1
00:00:09,440 --> 00:00:12,800
The pandemic has been a real test
 of digital capabilities

2
00:00:12,800 --> 00:00:16,440
for many companies,
 and it has brought the future forward.

3
00:00:17,720 --> 00:00:21,000
As a result, digital transformations

4
00:00:21,000 --> 00:00:25,800
have become the number one strategic
 imperative for most organizations.

5
00:00:26,320 --> 00:00:32,160
But our research shows that only 30
 percent of digital transformations succeed

6
00:00:32,360 --> 00:00:36,520
in achieving their outcomes
 and creating sustainable change.

7
00:00:37,080 --> 00:00:40,560
So the most important question
 for executive teams

8
00:00:41,120 --> 00:00:43,920
is how to assure success.

9
00:00:44,320 --> 00:00:48,360
BCG has studied over
 70 digital transformations

10
00:00:48,360 --> 00:00:53,480
that we have done with our clients,
 and this proprietary empirical data

11
00:00:54,000 --> 00:00:57,640
has allowed us to determine
 what drives success.

12
00:01:00,480 --> 00:01:03,320
Six factors, if properly addressed,

13
00:01:03,320 --> 00:01:08,520
can flip the odds of success
 from 30 percent to 80 percent.

14
00:01:09,560 --> 00:01:13,400
The first factor
 is having an integrated strategy,

15
00:01:13,400 --> 00:01:16,400
which brings together
 an overarching vision,

16
00:01:16,400 --> 00:01:21,920
strategic initiatives,
 and quantified business outcomes.

17
00:01:21,920 --> 00:01:25,640
The second factor is a commitment
 to the transformation,

18
00:01:25,640 --> 00:01:30,600
not just by top management,
 but also by middle management.

19
00:01:30,600 --> 00:01:35,280
Third is deploying
 and managing high caliber talent,

20
00:01:35,280 --> 00:01:38,840
including digital skills,
 as well as change management

21
00:01:38,840 --> 00:01:43,880
skills like resilience, perseverance,
 and influencing skills.

22
00:01:43,880 --> 00:01:48,400
The fourth is an agile governance,
 which drives agile,

23
00:01:48,400 --> 00:01:52,040
mission oriented ways
 of working in the organization.

24
00:01:52,040 --> 00:01:56,840
Then there is effective
 monitoring of progress, with clear metrics

25
00:01:56,840 --> 00:01:59,520
and clear accountability for delivery.

26
00:01:59,520 --> 00:02:02,360
And lastly, we have the deployment

27
00:02:02,360 --> 00:02:08,320
of modular cloud
 based technology and data platforms

28
00:02:08,320 --> 00:02:10,960
specked and built in line
 with business needs.

29
00:02:12,960 --> 00:02:15,200
There are three observations worth noting.

30
00:02:15,200 --> 00:02:19,160
Firstly, you have
 the maximum chance of succeeding

31
00:02:19,160 --> 00:02:23,720
only when you address
 all six factors adequately.

32
00:02:23,720 --> 00:02:29,120
Secondly, these six success
 factors are industry agnostic

33
00:02:29,120 --> 00:02:32,120
and hold up across
 all the regions of the world.

34
00:02:32,120 --> 00:02:36,880
Thirdly, the success factors
 are not influenced by either the breadth

35
00:02:36,880 --> 00:02:39,800
or the scope of digital transformations.

36
00:02:39,800 --> 00:02:45,240
The six factors are
 the empirically derived recipe for success

37
00:02:45,240 --> 00:02:48,480
in getting your company
 from its current state

38
00:02:48,480 --> 00:02:53,080
to a digital end state,
 which we call a bionic company,

39
00:02:53,080 --> 00:02:56,400
combining human and technological

40
00:02:56,400 --> 00:03:00,920
capabilities for bionic outcomes,
 which are self sustaining.

41
00:03:00,920 --> 00:03:06,600
Digital transformations are an imperative
 in our pandemic affected,

42
00:03:06,600 --> 00:03:12,160
digitally disrupted world.
 But a 30 percent success rate is daunting.

43
00:03:12,160 --> 00:03:15,520
BCG's proprietary research

44
00:03:15,520 --> 00:03:19,760
flips the odds of success
 from 30 percent to 80 percent.