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A new study shows that while 94 percent of companies aspire to have a significant and rapid impact through digital transformation, most of these digital transformations fail to achieve their goals.
The Boston Consulting Group (BCG) study, “Being Mindful of the Technology Gap,” is based on a survey of nearly 2,700 executives driving digital transformation in 13 countries and across a broad range of industries.
Despite the tightening global economy, the survey also found that 60 percent of companies plan to increase spending on digital transformation in 2023 compared to 2022, with business model transformation and sustainability the top two areas for future investment.
massive innovation
“Many of the CEOs I’ve spoken to are grappling with the challenge of realizing business strategy through major digital transformation. To turn things around, we’re doubling down on BCG X, our nearly 3,000-person technology build and design arm. BCG X will enhance BCG has the deep industry and functional expertise to innovate at scale and enable successful end-to-end digital transformation,” said Christoph Schweizer, BCG CEO.
The survey revealed five key challenges to establishing and executing digital transformation:
• Making the right choice among disruptive technologies – the top three are advanced artificial intelligence, blockchain and IoT
• Rapidly scale up with new digital solutions
• Hiring digital talent – the top three tech roles that are hardest to fill are senior technologist, software engineer and data scientist
• Prioritize investment and development
• Manage the cost and uncertainty of return on investment
Digital transformation is complex
David Panhans, Head of BCG X Middle East, added: “To realize their full growth potential in the post-pandemic future, GCC governments and businesses are undertaking or planning to undertake major digital transformations to adopt emerging technologies and deliver end-to-end services. – Terminal digital services. However, digital transformation is complex and often fails to deliver expected results. To help our clients overcome these challenges, BCG is rapidly establishing BCG.X in the Middle East in order to provide our Middle East clients with a full range of technical design and build capabilities. Combined with our deep industry and functional strategic expertise, BCG will help clients accelerate and achieve their digital transformation goals.”
Additionally, respondents expressed concerns and pain points about the technology partner and supplier ecosystem. These include cumbersome coordination among vendors (~85%); cookie-cutter solutions (~75%); and lack of help in prioritizing transformational steps (~70%).
As newly appointed BCG X Global Head Sylvain Duranton shared: “It is clear from our survey that most companies are struggling to deliver bottom-line results from their digital transformations and are facing challenges with their technology partners and Vendor-aligned pain points. BCG X, as an integral part of BCG, will combine technology build and design capabilities to address these issues.”
To help clients address these challenges and address these pain points, BCG launched BCG X, a hybrid technology build and design division that brings together nearly 3,000 technologists, builders, and designers. Combining technology buildout with business strategy and deep industry and functional expertise, BCG offers its clients a unique toolbox for accelerating digital transformation, technology and business innovation, large-scale artificial intelligence and advanced analytics solutions, and more . This cannot be achieved with consultants or technology vendors alone – BCG and BCG X together enable an ambitious technology and business scale build.
multiplier
Jessica Apotheker, BCG Chief Marketing Officer and Specialist, said: “BCG X is a multiplier for our clients’ technology teams, working closely together to bring us a leading talent pool in artificial intelligence, software engineering, digital growth, green and deep technologies. Scale digital go-to-market transformation.
BCG X capabilities include:
Artificial Intelligence and Software: Committed to building cutting-edge artificial intelligence and digital industrial-grade software, powered by proprietary data assets, for better, faster decision-making.
Design: Combine qualitative and quantitative elements of human-centered behavioral design to drive insights and ideas that generate breakthrough innovations that dramatically improve end-to-end customer and employee experiences.
Digital Growth: Expand opportunities and accelerate performance for businesses, bringing strong digital marketing and digital commerce expertise to build immediate results for clients.
Venture capital: an end-to-end approach to establishing and launching independent and new core businesses, turning differentiated assets into strategic advantages and launching these projects quickly.
Deep Tech: Applying game-changing technologies based on physical science, digital capabilities, artificial intelligence and Web3. Infuse deep technology into value chain transformation, enhance product and build design, and ultimately reshape how businesses interact with customers.
Green Tech: Leverage BCG’s deep industry expertise to build businesses for the net-zero economy and identify opportunities to reshape core business models to drive sustainable growth. — trade arab news agency
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