“‘Digital transformation is less of a digital problem than it is a transformation problem,” said Westerman in a recent webinar for MIT Sloan Management Review. “It’s a leadership problem for envisioning and driving change.’
With consumers and organizations finally ready to embrace digital change at scale, how should companies leverage that shift to facilitate future transformation? Westerman identified four areas where companies should focus their next-generation digital initiatives:
“In a recent survey, ‘2021 Thriving in an AI World,’ KPMG found that across every industry—manufacturing to technology to retail—the adoption of artificial intelligence (AI) is increasing year over year. Part of the reason is digital transformation is moving faster, which helps companies start to move exponentially faster. But, as Cliff Justice, US leader for enterprise innovation at KPMG posits, ‘Covid-19 has accelerated the pace of digital in many ways, across many types of technologies.’ Justice continues, ‘This is where we are starting to experience such a rapid pace of exponential change that it’s very difficult for most people to understand the progress.’ But understand it they must because ‘artificial intelligence is evolving at a very rapid pace.’”
“79% of consumers said in a Salesforce report the experience they have with a company matters as much as the company’s products and services, and that makes customer experience one of the most important competitive differentiators today.
Salesforce surveyed thousands of customers in mid-2020 and found that 88% expect companies to speed up their CX because of the pandemic.
More than half (52%) of customers expect offers from brands to “always be personalized,” according to Salesforce data.
44% of consumers have abandoned online purchases because the checkout process was too long or too complicated, according to a March 2020 Sapio Research survey”
“More than two-thirds of executives, 67%, fear their competitors are further along with ‘deep-tech’ solutions, such as artificial intelligence and machine learning.
A majority of large enterprises (defined as those with 1,000 or more employees), 57%, are actively investigating deep tech solutions are doing so to solve a specific existing or emerging business problem.
Competitors making progress with deep tech and needed to match them 37%
Have identified an impending business problem not equipped to handle 28%
Want to be on the cutting edge of innovation to solve currently undefined business problems 20%”
” ‘Over 40 per cent of businesses believe that the model they’re using today will cease to exist in five years,’ says Clare Barclay, chief operating officer of Microsoft UK.
Data from Microsoft’s Maximising the AI Opportunity report shows that early adopters of enterprise AI have already seen a five per cent improvement in productivity, performance and business outcomes compared to those that have yet to explore this exciting new field.”