Issue link: https://read.uberflip.com/i/1427093
We recently undertook more than 35 in-depth interviews and workshops with CIOs and digital leaders from large corporations. What became apparent through these as well as through our work with many large organizations is that most have tackled some sort of digital transformation and that sustaining the velocity of digitalization is crucial to delivering value over a long period of time. The stories and our analysis below are based on our proprietary research and experience. To help organizations understand where they stand and to chart a way forward, we have defined five Digital Archetypes SM , combining the current state and velocity of their digital transformations (see figure 1 on page 2). While most organizations transition through several Digital Archetypes over time, lingering too long as a Resting Laurel or a Late Bloomer means the Digital Superstar is going to be out of reach. And with technology developing at an exponential pace, the bar is only getting higher. Kearney's five Digital Archetypes shed light on the status and speed of a company's digitalization. For professional athletes, standing still is not an option. At the Tokyo Olympics alone, more than 100 world and Olympic records were broken. Even the best of the best need to continuously improve. Similarly, for corporations, sustained velocity is essential to delivering value from digital transformation programs. Stagnate, and digital gains will erode as new digital innovations and technologies raise the bar. Here's an example of the importance of velocity: The 2020 COVID-19 restrictions resulted in a significantly reduced footprint in retail stores. While those with established digital channels saw their online traffic increase, overall sales fell for many providers. Inventories piled up, and companies began heavily discounting to get stock out the door. In the midst of this challenge, one global retailer acted quickly. The company had recently gone through a digital transformation, significantly raising its capabilities. Instead of reducing prices, the retailer embraced machine learning to optimize prices and promotions at a local level. As e-commerce sales grew, the company also implemented a routing optimization engine that improved delivery times for stock picked from stores to complement delivery from distribution centers. As a result, this retailer maximized its revenue and maintained margins on existing stock. With technology developing at an exponential pace, the bar is only getting higher. 1 How to stay ahead in the digital game