The MIT Sloan Management Review reported that “Since 2014, when our article “The Nine Elements of Digital Transformation” appeared in these pages, executive awareness of the powerful and ever-evolving ways in which digital technology can create competitive advantage has become pervasive.” The November 19, 2020 article entitled “The New Elements of Digital Transformation” included these comments:
Digital mastery is more important than ever because the risks of falling behind are increasing.
In 10 years of research, we have seen digital transformation grow increasingly complex, with a new wave of technological and competitive possibilities arriving before many companies mastered the first.
When we began our research, most large traditional enterprises were using digital technologies to incrementally improve parts of their businesses.
Since then, this first phase of activity has given way to a new one.
Advances in a host of technologies, such as the internet of things, artificial intelligence, virtual and augmented reality, and 5G, have opened new avenues for value creation.
More important, leaders now recognize the need for — and the possibility of — truly transforming the fundamentals of how they do business.
They understand that they have to move from disconnected technology experiments to a more systematic approach to strategy and execution.
Please give some thought to MIT’s message about Digital Transformation can help you!