Delaying a Digital Transformation Is Bad Business

By Dennis McCafferty  |  Posted 10-18-2016 Email

Very few organizations are taking advantage of digital transformation initiatives to gain business advantages over competitors, according to a recent survey from Harvard Business Review Analytic Services in association with the Genpact Research Institute. The resulting report, titled “Accelerating the Pace and Impact of Digital Transformation,” distinguishes companies into the following categories: “leaders,” or those that are taking advantage of digital tech to achieve positive, strategic outcomes, and “laggards,” or organizations which haven’t yet reached this state of digital transformation. The vast majority of leaders, findings show, are optimizing the way they serve customers, reducing costs, increasing revenues and supporting new business models–all through digital tech initiatives–while a clear minority of laggards can claim the same. “Although the digital transformation of business has been a corporate agenda item for some years, only a minority of companies are successfully harnessing digital technologies to grow and beat the competition,” according to the report. “However, the nature and trajectory of digital transformation are changing. Where it was once an issue of implementing technologies and having sufficient budgets, the demand now is to use digital technologies to strengthen competitive prowess by launching new products and business models, and revamping the customer experience.” More than 680 global executives took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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