But as in evolutionary speciation, many new and unanticipated enterprises will emerge, and existing ones will be transformed with new business models. This may sound extreme, but it’s not. Take me straight to the infographic The rapid adoption of digital technology by customers and businesses continues to disrupt the global economy. Software evolved from bespoke custom programming to on-premises, packaged enterprise application software and then to software as a service (SaaS)—cloud-resident solutions. People want valuable solutions to their problems. is digitally transforming the industry with data, AI, and network effects. We're speaking with Ari Libarikian who is a senior partner with McKinsey& Company. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. McKinsey & Company convened the CEOs of ten European PHI companies for a round- table focused on digital transformation. Its share of the US e-commerce market is 34 percent and could increase to 50 percent by 2021.8 8.Phil Wahba, “Amazon will make up 50 percent of all US e-commerce by 2021,” Fortune, April 2017, fortune.com. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. The CEO was periodically briefed on the cost and result. Tinkering is insufficient. Other CEOs are seeking inspiration by organizing visits to the headwaters of disruption, at companies like Apple, Tesla, and Uber. In the age of the digital technology revolution, increasingly we’re seeing leadership as the defining factor in enabling transformation success. Why digital customer service? Why digital transformation is so critical for your business. One healthcare CEO used scenarios to craft a road map for hundreds of next-generation application improvements across its businesses. Successful organizations tend to look inward when making digital transformation strategies. Internal processes. Equally important, CFOs are increasingly bringing data-driven risk management awareness to strategic planning at the CEO and board levels to inform decisions ranging from entering new markets to planning new facilities. This helps organizations to better engage customers – and gain even more value for the business. Digital transformation is about sweeping change. © 2020 Copyright TechHQ | All Rights Reserved, may be a determining factor for a successful, Google faces its third major lawsuit of the year. tab. CFOs might have an instrumental role in digital transformation. Michael Krigsman: What's the next step beyond digital transformation? This means that economies of scale take on whole new proportions, which leads to the rise of ecosystems. CFOs have a critical role to play in an organization’s digital transformation strategy — and it’s important to remember that their training helps bring critical insights into the boardroom. Yet, digital transformation is important for your business. They’re also reaching across company and industry borders to share and promulgate best practices. Digital IQ. McKinsey & Company. Something went wrong. Digital transformation efforts rely on digital technology to convert customer insight into customer-centric products and services. All value chains will be disrupted: defense, education, financial services, government services, healthcare, manufacturing, oil and gas, retail, telecommunications, and more. 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