Five Key Ingredients For Digital Transformation

About 70% of all digital transformation initiatives globally do not reach their goals, according to an IDC analysis. To change a business model to accomplish digital transformation requires five key ingredients:

1. Transformation leadership comes from the top. Buy-in alone is not enough.
2. The institutions’ strategy must be revised to include market forces.
3. Customer-centricity must be embraced and should inform strategic plans.
4. Decisions and customer experiences are based on data insights driving quantifiable user outcomes.
5. Design-thinking principles are applied to define problems and solutions to customer needs.