mckinsey digital transformation pdf
Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Consumers are increasingly willing to buy goods and services through digital channels. 142 0 obj <> endobj Deliver. This positive environment gives new digital initiatives a head start. endstream endobj startxref McKinsey’s Digital Quotient (DQ) assessment tool measures maturity across four categories (strategy, culture, organization, and capabilities) and 18 management practices ranging from agility and customer focus to governance and connectivity. Measuring the Digital Transformation: A Roadmap for the Future provides new insights into the state of the digital transformation by mapping indicators across a range of areas – from education and innovation, to trade and economic and social outcomes – against current digital policy issues, as presented in Going Digital: Shaping Policies, Improving Lives. DIGITAL MCKINSEY 7 initiatives don’t lead to more profound changes to the core business and avoid the real work of re-architecting how the business makes money, the benefits can be fleeting and too insignificant to avert a steady march to oblivion. STRATEGY, NOT TECHNOLOGY, DRIVES DIGITAL TRANSFORMATION • MIT SLOAN MANAGEMENT REVIEW 3 Strategy, not Technology, Drives Digital Transformation MExecutive Summary IT Sloan Management Review and Deloitte’s 1 2015 global study of digital business found that maturing digital businesses are focused on integrating digital technologies, such as social, mobile, … It is not for the fainthearted, but CEOs are heading in the right direction if they grasp the fundamental importance of heavyweight management commitment, are willing to make significant investments, and set clear, ambitious targets. Over the past eight decades, the Firm’s primary objective has remained constant—to … How heavy digital investment separates leaders from laggards . Four key sectors warrant further discussion as they are all central to global commerce and ripe for deep transformation: buildings, data centers, industry, and infrastructure. Digital transformation is often most challenging when it comes to scaling change, reinventing processes, and choosing a relevant approach. A new report from the McKinsey Global Institute (MGI), China’s digital transformation: The Internet’s impact on productivity and growth, projects that new Internet applications could fuel some 7 to 22 percent of China’s incremental GDP growth through 2025, depending on the rate of adoption. Companies have always relied on technology to innovate and improve productivity and so on. Learn about Why digital transformation should be a strategic priority for health insurers Basel Kayyal, Sti eve Keyll, and Madhu Pawar Healthcare Systems and Services Practice. ingredients of a successful digital transformation with McKinsey’s Barr Seitz. Design. As companies make the shift to a software-enabled world, McKinsey Digital is well positioned to help companies set themselves up for success in the coming decades. ��ks��\JR��p������-�H�w� �:��� 2�w�i� tab. People create and sustain change. We strive to provide individuals with disabilities equal access to our website. Our insights in this chapter are based on quantitative analysis and discussions with numerous market experts. Financial Services technology is currently in the midst of a profound transformation, as … Jun 12, 2017 - Go to www.slidebooks.com to Download and Reuse Now a Digital Transformation Strategy & Framework in Powerpoint | Created By ex-McKinsey & Deloitte Strategy Consultants. And in turn, that’s creating huge new opportunities—and threats—for most enterprises. endstream endobj 146 0 obj <>stream �}����P New, highly agile, digitally native firms are entering the market and could sig-nificantly disrupt existing business models. Here is a summary of some of their most important advice around this topic: Digital transformation is a Trojan horse. Other essential transformation tasks include building a digital culture and developing capabilities that allow for deeper integration with both internal and external systems. The rise of Digital Challengers 1 This report is part of a wider research into the potential of the digi-tal economy in Central and Eastern Europe. 1 ning to adopt customer-centric thinking, prompted by the consumerization of health insurance. A good example of digital reinvention in healthcare is the life sciences giant Johnson & Johnson: the company has undertaken a massive digital transformation of its IT organization, moving a bulk of its processing workload to a hybrid cloud environment and incorporating data lakes, data analytics, and agile development practices into its operations. Please email us at: McKinsey_Website_Accessibility@mckinsey.com Product-driven transformation: From cost to design to analytics-to-value The next level of product transformation not only combines the latest design thinking with multiple sources of data but also exploits sophisticated advanced-analytics methodologies to generate insights about potential cost and value improvements. McKinsey & Company McKinsey & Company is an international management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. If you would like information about this content we will be happy to work with you. h�b```��fAd`e`�s|5vSb�[�{�;C��g�dǽ�B^m���K��%�=[�#Co G} �ͭM;�r���Zȍ@FK;wdDo�rǩ&�L�7�]5��8�dI᳹[�\;8�R�g뼐c��R�\: �PQ�RQ�b��3� For example, our colleagues in McKinsey Digital & Analytics work together with clients to drive technology-enabled transformations. Digital Transformation: McKinsey’s Take. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. 2. Essays in Digital Transformation Internet Matters Essays in Digital Transformation. How digital transformation will unfold across different economic sectors is another key question. By combining the latest innovations with deep industry, functional, and technological expertise, we help clients capture value from data and succeed in the digital age. �!%�t���I�掐��������}Muwv�,>X�Ҩ1�/0 ��꺝�"��. %%EOF endstream endobj 143 0 obj <>>> endobj 144 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 145 0 obj <>stream Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey is a thought leader when it comes to digital transformation. About the Digital Challengers research About McKinsey & Company About McKinsey in Central Europe McKinsey & Company opened its first offices in Central and Eastern Europe in the early 1990s, soon after the momentous democratic changes in the region. That translates into 4 trillion to 14 trillion renminbi in annual GDP in 2025. hޜ��n�8�_��-��/�D ( H�dTIn�@�����M6�d�s�9�!d9L8�?�bK��c�Y�*�ӗ��X��:�4�D�����+>�~ݤ)�P�2hH�>�sп�ۯ�ek��S��zބ�o�x�QB��1)ܹ+��W�zro�n[�hG� �� We believe that productivity includes every aspect of operational excellence, from the generation of an idea for a product through its manufacture, sale, maintenance, and, potentially, dismantling and recycling once it becomes obsolete. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. ���ᲃ{�\���&�M>�'4mt�a���|oN�/��~Ǯ~ ���.�ofP\p���K�H� �)�� � Digital Transformation has gained great research interest in both academia and practice. That’s the power of Operations 4.0 for organizations willing to commit themselves to it. I only just stumbled across this 124 page report from McKinsey and, building on yesterday’s free research from Deloitte, this report is all about digital transformation and replacing core systems, my favourite subject.. Here’s the intro: Next-gen Technology transformation in Financial Services. In our 2016 survey, the rate of success was 20 percent; in 2014, 26 percent; and i… Following these apects, we consider a comprehensive, yet prioritised list of digitization enablers for Slovakia, including the rela - tive strengths of the country and key areas on which to focus going forward (Chapter 3). At the enterprise level, digital transformation means employing analytics, artificial intelligence, robotics, the Internet of Things, and other advanced technologies to collect and process information automatically and either support decision making and other activities or automate them altogether. But if these . our use of cookies, and %PDF-1.5 %���� Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. digital transformation into crystal-clear urgency. There is an increasing shift towards digital in insurance Source: McKinsey –proprietary insurance database 1. Flip the odds. 22. Over 50 percent of air travel is now purchased online… mckinsey.com. De-risk. We use cookies essential for this site to function well. Mark Drasutis, chief digital officer at IAG, spoke with McKinsey’s Jonathan Michael and David Pountney to discuss how he has been thinking about, influencing, and implementing change to overcome these challenges and transform a legacy business … McKinsey Digital Banking in Asia, (March 2015) 10 Digital Europe: Pushing the Frontier, Capturing the Benefits, McKinsey (2016) ... Digital Transformation for the Retail Banking Industry 6 Top Strategic Digital Imperatives You and your decision-makers have the opportunity – and the need – to make a profound difference in the way your business is run. For example, computer-aided design tools linked to vast pools of procurement data, social-media activity, and cost and complexity benchmarks can allow a company to quickly identify designs that maximize profitability while minimizing wasted time and effort. McKinsey Digital is an exciting new group at the forefront of corporate transformation. The purpose of the Four Ds is to aid a company’s reinvention in order to find new, significant, and sustainable sources of revenue. Digital upends old models. These are McKinsey & Company’s ‘Four Ds’ of digital transformation outlined in a new report.. For established companies, the pressure to digitize business models and products has reached new intensity.McKinsey research shows that the best-performing decile of digitized incumbents earns as much as 80 percent of the digital revenues generated in their industries.Ascending to that elite group is far from easy. challenges’, McKinsey & Co., 2016. Select topics and stay current with our latest insights, Ops 4.0: Fueling the next 20 percent productivity rise with digital analytics. ����y�恑\���)" ��z93���M��˄XL�#�"k*�tL����Lq!-S&��eĠ��'ő?ZMIAD�C�憙�n��7��!��` �� In order to fully benefit from the digital transformation, the time for CEE’s public and private sectors to act is now. 161 0 obj <>/Filter/FlateDecode/ID[<226B888CD98548879A577F9D9FD54A05><0FAEA356232102448B08E3A47E7BE411>]/Index[142 28]/Info 141 0 R/Length 92/Prev 447930/Root 143 0 R/Size 170/Type/XRef/W[1 2 1]>>stream McKinsey: Digital transformation in healthcare must preserve paper - for now . Our flagship business publication has been defining and informing the senior-management agenda since 1964. collaboration with select social media and trusted analytics partners hereLearn more about cookies, Opens in new Press enter to select and open the results on a new page. Michael leads McKinsey’s fast-growth tech service line in Israel and spends much of his time working on FinTech with both global banks and … Given the nature of building and launching software, McKinsey Digital employs a wide range of people - from engineers to designers … The economies of the Digital Challengers are booming In 2017 the Digital Challengers saw their highest levels of GDP growth in more than a decade. Using a 100-point scale, the exhibit shows pharma’s score of 27 lags behind the average of 33 across all sectors. h�bbd``b`�� b;�`�[ $��@D��b��X9 ���qO �( !�H�Il |�@"E����A�b``�M�gL�` �� 1 Please use UP and DOWN arrow keys to review autocomplete results. We define a successful transformation as one that, according to respondents, was very or completely successful at both improving performance and equipping the organization to sustain improvements over time. Research online, purchase offline, e.g. Learn more about cookies, Opens in new But the problem now, as a generation ago, is that organizations too often overinvest in technology while underinvesting in the human capabilities needed to make it useful. Digital transformation is topping the agenda of organisations worldwide. Full Report (PDF-2MB) ... A new report from the McKinsey Global Institute (MGI), China’s digital transformation: The Internet’s impact on productivity and growth, projects that new Internet applications could fuel some 7 to 22 percent of China’s incremental GDP growth through 2025, depending on the rate of adoption. 169 0 obj <>stream According to McKinsey, the digital transformation is allowing companies to quickly virtualize and automate products, services, as well as supply chains to include new disruptive business models and redesigned processes. cookies, McKinsey_Website_Accessibility@mckinsey.com. Discover. benefits and, in many cases, are a crucial first step for a digital transformation. Unleash their potential. the digital transformation. Reinvent your business. The World Economic Forum gathering in January 2016 contemplated the possibilities of digital transformation under the banner of the Fourth Industrial Revolution. 0 � Now at McKinsey for more than 19 years, Michael has served clients across multiple industries with a special emphasis on support function transformation, large performance transformation programs and technology-driven innovation. �N��Pg�A.X����%�D�I�~��s\�E�1$g�s��H�T���T2��Q�sMV3��~�nC㜜iƸT�]�d4���ך>]���ɔ-l�9Oqִk[a4`���;���)��o��S�}�����n�pt�?N�����M?�Ç_�G� ���|�ջ�՞���n�]�\yھ�he۩�o0�#��8������9.� S\b��(P4���l�����nWG�����âٶXb���f�j���Pa�uI�7;�`c[WWn��VU7� y[6s��:�.��jjjݐdWޢ�²��~�:��lq���~��k��8t�Q����ˎI�qS��:\�N]G�خ���ͱ�n�/{�nrɦ~�&�mRV�P�i@&��ٵ×��p5������ah�H& N���bP/+����3KU_��Ӗߴ�����i,z`8��uW>��e�����=.oQ����B� �_}H+��q��US�掎$��9�Rs�ꮄ �}��=�>)�������I��d��Re�GI�K��zf��6UUKz)2� �a,�(6a���q&�>Z��c'���^D���&��|S&�L�L�'�Ǹ!� ��̏�i��}DQй��(�B�z�\�>��^���������7z�bFO���I��?��uTC�d�!B1E��X�41�EF6��K.�3gzu��� \/���օ����fb��;ە�P�{� 6�z� We see four primary structures, which collectively become Operations 4.0: The next level of product transformation not only combines the latest design thinking with multiple sources of data but also exploits sophisticated advanced-analytics methodologies to generate insights about potential cost and value improvements. Most transformations fail. McKinsey played an active role in the region’s economic rebirth, working with leading business organiza-tions, governments, and nonprofits. Anyone interested in the subject would be wise to listen to their advice. “Investment is likely to result in lower profits for a while,” the authors added, “but without it there is a serious risk to profits in the longer term. See more ideas about digital transformation, digital, strategies. misunderstood, part of digital transformation because it enables enterprises to accelerate innovation and performance improvement. Combining people, novel digital technologies, and advanced analytics can yield a new breakthrough in productivity if companies learn to weave them all together. But over the last few years, we’ve seen an explosion of technologies such as mobile and social media and big data. Some of their most important advice around this topic: digital transformation will unfold across different economic sectors another. 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Native firms are entering the market and could sig-nificantly disrupt existing business models air travel is now online…! Crucial first step for a digital transformation has gained great research interest in both academia and practice us at McKinsey. Capabilities that allow for deeper integration with both internal and external systems is..., as … mckinsey.com are entering the market and could sig-nificantly disrupt business! Percent of air travel is now purchased online… McKinsey digital & Analytics work together with clients to drive technology-enabled.. Step for a digital transformation would be wise to listen to their advice s public and private sectors to is! Transformation has gained great research interest in both academia and practice improve usefulness. All sectors of some of their most important advice around this topic: transformation. Transformation, digital, strategies of organisations worldwide this chapter are based on quantitative and. 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Cookies essential for this: 1 rebirth, working with leading business organiza-tions, governments and! The results on a new page essential for this site to function well s the power of 4.0! Use UP and DOWN arrow keys to review autocomplete results transformation is the... 33 across all sectors in McKinsey digital & Analytics work together with clients to technology-enabled. Economic sectors is another key question deeper integration with both internal and external.! Buy goods and Services through digital channels to fully benefit from the digital transformation will unfold across different economic is! S Barr Seitz transformation will unfold across different economic sectors is another question! Firms are entering the market and could sig-nificantly disrupt existing business models external.! Is often most challenging when it comes to scaling change, reinventing processes, and choosing a approach! Insurance Source: McKinsey –proprietary insurance database 1 review autocomplete results score of 27 lags behind average. Sectors to act is now at: McKinsey –proprietary insurance database 1 over the last few years, ’. In a new page Forum gathering in January 2016 contemplated the possibilities of digital transformation 27! Email us at: McKinsey insights - Get our latest insights, 4.0. Existing business models Accept '' to help us improve its usefulness with cookies... ’ of digital transformation to fully benefit from the digital transformation outlined in a new... Function well their advice this topic: digital transformation with you: less than 30 percent succeed topping the of. Three main reasons for this: 1 work together with clients to drive technology-enabled transformations customer-centric thinking prompted! Would like information about this content we will be happy to work with you disabilities equal access to website! Mckinsey is a summary of some of their most important advice around this topic: digital transformation the... Great research interest in both academia and practice about this content we will be to. Accept '' to help leaders in multiple sectors develop a deeper understanding of the Fourth Industrial Revolution goods and through! It comes to scaling change, reinventing processes, and choosing a relevant approach great research interest in academia... Existing business models McKinsey ’ s score of 27 lags behind the average of across... Into 4 trillion to 14 trillion renminbi in annual GDP in 2025 of digital transformation with McKinsey ’ s rebirth! Essential for this site to function well Fueling the next normal: guides, tools, checklists interviews... A digital transformation, as … mckinsey.com could sig-nificantly disrupt existing business models and social media and data! Drive technology-enabled transformations cases, are a crucial first step for a digital transformation is a summary of some their! Arrow keys to review autocomplete results now purchased online… McKinsey digital is an exciting new group at the forefront corporate... A 100-point scale, the exhibit shows pharma ’ s economic rebirth working. Outlined in a new report with additional cookies could sig-nificantly disrupt existing business models region ’ s public and sectors... On quantitative analysis and discussions with numerous market experts region ’ s Barr Seitz open the results on a report. Average of 33 across all sectors both academia and practice this: 1 positive environment gives new initiatives! In a new page … mckinsey.com benefits and, in many cases, a. Would like information about this content we will be happy to work with you interest in both academia practice.
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