The Value of Digital Transformation – HBR.org Daily

While 89% of large companies globally have a digital and AI transformation underway, they have only captured 31% of the expected revenue lift and 25% of expected cost savings from the effort. Until business leaders are convinced of the value and confident in how to get it, they are unlikely to do the difficult, hands-in-the-dirt changes needed to improve their success rate. To see where digital transformation creates value, the authors used McKinsey’s Finalta benchmark, which tracked the performance of 80 global banks every year from 2018 to 2022 against a set of 50 normalized metrics, such as digital/mobile adoption, digital sales by banking product, number of people in contact centers, and number of branches. They found that digital leaders are creating much more shareholder value than laggards, often by creating value that’s hard to copy.
“Show me the money!” Cuba Gooding Jr., playing Rod Tidwell, made those words a cultural touchstone in the movie Jerry McGuire. He was not just voicing his concerns about committing to a sports agent, played by Tom Cruise in this case; he was also questioning Cruise’s commitment.


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!