The Value of Digital Transformation

In the rapidly advancing digital AI revolution, business leaders echoing Cuba Gooding Jr. in "Jerry McGuire" demand results—literally, "Show me the money! 25 views." allow for cost savings of only 31% of expected revenue, despite widespread adoption of this technology." % And in it comes harsh reality, prompting a thorough rethinking of established strategies.

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The roadmap to successful transformation, as outlined in the book "Rewired: How to Outcompete in the Age of Digital and AI," emphasizes the critical importance of leadership conviction and trust in execution The banking industry internal research shows that digital leaders outshine their peers, up 8.1% compared to 4.9% for laggards Boasts shareholder returns, and improved return on tangible equity (ROTE) – 19.3% versus 15.3 %. Importantly, these leaders excel at digital sales strategies and comprehensive end-to-end process changes, demonstrating the tangible benefits of embracing digital innovation.

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Demonstrating the transformative power of the digital industry, the US. The banking success story highlights a dramatic reduction in approval time from 45 days to 7 days, resulting in an impressive 35% increase in originations and a significant 20% reduction in operating costs. These improvements are digital beyond just technical applications. Lessons learnt from the banking industry emphasize that companies that want to succeed in the period must have six key strengths, where talent and new business models emerge as key differentiators built emphasized above.

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https://hbr.org/2023/07/the-value-of-digital-transformation 

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Source – Harvard Business Review