Source | www-cio-com.cdn.ampproject.org | Clint Boulton
Already a key strategic initiative, digital transformation — a catchall term for describing the implementation of new technologies, talent, and processes to improve business operations and satisfy customers — has taken on heightened importance during the COVID-19 pandemic.
Companies’ adoption of digital technologies has sped up by three to seven years in just months, with companies accelerating efforts for fear of being outflanked by competitors, according to Laura Laberge, McKinsey director of capabilities for digital strategy. Indeed, what was once viewed as best-in-class speed for most business cases just a few years ago is now slower than average.
Add to that the ominous stat that only 11% of 1,140 business executives surveyed by McKinsey believe their current business models will be economically viable through 2023, and it’s easy to understand why 64% of those execs say their companies must build new digital businesses.
Here experts drill down on digital transformation and offer advice for IT leaders embarking on digital journeys.
Digital transformation defined
Digital transformation marks a rethinking of how an organization uses technology, people, and processes in pursuit of new business models and new revenue streams, driven by changes in customer expectations around products and services.