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Our research suggests that

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one of the six key factors that flips

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the odds of success

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for digital transformations

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from 30 percent to 80 percent

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is that of having an integrated strategy

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with clear transformation goals.

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Almost all companies have

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a dedicated strategy planning phase.

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However, only two out of five truly

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clear the bar in terms of

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what is needed for success.

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Those who do are 81 percent

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more likely to succeed in their digital

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transformation efforts

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than those who don't.

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So what do we mean

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by an integrated strategy?

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We analyzed 25 specific actions

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and quantified their

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relative contribution

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to the program's success,

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to identify six distinctive actions

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across elements that are

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critical to success.

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These are: One, define

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the overarching vision or purpose.

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Two, embed digital

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in overall business strategy.

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Three, anchor around

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discrete business use cases.

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Four, ensure a clear tech

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and data strategy.

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Five, align leadership

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and create change agenda.

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Six, develop a roadmap

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with prioritized initiatives.

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In line with these actions, we devised

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six defining Yes/No

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questions for you to ask yourself

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as you plan and execute

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a digital transformation.

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BCG has a structured approach

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to enable you to answer

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yes to these defining questions

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and move you into the bracket

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of an 80% likelihood of success.

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As one of our senior

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executive clients puts it,

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Lastly, there are a few additional findings

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from the research. Firstly,

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be bold in setting your aspiration

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for this digitalization.

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Being on offense has empirically proved

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to be more beneficial

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compared to being on defense.

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Secondly, tightly link

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digital and enterprise strategy

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to ensure sustainable value creation.

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Thirdly, create a multiyear funding plan

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in the beginning

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to stay committed to the course.

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Fourthly, embed data

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in your digital and business strategy,

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as data is fundamentally shifting

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the source of competitive advantage.

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And finally, focus on value realization

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in the first year, as it helps build

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high confidence and funds

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long-term transformations.

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Costs of failure are high. 

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Rewards of success are great.

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There is limited time

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for incremental outcomes.

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Having an integrated strategy

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is one of these six key success factors

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to make all the difference

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in your digital transformation.