B2B companies face unique challenges in organizing for digital. Torsten Lichtenau, a partner with Bain's Digital practice, explains how leaders are using a Radar 360℠ approach to bring doers and dreamers together to assess their companies’ digital capabilities. Read the Bain Brief: Digital Strategy for a B2B World
Although digital creates new opportunities, it also brings a unique set of challenges that blur boundaries in an organization. Greg Caimi, who leads Bain's Digital practice in the Americas, summarizes three ways executives can upgrade their capabilities in new and traditional areas in order to keep up with digital.
When Bain & Company recently surveyed 1,000 companies around the world to gauge their level of digital readiness, two things became abundantly clear: The payoff from digital transformation can be impressively high, but the success rate is regrettably low. This gap between aspiration and reality may help explain why a surprising number of leadership teams remain tentative about investing in digital technologies and capabilities. While a strong majority of companies in every industry we surveyed told us that digital investment is among their top priorities, anecdotal evidence suggests that a great many executives are skeptical that they can translate the buzz around digital into meaningful improvements in performance. What’s clear from the data, however, is that the prize is there for the taking. Digital leaders [...]
Digital is changing how money is made in the chemical industry, and who is making it. Nate Anderson, a partner with Bain's Chemicals practice, shares three questions executives should ask themselves as they plan their strategy for optimizing digital potential. Read the Bain Brief: Accelerating Digitalization in Chemicals—Five Questions for CEOs
By Jordi Moncada and Vishy Padmanabhan A funny thing has happened on the way to the digital revolution. The process of getting there has turned out to be complex, risky and expensive. Nobody is arguing about the need to go digital. In today’s competitive marketplace, digital transformation has become a requirement, not an option. The problem is not the destination; it’s the journey. To become fully digital, enterprises have to dramatically increase the scope, scale and speed of their IT — all while staying in sync with the evolving needs of the business. To cope with these challenges, chief information officers (CIOs) are creating a new form of infrastructure — one that is complex, modular and hybrid. The new structure includes public clouds, private clouds [...]
As chemical companies look to gain a competitive edge from digital technology, executives can become overwhelmed by the vast array of options. Distracted by “1,000 points of digital light,” they may overlook the few initiatives that could scale and make a signiﬁcant difference. Executives need to ﬁnd ways to ﬁlter out the noise and channel their efforts to the most promising digital initiatives. The strongest and most enduring digital strategies balance the visions of the dreamers in the organization (those who focus on long-term, disruptive possibilities) with the aims of the more pragmatic doers (those who want to cut through the hype and focus on implementing practical initiatives). Companies need a bold, inspiring vision, but they also need to deﬁne where and how they can [...]
More on supply chain management
The new variables of the digital age are forcing companies to change in a few key ways. Jenny Davis-Peccoud, who leads Bain's Organization practice in Europe, the Middle East and Africa, shares three things companies can do to transform themselves for digital success.
By Henrik Naujoks, Florian Mueller and Nikos Kotalakidis The business of property and casualty insurance—assessing risk, collecting premiums and paying claims—hasn’t changed much since 1861, when a group of underwriters sold the first policies to protect London homeowners against losses from fire. Recently, though, the insurance industry has embarked on a radical transformation, one spurred by a series of digital innovations whose widespread adoption is just a few years away. Seven key technologies have already begun to disrupt the industry—infrastructure and productivity, online sales applications, advanced analytics, machine learning, the Internet of Things, distributed ledger and virtual reality—and their impact will accelerate in the next three to five years, according to research by Bain & Company and Google. These new technologies will be a boon [...]