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technology and work with others to generate ideas for using digital to reinvent their organization. Examples of reinvention include changing a company’s business model, competitive strategy, or operating model to get maximum value from digital technology. These leaders also make smart use of data and analytics while making decisions
Oct 6, 2020 · This emerging technology will deliver actionable insights and help companies build sustainable competitive advantages that other businesses don't even know exist yet.
- Counteracting The Most Devastating Tech-Transformation Failure Modes
- What A ‘Tech Forward’ Transformation Looks Like
- Tech Forward in Action
- Questions That Help Orchestrate A Successful Tech-Forward Transformation
Some companies are starting to see real impact from their tech transformations. In a recent McKinsey study, some 50 percent of surveyed companies reported moderate to significant impact on realizing new revenue streams, almost 70 percent reported impact on increasing existing revenue streams, and 76 percent reported impact on reducing costs.1McKins...
Detailed conversations with CIOs as well as our own experience helping businesses execute complex technology transformations yielded a broad array of insights, best practices, and guidelines. We’ve synthesized them into a “tech forward” model that highlights three interconnected vectors, within which are ten specific “plays,” or domains of activity...
A consumer-services company transforms its tech function to support better customer experiences
A major institution in the consumer-services sector was losing business to its rivals, who were aggressively rolling out new and better digital products and channels. Working closely with the CEO and other business-unit leaders, the CIO determined IT needed to develop a set of digital channels and products to improve customer retention, increase share of wallet, and improve customer experience (play #1). With this clear articulation of how new digital products would deliver business value, th...
To get the sequence of transformation activities right, executives need to be clear about where they’re going and what their current capabilities are. Companies often have an incomplete understanding of these two elements, which creates confusion in the executive suite and will derail a tech transformation before it ever gets started. To plot a com...
Aug 12, 2020 · Aside from moving thousands of employees from the office, call center, and factory floor to home overnight, they’re using these technologies to rejigger supply chains, stand up entirely new e-commerce channels, and leverage AI and predictive analytics to unearth smarter and more sustainable ways to operate.
Here they are: Technologies … Cloud Computing – Because Everything’s Moving to the Cloud. Analytics – Because Descriptive, Explanatory & Predictive Insight is Lifeblood. Digital Security –...
Dec 6, 2023 · Leveraging a strategic technology approach allows businesses to carve out a unique market position, streamline operations, manage risks robustly, utilize data effectively, enhance customer engagement, and prepare for future technological advancements.
Mar 11, 2021 · Seven lessons on how technology transformations can deliver value. March 11, 2021 | Survey. In the past year, the COVID-19 crisis has made clear the business imperative of making technology-driven changes, which are more ubiquitous now than ever. Indeed, our latest McKinsey Global Survey on technology and the business suggests that even in the ...
