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Includes Digital Transformation Self-Assessment Tool
In recent years, digital transformation has grown from an IT good intention into a full-scale Board of Directors–level imperative for businesses in almost every industry across the globe. In some cases, that urgency is driven by the proactive realization that digital transformation is a means to achieve long-term competitive supremacy. In other cases, it is a reactive response to digital disruption created by competitors: either new market entrants or long-time opponents who, by virtue of undertaking digital transformations of their own, have reshaped themselves into formidable adversaries. This increased competitive pressure gave companies a heightened sense of urgency to weaponize their data up, down, and across their corporate enterprises.
Not long ago, digital transformers were mostly disparate upstarts seeking first-mover advantage. However, industry analysts report that over the past 24 months, 85% of large companies have had top-priority digital transformation projects underway — not just to hone their own competitive posture, but to fight off the new digital disruptors poaching their customers. Among those established companies, 62% expected to achieve “digital maturity” in 2020, up from just 19% in 2018 (Ernst & Young).
Unfortunately, the challenges of digital transformation go far beyond simply deciding whether to transform or not. Of the firms that launched digital transformation initiatives, investing an estimated total of $1.3 trillion, industry experts found that more than 70% of those projects failed to meet their goals — meaning that some $900 billion missed the mark (McKinsey, Ernst & Young, and Harvard Business Review). Therefore, how your firm plans and executes its digital transformation matters just as much as — if not more than —your decision to do so in the first place.
For all of these reasons, the ability of firms that have not yet started their own digital transformations to play catch-up has diminished. The time to act is now — and the clock is ticking.