market compared to companies that fail to derive value from digital
Posted: Sun Dec 15, 2024 9:49 am
Karalee Close is a senior partner and managing director at Boston Consulting Group (BCG), where she is also the global leader of its Technology Advantage practice. Hrishi Hrishikesh is a partner and director at BCG and a core member of Technology Advantage.
They recently partnered with Google to study how global companies successfully approach digital transformation. They share their key findings:
Senior business leaders are keenly aware that we are in a new era of digital consumption, one that has been rapidly accelerated by COVID-19.
If the past few years have shown us anything, it’s that businesses must be prepared to move quickly to stay ahead of the pace of change. This has familiarized many marketing teams with a new catchphrase: digital transformation .
Since 2018, we’ve partnered with Google to explore digital transformation as it has evolved from a relatively nascent concept to a business imperative. More recently, we teamed up to better understand why some companies are able to generate significant value from digital solutions, and why so many others still lag behind.
Our approach was to study the digital competency and maturity of 2,000 global companies, and we found that the value companies derive from their digital solutions is inextricably linked to their ability to scale those solutions at speed. Achieving scale is what transforms digital pilots from interesting experiments into drivers of significant value. Companies that can do this faster than the rest of the market have a considerable advantage.
This became an important driver for our study; it differentiated the “digital gambling data russia leaders”—the roughly 30% of companies that generate significant value from digital—from everyone else.
Our research showed that digital leaders achieve three times greater revenue growth and cost savings, and have twice the accelerated time to
By further analyzing digital leaders, we were able to identify three key factors that enabled them to successfully scale their digital solutions. Here’s what you need to know:
Three people icons in a huddle, a hex nut, and a slider control: 1. C-suite alignment. 2. Build capabilities. 3. Always-on mindset.
►1. C-suite alignment
Becoming a digital leader starts at the top. Companies succeed when digital transformation is not just the purview of one executive, but when the entire C-suite aligns on a common strategy and roadmap. Once they’ve established the North Star, CxOs must work together to drive the entire organization to execute on the vision from the top down.
According to our research, 72% of digital leaders say consistent senior-level collaboration is essential, and 82% say they align across the C-suite on digital vision, investment, and other resources to drive the agenda together.
They recently partnered with Google to study how global companies successfully approach digital transformation. They share their key findings:
Senior business leaders are keenly aware that we are in a new era of digital consumption, one that has been rapidly accelerated by COVID-19.
If the past few years have shown us anything, it’s that businesses must be prepared to move quickly to stay ahead of the pace of change. This has familiarized many marketing teams with a new catchphrase: digital transformation .
Since 2018, we’ve partnered with Google to explore digital transformation as it has evolved from a relatively nascent concept to a business imperative. More recently, we teamed up to better understand why some companies are able to generate significant value from digital solutions, and why so many others still lag behind.
Our approach was to study the digital competency and maturity of 2,000 global companies, and we found that the value companies derive from their digital solutions is inextricably linked to their ability to scale those solutions at speed. Achieving scale is what transforms digital pilots from interesting experiments into drivers of significant value. Companies that can do this faster than the rest of the market have a considerable advantage.
This became an important driver for our study; it differentiated the “digital gambling data russia leaders”—the roughly 30% of companies that generate significant value from digital—from everyone else.
Our research showed that digital leaders achieve three times greater revenue growth and cost savings, and have twice the accelerated time to
By further analyzing digital leaders, we were able to identify three key factors that enabled them to successfully scale their digital solutions. Here’s what you need to know:
Three people icons in a huddle, a hex nut, and a slider control: 1. C-suite alignment. 2. Build capabilities. 3. Always-on mindset.
►1. C-suite alignment
Becoming a digital leader starts at the top. Companies succeed when digital transformation is not just the purview of one executive, but when the entire C-suite aligns on a common strategy and roadmap. Once they’ve established the North Star, CxOs must work together to drive the entire organization to execute on the vision from the top down.
According to our research, 72% of digital leaders say consistent senior-level collaboration is essential, and 82% say they align across the C-suite on digital vision, investment, and other resources to drive the agenda together.