The Genesis
In late November, leaders from diverse sectors gathered under the World Economic Forum's aegis, aiming to tackle digital transformation challenges. Their goal was to devise actionable strategies and tools for digitalizing businesses.

Core Topics
Digital Transformation Insights
Executives globally are delving into the nuances of digital transformation. This guide distills key insights into what drives successful digital change.

 

Four Pillars of Digital Transformation

  • Digital Strategy: Formulating a digital strategy involves grappling with three critical questions about industry direction, company role, and adaptable strategic paths.
  • Business Model: The essence of digital transformation lies in creating value for customers and enhancing business outcomes, not just technological upgrades. This shift often leads to new customer experiences, digitalized products and services, novel economic models, and operational improvements.
  • Enablers: Success in digital transformation hinges on modifying or introducing enablers like data analytics, IT systems, operational models, and organizational culture. The real challenge lies in cultural and organizational transformation rather than the technological aspect alone.
  • Orchestration: Managing digital transformation is a complex endeavor. It starts with experimentation and extends to scaling these initiatives throughout the organization, overcoming funding, behavioral, and legacy system integration challenges.

Case Study: Statoil
Statoil's digital journey, including the "GoDigital" project and an integrated operations center, exemplifies a balanced approach to digital transformation. Their commitment to retraining the workforce and fostering a culture of innovation and adaptability is notable.

Moving Forward
The discussion led to identifying areas of strength and challenge. The ongoing work of the Executive Working Group will delve deeper into these topics through workshops and reports, contributing to a comprehensive understanding of digital transformation.

Credits
Source URL: https://www.bain.com/insights/a-step-by-step-guide-to-digital-transformation-world-economic-forum/

Åshild Hanne Larsen (CIO, Statoil ASA), Ouriel Lancry (Co-Leader, Bain's Global Digital Practice), and Mehran Gul (Project Lead, World Economic Forum's Digital Transformation of Industries Initiative) are key contributors to this guide.