December 23, 2024
Developing an end-to-end ecosystem that is intelligent, connected, and easily monitored
Previous parts in this series looked at the first stumbling block many senior leaders hit during their digitalisation journeys – the planning and preparation stage. If an organisation wants to digitalise its key functions and processes, it’s important to take a step back and view things more holistically. After all, interconnectivity is a critical component of any digital enterprise.
Establishing a Complete Tech Ecosystem
Another key success driver in digital transformations is the development of proprietary assets, such as AI, data, and software, rather than a reliance on off-the-shelf tools. Businesses and users have unique expectations and requirements that are better addressed through bespoke solutions rather than adapting out-of-the-box tech to differing needs.
A McKinsey survey found that many companies are building new digital businesses for reasons other than long-term cost savings. For example, one-third of respondents said their companies are developing new digital businesses to provide additional sources of revenue, while a nearly equal share aimed to enter strategically important markets or industries. Furthermore, one in five said their companies were doing so to incubate new digital capabilities.
Sustainability through ambition
Companies with higher aspirations for digital tech tend to see better outcomes across more business functions and departments. Ambitious businesses are more likely to see sustained benefits from their digital investments and revamp their core business with digital technology – thereby opening opportunities for new innovations, efficiencies, and scaling.
Conclusion
Leveraging the right software, support, and talent to drive transformation can result in the development of proprietary software and services that help a company differentiate their offering and develop more advanced internal solutions.
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