Keeping Up With the Pace of Digital Transformation
It's no secret that digital processes are the key that unlocks competitive advantage and business success. Yet, putting the concept into motion and achieving gains can be elusive. A new report, "Accelerating the Pace and Impact of Digital Transformation," from Harvard Business Review Analytic Services in association with the Genpact Research Institute, offers insights into the state of the digital enterprise. It states that "only 21 percent of companies are truly reaping the transformative value of digital." It also found that digital is a competitive weapon, but its impact is unevenly distributed; risk-adverse cultures are a bigger problem than the lack of technology prowess, budget or talent; and the necessary leadership, skills, vision and approach are often fragmented or immature. In this emerging space, leaders focus their efforts differently—homing in on interdependencies across organizational processes through metrics and other tools. They learn how to adopt an approach that HBR describes as "lean digital." The report states that leaders "use digital technologies to strengthen competitive prowess by launching new products and business models, and revamping the customer experience, particularly the alignment of middle- and back-office functions/systems to support it." Here's a look at some of the key findings from a survey of 680 executives across a variety of functions and industries.