This article is part of the Digital Transformation Leaders List, presented in conjunction with BCG, published 13 September 2023. Australian companies are in a race to create competitive advantage with digital, data and AI. The reason is simple: companies that succeed generate up to 3x shareholder returns. However, BCG’s research shows that up to 70 per cent of digital transformations fail to deliver. The Digital Transformation Leaders List celebrates those that have beaten these odds. The diverse entrants demonstrate that there are many paths to value when considering “what” to focus on. However, patterns emerge among the leaders on “how” they approach digital transformation – offering insights for others seeking to emulate their success. Five patterns in successful digital transformations Michael Schniering is a managing director and partner at Boston Consulting Group. 1. Balance hard and soft leadership. Many organisations have gone too far when it comes to devolving decision-making; the transformations fail because they don’t align with their company’s broader purpose and strategy. Digital leaders set direction from the top while also empowering their teams. “Hard” leadership means setting clear objectives, prioritising initiatives, allocating funding and talent accordingly, and intervening when teams are veering off course. This needs […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
