How leading companies accelerate their digital strategy – EY
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Amajor cruise ship company was missing out on significant revenue because its guests didn’t know about critical aspects of their vacation: ship amenities and adventure options. The company also needed to meet the demands from a new generation of customers who were digitally more adept — as nearly half of cruise passengers were under the age of 34.
The company personalized and digitized on-board experiences and tracked preferences from the moment customers boarded the ship — for example, vacation planning apps, virtual reality videos of shore excursions and augmented reality features. It also hired digital-savvy leaders and worked with EY to build an ecosystem of strategic partners to manage the transformation. These efforts positioned the cruise liner to capture significant passenger growth.
From travel to industrial to life sciences companies, organizations that get their digital transformation efforts “right” are reaping significant rewards. However, many companies that have invested heavily in digital transformation are not seeing their investments pay off – and the pressure to show results is mounting.
EY-Parthenon digital strategy consulting teams design and deliver digital business strategy that helps accelerate business transformation and fuels growth.
EY identified 9% of a 1,000+-respondent sample as “digital leaders” in the EY Digital Investment Index study. These leaders achieved roughly six percentage points more return on digital investments compared to non-leaders and reported stronger revenue growth.
Leaders clearly see M&A and partnerships with tech natives as a critical lever for a successful digital investment strategy with nearly three-quarters of executives noting that they are shifting to M&A and partnerships to accelerate digital initiatives. The survey results also show leaders:
The technology mix used by leaders is more likely than others to include investments in internet of things (IoT), cloud computing, artificial intelligence (AI) and advanced cyber defense.
Digital solutions in action: A $3b mid-tier mining company in Australia invested in AI and machine learning capabilities to build digital twins for its milling operations. EY helped the company develop the “twin” to run in parallel to the legacy system to predict optimal operational setpoints, identify ways to increase throughput, improve uptime and increase yield quality – all leading to a $50m+ business value improvement.
Digital solutions in action: A leading US-based retail pharmacy player was facing questions on operational performance and its retail business model. EY advised the company to acquire technology capabilities critical to drive both operational gains, offer platform-based technology solutions to regional retail pharmacies and build new business models to compete in the emerging e-commerce pharmacy segment. Result: The company’s $100m+ investments in various companies during the last three years are reaping double-digit returns.
Digital solutions in action: One government needed scalable rapid identification, containment and treatment of the COVID-19 virus. With the help of EY, one country’s government rapidly deployed a digital care platform and care accelerator embedded with intelligence and analytics to eliminate barriers to patient outreach, monitor risk groups, understand citizen behavior and manage demand spikes. EY worked with another country on a similar scaled roll-out that resulted in a 28% reduction in emergency visits in the initial stage of the virus outbreak.
Digital solutions in action: A local government tried to increase connectivity among citizens and public services by adapting new digital technologies. EY diagnosis revealed that implementation failed because of unclear digital governance, breakdown in coordination across departments and failure to monitor critical priorities. EY designed an implementation strategy in which a central figurehead was accountable for communication and performance. A new KPI framework also monitored performance, implementation pace and coordination. Result: The governance framework enabled the city to regain the control of the digital agenda.
As companies incubate new opportunities to drive growth and digitize their core businesses, they should continuously assess talent requirements, operating models, investment strategy and funding constraints. Inadequate operating models and a lack of governance and KPIs are often the cause of stalled transformations.
M&A and other inorganic investing options often produce outsized results compared to other digital investment choices.
Study methodology: The EY Digital Investment Index is a study of 1,001 CEOs, CDOs, CFOs, CSOs, CIOs of companies with $1b+ annual revenue between September and November 2020.
This EY-Parthenon article is part of a sponsored content series as seen on hbr.org.
Digital transformation remains top priority for companies in all sectors of the economy. But despite heavy investment in digital transformation, many are not seeing results. A recent EY study shows companies that are experiencing success are using M&A and partnerships to increase returns on their investments. They are also taking four key steps to achieve better results including: managing digital spending, aligning on investment strategy, removing barriers to ensure scalability and establishing strong governance.
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EY si riferisce all’organizzazione globale e può riferirsi a una o più delle società associate di Ernst & Young Global Limited, ognuna delle quali è un’entità legale separata. Ernst & Young Global Limited, una società britannica con garanzia limitata, non fornisce servizi ai clienti.
EY-Parthenon è un brand sotto il quale numerose aziende associate a EY in tutto il mondo forniscono servizi di consulenza strategica.
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EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
© 2017 EYGM Limited. All Rights Reserved.
EYG/OC/FEA no.
ED MMYY
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
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Amajor cruise ship company was missing out on significant revenue because its guests didn’t know about critical aspects of their vacation: ship amenities and adventure options. The company also needed to meet the demands from a new generation of customers who were digitally more adept — as nearly half of cruise passengers were under the age of 34.
The company personalized and digitized on-board experiences and tracked preferences from the moment customers boarded the ship — for example, vacation planning apps, virtual reality videos of shore excursions and augmented reality features. It also hired digital-savvy leaders and worked with EY to build an ecosystem of strategic partners to manage the transformation. These efforts positioned the cruise liner to capture significant passenger growth.
From travel to industrial to life sciences companies, organizations that get their digital transformation efforts “right” are reaping significant rewards. However, many companies that have invested heavily in digital transformation are not seeing their investments pay off – and the pressure to show results is mounting.
EY-Parthenon digital strategy consulting teams design and deliver digital business strategy that helps accelerate business transformation and fuels growth.
EY identified 9% of a 1,000+-respondent sample as “digital leaders” in the EY Digital Investment Index study. These leaders achieved roughly six percentage points more return on digital investments compared to non-leaders and reported stronger revenue growth.
Leaders clearly see M&A and partnerships with tech natives as a critical lever for a successful digital investment strategy with nearly three-quarters of executives noting that they are shifting to M&A and partnerships to accelerate digital initiatives. The survey results also show leaders:
The technology mix used by leaders is more likely than others to include investments in internet of things (IoT), cloud computing, artificial intelligence (AI) and advanced cyber defense.
Digital solutions in action: A $3b mid-tier mining company in Australia invested in AI and machine learning capabilities to build digital twins for its milling operations. EY helped the company develop the “twin” to run in parallel to the legacy system to predict optimal operational setpoints, identify ways to increase throughput, improve uptime and increase yield quality – all leading to a $50m+ business value improvement.
Digital solutions in action: A leading US-based retail pharmacy player was facing questions on operational performance and its retail business model. EY advised the company to acquire technology capabilities critical to drive both operational gains, offer platform-based technology solutions to regional retail pharmacies and build new business models to compete in the emerging e-commerce pharmacy segment. Result: The company’s $100m+ investments in various companies during the last three years are reaping double-digit returns.
Digital solutions in action: One government needed scalable rapid identification, containment and treatment of the COVID-19 virus. With the help of EY, one country’s government rapidly deployed a digital care platform and care accelerator embedded with intelligence and analytics to eliminate barriers to patient outreach, monitor risk groups, understand citizen behavior and manage demand spikes. EY worked with another country on a similar scaled roll-out that resulted in a 28% reduction in emergency visits in the initial stage of the virus outbreak.
Digital solutions in action: A local government tried to increase connectivity among citizens and public services by adapting new digital technologies. EY diagnosis revealed that implementation failed because of unclear digital governance, breakdown in coordination across departments and failure to monitor critical priorities. EY designed an implementation strategy in which a central figurehead was accountable for communication and performance. A new KPI framework also monitored performance, implementation pace and coordination. Result: The governance framework enabled the city to regain the control of the digital agenda.
As companies incubate new opportunities to drive growth and digitize their core businesses, they should continuously assess talent requirements, operating models, investment strategy and funding constraints. Inadequate operating models and a lack of governance and KPIs are often the cause of stalled transformations.
M&A and other inorganic investing options often produce outsized results compared to other digital investment choices.
Study methodology: The EY Digital Investment Index is a study of 1,001 CEOs, CDOs, CFOs, CSOs, CIOs of companies with $1b+ annual revenue between September and November 2020.
This EY-Parthenon article is part of a sponsored content series as seen on hbr.org.
Digital transformation remains top priority for companies in all sectors of the economy. But despite heavy investment in digital transformation, many are not seeing results. A recent EY study shows companies that are experiencing success are using M&A and partnerships to increase returns on their investments. They are also taking four key steps to achieve better results including: managing digital spending, aligning on investment strategy, removing barriers to ensure scalability and establishing strong governance.
A proposito di questo articolo
Contattaci
I nostri uffici
Legal and privacy
EY si riferisce all’organizzazione globale e può riferirsi a una o più delle società associate di Ernst & Young Global Limited, ognuna delle quali è un’entità legale separata. Ernst & Young Global Limited, una società britannica con garanzia limitata, non fornisce servizi ai clienti.
EY-Parthenon è un brand sotto il quale numerose aziende associate a EY in tutto il mondo forniscono servizi di consulenza strategica.
youtube
EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
© 2017 EYGM Limited. All Rights Reserved.
EYG/OC/FEA no.
ED MMYY
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
Learn more
Oltre ai cookie strettamente necessari per il funzionamento di questo sito Web, utilizziamo i seguenti tipi di cookie per migliorare la tua esperienza e i nostri servizi: Functional cookies per migliorare la tua esperienza (ad es. Ricordare le impostazioni), Performance cookies per misurare le prestazioni del sito Web e migliorare la tua esperienza, Advertising/Targeting cookies che sono impostati da terze parti con cui eseguiamo campagne pubblicitarie e ci consentono di fornirti annunci pubblicitari pertinenti per te, Social media cookies, che ti consentono di condividere i contenuti di questo sito Web sui social media come Facebook e Twitter.
È possibile revocare il consenso ai cookie in qualsiasi momento dopo aver effettuato l’accesso al sito Web tramite un collegamento nell’informativa sulla privacy, che è possibile trovare nella parte inferiore di ciascuna pagina del sito Web.
Consulta la nostra cookie policy per maggiori informazioni.
Personalizza i cookies
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
