Extra-condensed knowledgeStrong digital foundations are already helping leading companies adapt to the crisis quickly. One global retailer that invested for years in true omni-channel sales and delivery had already offered curbside pickup at 100 of its stores. When forced to close its physical stores owing to COVID-19, in just 48 hours it was able to expand its curbside service to 1,400 stores while maintaining a majority of its revenue. Meanwhile, many of its competitors struggled to shore up their online channels.
- Companies that understand the unique nature of this crisis and apply these new rules of transformation have the opportunity to emerge even stronger and become the leaders of tomorrow.
- Fast-forward to the cloud. Leaders build a digital core and scale it across their business quickly.
- Build your digital “A-Team.”
- Be a learner.
- Move at “lean” speed.
- Act with purpose.
- Accenture research conducted at the end of 2019 measured differences in digital technology adoption, depth, and culture penetration and found that the top 10% of companies (“leaders”) grow revenue at two times the rate of the bottom 25% (“laggards”). The two groups’ approaches and methods are dramatically different. For example, leaders have adopted automation and A.I. five times as fast as laggards, and have put in place strategies that give them high confidence in the reliability of their data. The same pattern holds true across other technologies.
- Not only are the digital leaders performing better through the crisis, we also see them doubling down on their investments to widen the gap. Laggards can still catch up, but they must jump-start their digital journey with new urgency.
- Facing ‘brutal facts’. This crisis is different. Billions of people around the world almost instantaneously changed their behavior, with profound and lasting implications for business.
- For most companies, the “brutal facts” will reveal that they are even further behind on their digital journey than they realized and that the bar has been raised. To leapfrog the competition, CEOs need to rethink transformation and follow a new set of rules.
- Fast-forward to the cloud. Leaders build a digital core and scale it across their business quickly. And this is only possible with a strong foundation in the cloud, which provides the innovation, efficiency, and talent advantages to do things differently and fast.
- Build your digital “A-Team.” All companies must now be as good as digital natives to deliver the first-class experiences customers and employees have come to expect.
- Be a learner. Organizations must think beyond traditional ways of doing business to solve complex problems. Learn from your customers, your employees, and the leaders in your own and other industries.
- Move at “lean” speed. Almost overnight, organizations moved fast to become more digital and work remotely, and CEOs are saying they “don’t want to go back.”
- Act with purpose. Speed means you need your people with you. Clearly articulating purpose upfront is essential to cutting-edge change management techniques that harness the power of employees to drive change and act with agility.
Category 2: The Big Picture of The Digital Age
[genioux fact extracted from Fortune]
Authors of the genioux fact