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.
