Important BCG Study reported in MIT Sloane Management Review details five critical success factors (CSF) in successful digital transformation.
- Efficiency AND investor expectations are key to short-term success i.e. cost-cutting is not enough
- Revenue growth primary driver long-term success
- Long-term strategy AND R&D investment vital
- New, external leadership improves odds of success
- Formalised transformation programmes helpful on;y as long as they have sufficient scope and scale
Wise to look at the detailed evidence that supports these and check your transformation projects against these CSFs
Transformations are often guided by beliefs that, while seemingly plausible, are more anecdotal than empirical in nature. It’s time for a more evidence-based approach.