Ecolab, #16 on our list, is a prime example. A new radio plan – reducing time and complexity, Launch plans developed for business and consumer markets, 10.9% rise in gross income to EUR 23.68 billion for 2015, 19% year-on-year increase in customers (14.8 million by 2015), interacting through online and mobile channels, 19.2% of new consumer credits in Spain were sold through digital channels. “We saw the need to build an entirely new company,” says Poulsen. 7 Examples Of Successful Digital Transformation In Business 1. However, we believe it’s the decision to infuse a higher purpose into the culture, one that guides strategic decisions and gives clarity to everyday tasks, that has propelled these companies to success. This includes personnel, processes, and technology. More often, it's an attempt to cope with change that has already occurred. In the case of Tencent Holdings, the company was founded in 1998 to harness the Internet opportunity, launching online chat forums and video games for China’s new generation of digital natives. The T-20 study identified the global companies that have achieved the highest-impact business transformations over the past decade as measured by new growth, respositioning the core business, and financial performance. Digital Transformation in the Enterprise 1. Going Digital Improved Best Buy’s Performance. Roisin Woolnough asks Janice Miller, director of leadership programmes at Harvard Business Publishing, about HR’s role in ensuring transformation is successful. 5 excellent examples of successful transformation programs 1. Successful companies, our findings suggest, typically favor an all-in, enterprise-wide transformation, rather than constraining the transformation to individual business units or functions. Digital transformation at Banco Bilbao Vizcaya Argentaria (BBVA). For example, when leaders ensure that frontline staff members feel a sense of ownership, the results show a 70 percent success rate for transformations. We always urge you to read the methodology carefully. A more comprehensive scope increases the chances of creating value-generating opportunities across functions. Editor’s note: Every ranking or index is just one way to analyze and compare companies or places, based on a specific methodology and data set. Digital transformation is key to the survival of many companies, yet digital transformations are tough and frequently fail. 1000. McDonald’s has recognized a massive shift in consumer behavior and they are trying to adapt by digitally transforming their restaurant experience and company processes. For example, according to a DMG Consulting report, the Cloud-Based Contact Center Infrastructure (CBCCI) market has increased its number of seats by 20.1% between 2017 and 2018. For example, they began installing kiosks where customers can quickly customize their hamburgers. Some entrepreneurs and corporate managers, when they think of digital transformation, end up getting ahead of themselves. McDonald’s. We looked at the shift to combat climate change, and we became one of the few companies to wholeheartedly make this profound decision, to be one of the first to go from black to green energy.”. Make digital transformation a priority for your business as well as your workforce by putting the structures, systems and processes in place necessary to drive digital maturity and encourage growth. When the firm now known as Ørsted divested its oil and natural gas businesses and began phasing out coal, that created a giant earnings gap that urgently needed to be filled. To give you a better understanding of what real 'Digital Transformation" looks like, here are 5 real businesses that leveraged new technologies to digitally transform and evolve their business. In 2014, Tele2 (Netherlands) wanted to accelerate the launch... 2. Key Components for Successful Business Transformation . However, digital transformation takes on different forms, depending on the industry, and encompasses unique business challenges and goals. For us to be hugely successful we have to be a focused passion brand. The technology companies on our list also discovered ways to infuse purpose into their organizations as part of their fundamental change. Target was another company that improved their digital presence. Which business transformation principles am I talking about? Businesses would be successful with their transformation when they are prepared for the changes and have a … Typically, the future of the business depends on their success. Published on October 19, 2016 October 19, 2016 • 156 Likes • 20 Comments In this post, we’ll review 5 digital transformation examples from industrial enterprises making big changes and seeing incredible results. Engaging employees. In 2011, Ecolab had a $12 billion market cap when it acquired water technology company Nalco in an $8 billion deal. Necessary cookies are absolutely essential for the website to function properly. With Mentor’s help, Tele2 (Netherlands) were able to achieve: In 2007, BBVA faced changing customer expectations, and  industry disruption from new entrants, meaning BBVA had to adapt and evolve its financial offering. Roisin Woolnough asks Janice Miller, director of leadership programmes at Harvard Business Publishing, about HR’s role in ensuring transformation is successful. In 2012, Denmark’s biggest energy company, Danish Oil and Natural Gas, slid into financial crisis as the price of natural gas was plunging by 90% and S&P downgraded its credit rating to negative. Spending approximately £20 million, York City Council was able to achieve: In 2007, New York experienced a rate of population growth not seen since the 1920s. To give you a better understanding of what real 'Digital Transformation" looks like, here are 5 real businesses that leveraged new technologies to digitally transform and evolve their business. Digital Transformation is a concept that varies by industry, vertical, company and the availability of technology, so it's not easily understood nor is there one example of digital transformations. Target’s Digital Transition Strategy. Three core strategies are used to achieve meaningful business transformation. Examples of digital transformation: Discover how companies like Porsche, ... AmerisourceBergen realized early on in their journey that business transformation can only be successful when a culture of innovation is established across the entire ... Each team had to take ownership AND leadership of their own part of the business. 3000 Attendees participate in LeanIX EAConnectDays to share Enterprise Architecture case studies on successful business transformations World’s Largest Meeting of Enterprise Architects Concludes: Real-World Examples of Successful Business Transformation Journeys Over the years I’ve developed a list of key principles that must be observed to ensure that business transformations are successful. The board hired a former executive at LEGO, Henrik Poulsen, as the new CEO. The transformation began by talking to customers, Baker says. We also use third-party cookies that help us analyze and understand how you use this website. These cookies do not store any personal information. Let’s take a look at examples of digital innovations in marketing, sales, and service that build closer customer relationships and empower employees across all industries. For example, they began installing kiosks where customers can quickly customize their hamburgers. Over the next ten years the city invested $4.5 billion in the Second Avenue Subway system, achieving: In 2014, the manufacturing industry was characterised by steel supply chain inefficiency – typified by long delivery times, incorrect delivery times, high inventory levels. A primary metric driving the organization is how much water is saved by its clients annually, which now stands at 188 billion gallons, against a 2030 target of 300 billion gallons. To answer this question, here are some examples of successful brands who have not only completed transformation business process and are also reaping rich rewards. “The biggest obstacle to any transformation is literally just the way we’ve always done things,” says Siemens USA CEO Barbara Humpton. What You Need to Know About Business Process Transformation. In the early 2000s, when Douglas Baker Jr. became its CEO, Ecolab was an 80-year-old firm growing 10% annually by selling industrial cleansers and food safety services. For inspiration, here are 5 excellent examples of brands that are driving success through digital transformation. This includes personnel, processes, and technology. These cookies will be stored in your browser only with your consent. However, it’s the decision to infuse a higher purpose into the culture, one that guides strategic decisions and gives clarity to everyday tasks, that has propelled these companies to success. Strategies for Business Transformation Success To overcome these challenges, Jennifer offered a four-point strategy. The transformation traces back to 2016 when the first Microsoft Surface 3s were made available to schools in regional and remote areas. As of 2005, shortly after its IPO, Tencent defined its purpose in terms of “implementing our Online Lifestyle strategy, which strives to cater to the basic needs of our users.”. Under Poulsen, Ørsted embarked on what critics called an impossible mission: a systematic “cost-out” program to reduce the price of offshore wind while achieving scale. Find out how these companies succeeded where others failed. Capital One is a great example of a banking and credit card business that has reinvented itself by adopting the latest technology. I use it as a checklist. Usually, these new goals are centered around a new digital transformation implementation. A roadmap for successful HR transformation A roadmap for successful HR transformation The disruptors, the movers and the bold Share. In developing the BTM methodology, we carried out 13 case studies of different types of business transformation in large European corporations. 73% of business transformations fail. Companies like Nike, Dominos, IKEA all adopted digital strategies to meet customer expectations and stay ahead of the competition. 1000. Examples of digital transformation in retail. World’s Largest Meeting of Enterprise Architects Concludes: Real-World Examples of Successful Business Transformation Journeys Article FREE Breaking News Alerts from StreetInsider.com! by The RIQ News Desk . But the biggest failure factor is NOT what you think! You also have the option to opt-out of these cookies. HR transformation Good practice manual: HR transformation Higher … Business transformation is an umbrella term for making fundamental changes in how a business or organization runs. Jennifer Bridges, PMP, shows you how to lead a successful business transformation. Fortunately, you can take steps right now to first transform your workforce and then your business. Projections for the year 2030 showed that 70% of the world’s GDP would be based in water-stressed regions, California and Southern India being prime examples. How can I digital transform my business the right way? Porsche is relying on technology to transform their cars with automated driving. Successful digital transformation requires an agile workforce that is ready to change, reskill and upskill. Instead of shutting down or taking a break, these large companies are making big transformations to stay alive and stay relevant. Others look at business transformation as the start of a change – a process that starts with purpose, strategy, and vision, and then takes shape through a series of changes to the business. With a rich history spanning over 125 years and some of the big names such as Thomas Edison as its founding fathers, General Electric is one of the pioneers and one of the most iconic brands in electrical industry. 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