mckinsey digital transformation pdf

By combining the latest innovations with deep industry, functional, and technological expertise, we help clients capture value from data and succeed in the digital age. Companies have always relied on technology to innovate and improve productivity and so on. 22. At the enterprise level, digital transformation means employing analytics, artificial intelligence, robotics, the Internet of Things, and other advanced technologies to collect and process information automatically and either support decision making and other activities or automate them altogether. �}����P Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. our use of cookies, and Measuring the Digital Transformation: A Roadmap for the Future provides new insights into the state of the digital transformation by mapping indicators across a range of areas – from education and innovation, to trade and economic and social outcomes – against current digital policy issues, as presented in Going Digital: Shaping Policies, Improving Lives. In order to fully benefit from the digital transformation, the time for CEE’s public and private sectors to act is now. Our insights in this chapter are based on quantitative analysis and discussions with numerous market experts. Digital transformation is topping the agenda of organisations worldwide. Please use UP and DOWN arrow keys to review autocomplete results. In our 2016 survey, the rate of success was 20 percent; in 2014, 26 percent; and i… The World Economic Forum gathering in January 2016 contemplated the possibilities of digital transformation under the banner of the Fourth Industrial Revolution. McKinsey Digital Banking in Asia, (March 2015) 10 Digital Europe: Pushing the Frontier, Capturing the Benefits, McKinsey (2016) ... Digital Transformation for the Retail Banking Industry 6 Top Strategic Digital Imperatives You and your decision-makers have the opportunity – and the need – to make a profound difference in the way your business is run. hereLearn more about cookies, Opens in new But the problem now, as a generation ago, is that organizations too often overinvest in technology while underinvesting in the human capabilities needed to make it useful. 161 0 obj <>/Filter/FlateDecode/ID[<226B888CD98548879A577F9D9FD54A05><0FAEA356232102448B08E3A47E7BE411>]/Index[142 28]/Info 141 0 R/Length 92/Prev 447930/Root 143 0 R/Size 170/Type/XRef/W[1 2 1]>>stream Digital Transformation has gained great research interest in both academia and practice. Consumers are increasingly willing to buy goods and services through digital channels. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. As companies make the shift to a software-enabled world, McKinsey Digital is well positioned to help companies set themselves up for success in the coming decades. How heavy digital investment separates leaders from laggards . Using a 100-point scale, the exhibit shows pharma’s score of 27 lags behind the average of 33 across all sectors. endstream endobj 143 0 obj <>>> endobj 144 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 145 0 obj <>stream McKinsey & Company McKinsey & Company is an international management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Four key sectors warrant further discussion as they are all central to global commerce and ripe for deep transformation: buildings, data centers, industry, and infrastructure. We believe that productivity includes every aspect of operational excellence, from the generation of an idea for a product through its manufacture, sale, maintenance, and, potentially, dismantling and recycling once it becomes obsolete. The economies of the Digital Challengers are booming In 2017 the Digital Challengers saw their highest levels of GDP growth in more than a decade. ���ᲃ{�\���&�M>�'4mt�a���|oN�/��~Ǯ~ ���.�ofP\p���K�H� �)�� � cookies, endstream endobj 146 0 obj <>stream Essays in Digital Transformation Internet Matters Essays in Digital Transformation. Please click "Accept" to help us improve its usefulness with additional cookies. Most transformations fail. ��ks��\JR��p������-�H�w� �:��� 2�w�i� McKinsey: Digital transformation in healthcare must preserve paper - for now . Other essential transformation tasks include building a digital culture and developing capabilities that allow for deeper integration with both internal and external systems. It is not for the fainthearted, but CEOs are heading in the right direction if they grasp the fundamental importance of heavyweight management commitment, are willing to make significant investments, and set clear, ambitious targets. Research online, purchase offline, e.g. 169 0 obj <>stream Over 50 percent of air travel is now purchased online… Our flagship business publication has been defining and informing the senior-management agenda since 1964. 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. Please email us at: Product-driven transformation: From cost to design to analytics-to-value The next level of product transformation not only combines the latest design thinking with multiple sources of data but also exploits sophisticated advanced-analytics methodologies to generate insights about potential cost and value improvements. If you would like information about this content we will be happy to work with you. DIGITAL MCKINSEY 7 initiatives don’t lead to more profound changes to the core business and avoid the real work of re-architecting how the business makes money, the benefits can be fleeting and too insignificant to avert a steady march to oblivion. benefits and, in many cases, are a crucial first step for a digital transformation. %PDF-1.5 %���� The rise of Digital Challengers 1 This report is part of a wider research into the potential of the digi-tal economy in Central and Eastern Europe. �PQ�RQ�b��3� Here is a summary of some of their most important advice around this topic: Digital transformation is a Trojan horse. tab. Anyone interested in the subject would be wise to listen to their advice. Learn about STRATEGY, NOT TECHNOLOGY, DRIVES DIGITAL TRANSFORMATION • MIT SLOAN MANAGEMENT REVIEW 3 Strategy, not Technology, Drives Digital Transformation MExecutive Summary IT Sloan Management Review and Deloitte’s 1 2015 global study of digital business found that maturing digital businesses are focused on integrating digital technologies, such as social, mobile, … We define a successful transformation as one that, according to respondents, was very or completely successful at both improving performance and equipping the organization to sustain improvements over time. But if these . A new report from the McKinsey Global Institute (MGI), China’s digital transformation: The Internet’s impact on productivity and growth, projects that new Internet applications could fuel some 7 to 22 percent of China’s incremental GDP growth through 2025, depending on the rate of adoption. Financial Services technology is currently in the midst of a profound transformation, as … Press enter to select and open the results on a new page. Following these apects, we consider a comprehensive, yet prioritised list of digitization enablers for Slovakia, including the rela - tive strengths of the country and key areas on which to focus going forward (Chapter 3). That’s the power of Operations 4.0 for organizations willing to commit themselves to it. 142 0 obj <> endobj digital transformation into crystal-clear urgency. �!%�t���I�掐��������}Muwv�,>X�Ҩ1�/0 ��꺝�"��. For example, computer-aided design tools linked to vast pools of procurement data, social-media activity, and cost and complexity benchmarks can allow a company to quickly identify designs that maximize profitability while minimizing wasted time and effort. How digital transformation will unfold across different economic sectors is another key question. challenges’, McKinsey & Co., 2016. collaboration with select social media and trusted analytics partners The banner of the global economy market experts transformation will unfold across different economic sectors is key... Source: McKinsey insights - Get our latest insights, Ops 4.0: the! With you these are McKinsey & Company ’ s the power of Operations 4.0 for organizations willing to buy and! This site to function well gained great research interest in both academia and practice the capabilities they need.... Latest insights, Ops 4.0: Fueling the next 20 percent productivity rise with digital.! Global economy since 1964 willing to buy goods and Services through digital channels, as … autocomplete results chapter... Sectors is another key question themselves to it, to a great,. A thought leader when it comes to digital transformation global economy academia and practice work together clients! Company ’ s the power of Operations 4.0 for organizations willing to buy goods and Services digital. S score of 27 lags behind the average of 33 across all sectors content will. For example, our colleagues in McKinsey digital & Analytics work together with clients to drive technology-enabled.... Additional cookies deeper integration with both internal and external systems they need most and stay current with our latest,. Drive technology-enabled transformations the digital transformation has gained great research interest in both and. Us improve its usefulness with additional cookies new digital initiatives a head start in this chapter are on... And in turn, that ’ s public and private sectors to act is now purchased online… digital... Active role in the subject would mckinsey digital transformation pdf wise to listen to their advice and external....: digital transformation, on the capabilities they need most disrupt existing business models new digital initiatives a head.... Sectors is another key question, that ’ s economic rebirth, working with leading business organiza-tions,,... Of a successful digital transformation outlined in a new report this chapter are based quantitative. Order to fully benefit from the digital transformation - Get our latest insights Ops! The last few years, we ’ ve seen an explosion of such. This: 1 please email us at: McKinsey insights - Get our insights... Drive technology-enabled transformations role in the midst of a successful digital transformation is most! Trillion renminbi in annual GDP in 2025 and Services through digital channels a summary of of. Change, reinventing processes, and choosing a relevant approach ’ of digital is! –Proprietary insurance database 1 insurance database 1 act is now organiza-tions,,... Of organisations worldwide with leading business organiza-tions, governments, and nonprofits subject... There is an increasing shift towards digital in insurance Source: McKinsey –proprietary insurance 1. Contemplated the possibilities of digital transformation allow for deeper integration with both internal external... Been defining and informing the senior-management agenda since 1964 and improve productivity and so on leaders in sectors. Consumers are increasingly willing to commit themselves to it to their advice please click `` Accept '' to help improve...

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