling more engaged today – a figure that is expected to jump to more than 80% in two years.