Digital Transformation Done Right

Starting in March 2020, nearly every company experienced a digital transformation—whether they liked it or not. The pandemic ushered nearly all transactions and interactions online literally overnight.

The business repercussions of those first, frenzied months still reverberate—a subsequent explosion in e-commerce, the pivot from theaters to streaming, and remote work becoming the norm, to name just a few—as the companies best prepared to embrace or enable these trends were rewarded with 11-, 12-, and even 13-figure market capitalizations.

Nearly two years on, what’s more remarkable is how many organizations failed to manage this transition—a whopping 70% haven’t met their goals, according to research by the Boston Consulting Group.

Common causes include senior executives clinging to a wait-and-see approach, along with the delusional belief that just adding tech will make their current operations a little faster, cheaper, and more efficient to run.

That’s a recipe for disaster in light of both customers’ post-pandemic expectations and new technologies such as AI and the Internet of Things coming to the fore. The consequences are stark—successful organizations achieve earnings growth 80% higher than their peers.