Wall Street loves a digital business. These technology-driven innovators, which put customer acquisition, retention, and experience at the center, have a different way of looking at the world. They are rewarded with growth and investment.
And it’s not just digital natives. Digitally advanced incumbents, firms such as Accenture, Capital One, Microsoft, and Philips, also see the world through a technology opportunity lens. They are also rewarded.
What do digitally advanced companies look like? How are they different from companies just starting their digital transformation? To find out, we analyzed the digital maturity of 793 enterprises in North America and Europe. We found digitally advanced firms in every industry, from retail and consumer products to manufacturing and financial services.
The charts below tell part of the story of digital excellence in enterprises. (Forrester clients can read the rest of the story here.) Digitally advanced firms:
- Grow faster. Digitally advanced firms are four times more likely than digital beginners to report that they will grow 10% or more this year. They do this in part by reinventing their business models and focusing on customer experience.
- Treat technology as a business asset. Digitally advanced firms spend money on the cloud and on emerging technology. They build digital business platforms. They use agencies, consultancies, and tech service providers to move quickly and to marshal their resources.
- Operate differently. It’s not just technology. In every dimension of digital maturity — strategy, culture, structure, talent, and technology — digitally advanced firms work differently. They work across departmental boundaries. Their CEOs lead digital execution, not just strategy. They invest in employees’ experience and compensate them in part based on customer metrics.
Forrester clients can measure their own digital maturity and compare themselves against the benchmark. A digital maturity assessment is a great tool to build internal support for your ongoing transformation.
Come to Forrester’s Digital Transformation & Innovation Forum in Chicago on May 14-15 to hear me talk about this from the main stage on Tuesday the 14th. While you’re there, you can schedule a conversation with me and run your assessment right on site. See you there!