A GUIDE TO DIGITAL TRANSFORMATION
In this Guide to Digital Transformation, find out about what you need to succeed in transforming your enterprise digitally.
A DIGITAL TRANSFORMATION (DX) is what happens when businesses realize the potential of digital technology to bring value to their customers.
The outcome of a digital transformation is a step change in operational effectiveness and growth.
Recent research conducted by Harvard Business School suggests that companies that are digital laggards don’t perform as well as those that embrace digital transformation. They write, “Organizations that scored in the top quartile of our digital transformation index obtained much better gross margins, earnings, and net income than organizations in the bottom digital quartile. Other financial and operating indicators showed similar disparities.”
LEARN HOW TO MAKE DIGITAL TRANSFORMATION WORK FOR YOUR ENTERPRISE
Making digital transformation work is one of the biggest challenges facing senior officers in business today
The impact of digital transformation on business success
The outcome of a digital transformation is normally a step-change in operational effectiveness and growth. That means, it’s worth doing. Furthermore, fail to transition your business to lever advantage from digital tools runs the rusk of falling behind competitors.
Recent research conducted by Harvard Business School suggests that companies that are digital laggards don’t perform as well as those that embrace digital transformation. They write, “Organizations that scored in the top quartile of our digital transformation index obtained much better gross margins, earnings, and net income than organizations in the bottom digital quartile. Other financial and operating indicators showed similar disparities.”
Going about the task
Harnessing new digital technologies to create more customer value and reduce operating costs is a challenging prospect for many organizations accustomed to primarily investing in slow-coach IT to keep the lights on. To leverage the potential of technologies like big data, artificial intelligence, blockchain, the Internet of Things, virtual reality and cloud computing (etc.), your enterprise needs to embrace a digital ecosystem that’s able to embrace new technologies and adapt to change affordably and expediently. That’s why
Adopting a top-down approach to enterprise IT – and creating a single, unifying digital platform with modern cloud platforms – will transform your business and its ability to compete in the digital age.
The RoI of digital transformation platforms
McKinsey & Co. suggest companies with digital platforms enjoyed an annual boost in earnings before interest and taxes (EBIT) of 1.4 percent, compared with the 0.3 percent gains of non-players.
They go on to state that performance effects are cumulative, with EBIT improvements adding to early-year gains, so over a five- year period, platform players may capture an additional 10 percent in EBIT growth—a company’s 2 percent EBIT growth, for example, would increase to 2.2 percent in year five.
Source: ‘The right digital-platform strategy’, McKinsey & Co, May 2019
The value of digital transformation is recognized by employees too
A 2019 report by Zenzar found that employees too understand the value of having the right digital tools to get the job done.
More than three-fourths (76%) of the 1,000-plus survey group said having the digital tools they need at work makes them more productive. More than half (53%) said it makes them more successful.
The same share said they would be more empowered to better manage workflow if provided with the IT tools they needed, and 42% said it speeds up boring tasks. Some 68% of the 18 to 34 age group said having the digital tools they need at work makes them more productive.
That’s a significant share. But it’s even higher – at 80% – for the 35 to 54 age group. And a whopping 83% of workers age 55 and older agreed.
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