Idea in Brief
The Problem
Many managers believe that digital transformation involves a radical disruption of the business, new investments in technology, a complete switch from physical to virtual channels, and the acquisition of tech start-ups.
Why It Happens
Digital technology is being applied to almost every part of company value chains, making it difficult for managers to identify priorities.
How to Fix It
The authors dispel five critical myths about digital transformation and offer executives a better understanding of how to respond to current trends.
Near the end of a long lunch overlooking tranquil Lake Geneva, a senior vice president at a leading global company confessed to us: “We have a dozen committees on digital transformation; we have digital transformation initiatives; we are going full steam on digital transformation…but no one can explain to me what it actually means.”