Happi Staff10.18.20
The digital revolution is decades old, but the pandemic accelerated the rate of change from months and years to days and weeks. As a result, slow-footed companies have fallen behind their competitors, but McKinsey offers four tips to help laggards climb back into the lead.
• First, think carefully about strategy. McKinsey notes that true disruptors, think Spotify and Uber, are few and far between. For most, it means making a whole-hearted commitment to digital, rather than considering digital a margin of their established business.
• Second, success depends on the ability to invest in relevant digital capabilities that are well aligned with strategy—and to do so at scale. The right capabilities, says McKinsey, enables companies to keep pace with customers as digitization transforms the way they research and consider products and services, interact and make purchases on consumer digital decision journey.
• Third, while technical capabilties, such as big data analytics, digital content management and seach engine optimization, are crucial, a strong and adaptive culture can help make up for a lack of them.
• Fourth, companies need to align their organizational structures, talent development, funding mechanisms and key performance indicators (KPIs) with the digital strategies they've chosen.
• First, think carefully about strategy. McKinsey notes that true disruptors, think Spotify and Uber, are few and far between. For most, it means making a whole-hearted commitment to digital, rather than considering digital a margin of their established business.
• Second, success depends on the ability to invest in relevant digital capabilities that are well aligned with strategy—and to do so at scale. The right capabilities, says McKinsey, enables companies to keep pace with customers as digitization transforms the way they research and consider products and services, interact and make purchases on consumer digital decision journey.
• Third, while technical capabilties, such as big data analytics, digital content management and seach engine optimization, are crucial, a strong and adaptive culture can help make up for a lack of them.
• Fourth, companies need to align their organizational structures, talent development, funding mechanisms and key performance indicators (KPIs) with the digital strategies they've chosen.