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Digitization

Digital Transformation Defined. Findings From 10 Industry Thought Leaders

Digital Transformation Defined. Findings From 10 Industry Thought Leaders

December 11, 2017
Last year, we noted that a significant market challenge was the lack of a clear digital transformation definition. On the surface, digital transformation simply means the transformation of a business to a more digital state. The problem we identified, however, lies in defining what exactly that state is and how a business should go about getting there. This problem persists, as studies from the current year show that a lack of a clear and consistent definition continue to slow digital transformation’s development in many corporations. In our compilation of definitions from top thought leaders last year, we found that most agreed that digital transformation was based around adjusting operations to meet customer expectations. What we found lacking in definitions overall was the role of leadership and culture, challenges that continues to plague digital transformation. While the challenge persists, however, the best minds in the business are constantly working to [...]
Digital Transformation Challenges – An Opportunity for Consultants

Digital Transformation Challenges – An Opportunity for Consultants

November 27, 2017
Experts in the business world agree that digital transformation is an opportunity for businesses of every size. Customers’ buying habits have changed dramatically with the introduction of digital and mobile devices. Businesses must therefore change the way they develop, sell, and distribute their products or services in order to match these buying habits. One would expect, therefore, that most business leaders across the board would take pains to prioritize digital transformation efforts. Early results, however, show that the majority of businesses are experiencing digital transformation challenges. Moreover, those businesses that are putting real efforts towards digital transformation are failing to keep stride with their customers’ buying habits. Altimeter, a branch of Prophet consultancy that specializes in helping companies with innovation and digital transformation, recently released its 2017 report on the State of Digital Transformation. The report summarized the key findings with the statement, “Many companies surveyed in 2017 are [...]
Digital Transformation in Consulting – Early Findings

Digital Transformation in Consulting – Early Findings

September 28, 2017
Last year, we discussed the prevalence of digital transformation buzz in the market. The term itself was a top performer on Google Trends in 2016 and now into 2017. Consultancies were quick to move on the opportunities the buzz created. Source Global Research estimates the digital transformation consulting market at over $23B. This is nearly 20% of all consulting services offered. In addition, our interview found 78% of respondents are offering digital transformation services, up from 74% in 2016. This could be an early indicator of digital transformation in consulting. This year we’re determined to learn if there is substance behind the buzz. Are consulting firms adopting the digital approach they espouse to clients? Digital Matters With a few years of digital transformation experiences under our collective belts, we’ve have been able to assess results. HBR found that digital leaders outperform laggards significantly. What separated leaders was their ability [...]
How Digital Transformation Will Change Consulting Business Models

How Digital Transformation Will Change Consulting Business Models

September 19, 2017
Four years ago, the Harvard Business Review published an article that predicted the disruption of the consulting industry as a result of the evolving digital economy. Over the past few years, we’ve seen that disruption start to develop. Consultants are adding digital service offerings to their portfolios and adopting digital tools to enhance their capabilities. They are testing new consulting business models. Adoption will inevitably be slow in an industry that has not changed much since it’s inception. However, firms are now seriously rethinking the current billable hour model. Many are also struggling to keep up with talent attrition. Soren Kaplan does an excellent job of laying out the challenges firms have. Their model is largely at odds with how their clients want to work. Customers in the digital economy are increasingly demanding value from day one and customized solutions unique to their specific problems. At the same time, [...]
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