Digital transformation is a vital step for businesses, especially in the financial sector, to stay competitive in the modern market. A McKinsey study reveals that digital laggards could see up to 35% of net profit eroded, while leaders might realise a profit upside of 40%.
To navigate the digital transformation journey, a four-step roadmap is suggested. Firstly, businesses need to identify their starting point, understanding their digital maturity across all operations. Secondly, they should define their aspirations, focusing on customer needs and market trends.
Thirdly, businesses must build a detailed roadmap, prioritising initiatives that deliver the most value. Lastly, they should execute their plan with agility, learning and adjusting along the way.
The study also emphasises the importance of leadership commitment, talent acquisition, and fostering a digital culture for successful transformation. It concludes that digital transformation is not a one-time project but a new way of doing business.
Go to source article: http://www.mckinsey.com/industries/financial-services/our-insights/a-roadmap-for-a-digital-transformation