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Digital transformation in 2019: A business leader’s guide to future challenges and opportunities
- Originally Published:
- Nov 2018
Over the past few years, companies have been focused on building sustainable digital transformation strategies that offer new business opportunities and allow them to stay competitive. This ebook provides a comprehensive analysis of digital transformation trends and priorities and how organizations will approach the challenges of digital change in the future.
From the ebook:
Perhaps the biggest surprise of all about digital transformation isn’t that large scale change is hard. It’s safe to say that is now well established and widely known. It’s how to do it repeatably and sustainably that appears to be the key.
We’ve also learned along the way that digital change is often more about the people involved and affected by it than it is about the technology. Yet we’ve witnessed a growing number of challenges with technological change as well, with the rule of thumb being that the larger, older, and more distant the organization originally was from the technology industry, the more significant the technical challenges have been.
First, the good news: Most organizations have now embarked on some form of digital transformation in the past several years. This may just be in a certain function, like marketing or supply chain, or it might be more coordinated transformation across functions like customer experience or digitization of products and services. Whatever focus it takes, the challenges and top issues have increasingly begun to form a pattern across types of transformation as well as industries and geographies as a whole.
Digital transformation: A top business priority for 2019
We’ll get to those patterns shortly. First, let’s take a brief look at the current motivations for engaging in what is otherwise a difficult, expensive, disruptive, and distracting activity in the first place.
On reason for all the attention: On average, most organizations believe that half of their revenue will come from digital channels by 2020. Furthermore, the World Economic Forum estimates that the overall economic value of digital transformation to business and society will top $100 trillion by 2025. Other similar data are easy to find. These represent vital macroeconomic trends that are the most significant attainable new business potentials for the typical enterprise. Any way you look at it, the largest growth opportunities that most organizations can access now is to better seize the white space in these rapidly expanding digital markets.
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