Bain Identifies 4 Successful Patterns of Digital Transformation
Digital transformation often loses momentum after a determined start. Aging technology, incompatible models, old methods and employee cultures resistant to change can slow the process. Digital disruptors like Amazon or Tesla created challenges that some companies have met through deployment of new digital services and even simple tweaks to existing processes.
Bain identifies four patterns of digital transformation that can enable companies to change and compete in the face of new challenges:
Lay down a digital foundation.
Using advanced analytics and predictive models companies can improve supply chain management, maintenance and service.
New sensors and analytics may be needed to collect relevant data.
Integrate a fragmented digital landscape.
Fragmented digital projects require prioritization and coordination.
Mismatched technology infrastructure needs to be identified and revised or updated.
Data and analytics can assist with shifting management structures.
Sophisticated machine learning and statistical models can enhance processes to create scalable solutions.
Implement digital transformation front to back.
IT architecture can become stacked from accumulated system supplantation.
Tearing apart the tech stack to allow a fresh start can be taken on a modular basis, avoiding disruption to the core business.
Launch a new digital attacker.
An established entity can launch a new business to enter new markets and attack opportunities that the core business cannot—playing offense and defense.
A new business can attract new customers within an existing market, building a more diverse customer base.
A new platform can create innovation, testing next-generation technology.
Source: Bain & Company
The pandemic era has created disruptors as well as opportunities. To take advantage of the opportunities, digital transformation may be necessary. The transformation may involve entering new markets or even launching a new business platform. Kure and the Process Optimization Path™ can help optimize the chance for success.
