The top three pillars of digital transformation as understood by Fortune 100 companies include data analytics and insights, customer experience, and digital workplace. The top pillars of digital transformation in the banking industry also revolved around these three factors. Thereby, the top pillars when considering financial services or asset management companies were found to be similar to other industries.
Top pillars of digital transformation as understood by Fortune 100 companies
1. Data analytics and insights
- Digital transformation involves transforming big data into business outcomes using business-driven analytics and Internet of Things.
- Data and analytics lead to critical decision-making within organizations.
- Predictive and prescriptive analysis point to new business opportunities.
- Data analytics is considered to be a top pillar since it has been mentioned in the digital transformation strategies for ATOS, Cisco, and Volkswagen.
2. Customer experience
- Customer experience is the foundation of digital transformation.
- A company’s digital transformation strategy should map the customer journey based on its culture.
- Amazon focused on reducing its customer service call waiting times to enhance its customer experience.
- Customer experience is considered to be a top pillar since it has been mentioned in the digital transformation strategies for Microsoft, Cisco, and Volkswagen.
3. Digital workplace
- A digital workplace enables effective real-time business operations.
- Innovative, mobile, and digital workplace capabilities allow collaborators and customers to benefit from information in the most efficient way.
- Digital workplace is considered to be a top pillar since it has been mentioned in the digital transformation strategies for ATOS, Cisco, and Volkswagen.
We started our research by directly look for white papers and surveys published by leading consulting firms focusing on the top pillars of digital transformation as understood by Fortune 100 companies. We came across numerous publications by leading firms, such as Bain and Co., Gartner, McKinsey, and Think with Google that provided the top pillars of digital transformation in general, however, none of the white papers or surveys were specific to Fortune 100 or Fortune 500 companies.
Since we did not find relevant information from industry publications, we expanded our search to media platforms such as Fortune and Forbes. The idea here was to identify any common or top pillars that were mentioned by industry experts from Fortune 100 or 500 companies. We found various examples including but not limited to Huawei, SAP, and CIS. However, nothing specific could be found related to Fortune 100 or Fortune 500 companies.
Since we could not find publicly available information, we searched for Fortune 100 companies and their digital transformation strategies. We came across the digital transformation strategies for ATOS, Microsoft, Cisco, and Volkswagen. After carefully examining the pillars highlighted in each of these strategies, we identified three that were the most mentioned.