Despite collecting mountains of digital information, many IT departments are being held back by a lack of business-IT governance. Rasmus Wegener, a partner with Bain’s Advanced Analytics practice, shares three strategies companies can use to derive meaningful insights from their data. Read the Bain blog: The Business Case for Prioritizing the “I” in IT
When implemented correctly, a strong data analytics capability can help companies increase revenue by 10% or more. Bharat Bansal, a partner with Bain’s Information Technology practice, shares four things to keep in mind when investing in data analytics.
With new legislation holding boards accountable for data breaches in cybersecurity, the questions of where and how to invest are greater concerns for companies. Frank Ford, a partner in Bain's Information Technology practice, shares how organizations can address those concerns by looking holistically at their cybersecurity maturity.
Companies everywhere have been enticed by the promise of digital transformation. CEOs are once again turning to technology as a force that can give them a competitive edge by ushering in exciting new capabilities, rapid innovation and efﬁciencies. Enterprises now expect to have regular and easy access to pay-as-you-go computing, where nimble, cloud-based tools replace plodding, capital-intensive infrastructure. But 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. Many chief information ofﬁcers (CIOs) have found their initial enthusiasm tempered by the frustration of not being able to deliver digital transformation to their companies in a cost-effective way. Nobody is arguing about the need to go digital. In today’s [...]
By Rasmus Wegener Let’s face it: We are awash in data. Your company may produce and store so much digital information that you no longer know what to do with it all. Indeed, more than half of the 325 global companies Bain & Company surveyed admit they don’t have the ability to derive meaningful business insights from their data. And that’s a problem, because a company that makes good use of its data is twice as likely to outperform the competition. Another common problem? The people who would know what to do with that data are often not the ones in charge of it. Most IT departments tend to be less concerned with the “I” in their name—the information itself—than with the technology used to [...]
By now, most companies have taken at least the first steps toward doing business in a digital world. They’ve set up flashy websites, built mobile apps, opened e-commerce stores and engaged in social media. While these digital initiatives can deliver value, many executives have been lulled by a false sense of progress. Others have been disappointed that their digital efforts haven’t helped their business more. Sooner or later, every company trying to go digital will run headlong into roadblocks, likely due to legacy IT. Companies have discovered that their legacy IT is not ready for digital. Companies get tripped up when they try to connect their digital initiatives with the organization’s hundreds of legacy IT systems and databases. In many cases, those systems have been [...]
Companies that fail to transform their legacy IT systems alongside their new digital capabilities risk running into a wall. Rudy Puryear, leader of Bain's Global Information Technology practice, shares four actions that organizations can take to reboot IT and achieve full potential in digital.
This blog post originally appeared on TechTarget's IoT Agenda blog. The Internet of Things—and its $450 billion revenue opportunity—is stoking a frenzy among vendors looking to stake their claims. And corporate customers are just as excited about IoT’s potential to help them boost revenues and reduce costs. About half of the companies we spoke to in a recent survey expect IoT solutions to make their businesses run more reliably and help them create premium-priced products that will rev up sales. Customers also expect IoT technology to streamline production, increase output and reduce waste. IoT ambitions vary from industry to industry. Auto executives, for example, hope IoT can deliver better dashboard “infotainment,” introduce features that prevent collisions and support the move to autonomous driving. Healthcare providers [...]
Most companies have taken the ﬁrst steps toward doing business in a digital world. They’ve set up ﬂashy websites, built mobile apps, opened e-commerce stores and taken to social media. Regardless of what companies offer—whether it’s a machine tool or a bank account—they now transact business with their customers via digital channels at least some, if not all, of the time. Thanks to Big Data, companies can now learn more about what their customers want and need. And, because of the abundance of information available online, their customers can learn more about their products and services, and more about those of their competitors as well. While digital initiatives can deliver value, many executives have been lulled by a false sense of progress. Others have been [...]
New digital technologies are changing the way businesses operate in nearly every industry. However, few industries will be transformed as thoroughly as industrial machinery, where digital technologies are not merely changing the way products are sold, but how companies operate. Products themselves are being dramatically altered—in some cases expanding from a piece of machinery needing only occasional maintenance and upgrades to a complete service both requiring and taking advantage of automatic updates to improve performance. As part of this evolution, manufacturers have to plan and decide how to upgrade and manage many thousands of pieces of machinery that have been deployed, are increasingly connected and deliver huge volumes of data needing to be analyzed and understood. It will take years to digitalize this installed base, [...]