Based on their experience and dozens of case studies McKinsey concludes; “To stay competitive, companies must stop experimenting with digital and commit to transforming themselves into full digital businesses” The research came up with the following seven “less obvious” habits.
- Be unreasonably aspirational. Make someone accountable at the board level; create a stretch vision; measure digital value not digital interactions.
- Acquire capabilities. Buy scarce talent en masse ; hire for digital skills not industry experience; move into adjacent markets.
- ‘Ring fence’ and cultivate talent. Protect digital talent from business as usual; don’t rely on existing HR models
- Challenge everything. Don’t accept historical norms; question the status quo; create a plan covering ‘everything’
- Be quick and data driven. Continually evolve your value proposition; embrace live testing; create a data-based view of each customer
- Follow the money. Create a zero-based tech budget aligned with value at stake, invest across the value chain; scale successes rapidly
- Be obsessed with the customer. Learn from every interaction; relentlessly evolve and improve the customer experience
The complete article can be found at mckinsey.com