We all know that digitalization is driving disruption across industries. This disruption is prompting businesses to digitally transform to remain relevant causing dramatic impacts to companies, many of which are still striving to determine the best way forward.
With those extraordinary stakes in mind, there were high expectations ahead of Forrester’s Digital Transformation Forum in London last week.
The event attempted to answer three key questions:
- What does the next stage of digital transformation look like?
- What are the trendsetters doing?
- How to be fearless, fast and flexible?
I believe most would agree that you need to be fearless, fast and start small. You also need to pay attention to cultural changes, and of course, it helps to start ventures that disrupt, all while keeping an eye out for the need to scale up. But this is all still very high level.
I was hoping to see more of a focus on different industries and how these different, disparate industries could potentially leverage unique opportunities and ways to reinvent their businesses, whilst using different emerging technologies to industrialize digital platforms.
I also think a discussion on how to move from defining a digital strategy to the implementation and monitoring a digital strategy would have been beneficial. Additionally, a discussion on how you measure the success of your digital implementation based on specific business outcomes would have been a great benefit to everyone.
The reasoning behind this line of thinking is that in my experience, many companies are still struggling with the execution of their strategy and quantifying the success of digital transformation in their industry.
The most valuable presentations for me contained information about the economic impact of technology enabling the digital transformations. Forrester consulting has a highly mature service that helps companies calculate the Total Economic Impact (TEI) of specific initiatives. To do this, they research a number of companies to determine the overall benefit of technological change.
They recently conducted such a study that focused on how several companies digitally transformed their businesses using a Digital Business Platform. It would have been superb to hear about more of these in-depth industry use-cases that Forrester has independently worked on in order to leverage the deep understanding and broad insights from real, tangible, digital transformation results.