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DIGITAL VAULT


Reinventing business with digital

The Chief Digital Officer's handbook

DECLINING TECHNOLOGY COSTS & THE RISE OF DIGITAL ENTERPRISES

A giant leap in data and connectedness is transforming business models and enabling new customer experiences in India, and the rest of the world. To lead in this new environment, the top priority of Indian businesses should be using digital to transform core businesses while growing new ones. The opportunity: The volume of big data in India alone is expected to grow eight-fold, reaching an estimated value of US$16 billion by 2025. But, many businesses are simply not getting the most out of their digital investments.

PLUMMETING TECHNOLOGY COSTS

In our survey of senior executives across more than 900 large companies in the 21 biggest industrial countries, 96 percent confirmed investing in digital for:

  • Greater operating efficiency; and

  • Unlocking new sources of growth and revenues with new customer experiences

However, only 13 percent are realizing their objectives. The real threat of digital disruption makes digital reinvention necessary—now.

Declining technology costs & the rise of digital enterprises

ONLY A FEW COMPANIES ARE SUCCESSFULLY USING DIGITAL FOR EFFICIENCY AND GROWTH

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THE RACE TO CREATE EFFICIENCIES AND EXPERIENCES

Indian companies understand the implications of failing at creating better customer experiences and finding ways to reduce costs, simultaneously. In our survey, 64 percent of executives fear for their company’s survival if they are unable to deliver on these two imperatives with their digital investments.

Our research shows that using combinations of technologies multiplies the financial value beyond what each technology would deliver on its own. The choice of technologies must be determined by proven business needs and opportunities.

INCREMENTAL SAVINGS IN COST PER EMPLOYEE
INCREMENTAL SAVINGS IN COST PER EMPLOYEE
ADDITIONAL GAINS IN MARKET CAP
ADDITIONAL GAINS IN MARKET CAP

CDO—The driver of digital reinvention

Indian businesses that master the art of combining digital technologies for top-line and bottom-line growth will be able to transform into digital enterprises. Chief Digital Officers (CDOs) have their task cut out in helping their companies initiate digital reinvention—plotting the path, managing execution, and creating the ability to continuously deliver new capabilities to the business. Based on our experience with Indian companies succeeding in digital transformation, we recommend three steps for CDOs.

  • Set a “Reinvent with Digital” strategy.

  • Set the agenda in the C-suite.

  • Manage implementation.

6 DIGITAL IMPERATIVES TO CREATE THE BUSINESSES OF THE FUTURE

All industry X.0 businesses must completely reinvent their industries by deploying a mix of technologies. Our research has helped us identify six core imperatives that CDOs must address to successfully move a ‘Reinvent with Digital’ strategy from plan to reality. By meeting these imperatives, CDOs can profitably combine digital technologies to drive new efficiency gains and create enhanced customer experiences in parallel.

Digitize core

   Digitize core business, engineering and production systems to drive new levels of efficiency

Innovate new business models

   Innovate new business models to drive differentiated value for clients and new revenue streams

Focus on customer experiences and outcomes

   Focus on customer experiences and outcomes to drive new, hyper-personalized experiences via multiple technologies

Build a digital-ready workforce

   Build a digital-ready workforce and encourage active collaboration between people and machines

Build new ecosystems

   Build new ecosystems of suppliers, distributors, start-ups and customers

Pivot wisely

   Pivot wisely between investments in new businesses versus the core business

Digital reinvention is a journey. It starts with a digital-first strategy that uses digital technologies in combination for maximum benefits, and it requires digital reinvention. Companies that embark on this journey today will emerge as the digital winners of tomorrow.

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