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Insight ReportThe Digital EnterpriseMoving from experimentation to transformationSeptember 2018In collaboration with Bain a companys products are temporary responses Economic model: Dont layer a new economic model on top of a legacy businessOperations: Synchronize operations and the front end to achieve the vision for the businessEnablersThe engine of a transformationCase study: FacebookData and analytics: Start with value, not dataCase study: AirbnbSystems and technology: Technology questions are now questions for CEOsCase study: Electronic ArtsTalent and culture: With digital technologies, they matter more than everCase study: EquinorOperating model and partnerships: Traditional models are inhibitorsCase study: Equinor (No.2)Case study: NokiaOrchestrationExperimentation is easy; transformation is hardScaling: Win, scale, amplifyGovernance, metrics and risk management: Set priorities and guardrails to govern grass-roots innovationCase study: Kaiser PermanenteLeadership and engagement: Harness the power of communities through digital and physical channelsCase study: ShellFunding and investor management: Make the case for funding and investing in digital transformationCase study: Munich ReCase study: Dominos PizzaRegulatory and community engagement: Take a proactive and positive approachConclusionAcknowledgements57789910111112131314141616171820202223242526272829303233333435363639394041424344Contents3The Digital Enterprise4 The Digital EnterpriseDo not be fooled by the term “digital transformation”. The data-driven changes businesses are undergoing certainly begin with digital technology, but just as important as the technology itself are the surprising ways people react to and interact with it. That combination has made digital technology so disruptive. Digital technology made it possible for mobile transportation platforms Uber and Didi Chuxing to efficiently match riders with drivers, inexpensively and on a massive scale. Equally critical were customers embrace of the service and their willingness to jump into the cars of total strangers. Hospitality platform Airbnb would not be worth $31 billion if customers had not quickly become comfortable with the idea of sleeping in a strangers bed. The willingness of consumers to ask 1,000 online strangers if they should buy a certain product, and to write paragraphs of detailed reviews, has moved e-commerce beyond being a digital version of the US retailer Sears catalogue to replacing the trusted shop owner. These are consumer businesses, but companies selling to other businesses are seeing important shifts as well, sometimes influenced by experiences in the consumer realm. At a recent Word Economic Forum workshop, an executive noted that he can order a $1 million piece of equipment with months of lead time, yet have almost no visibility as to its location in the manufacturing process at any given moment. If hed order a $10 pizza from Dominos online, however, hed know almost to the moment when the anchovies are added. Such digitally enabled experiences have created a new normal for all industries.Introduction 5The Digital EnterpriseIn this environment, executives understand that digital technology is both a threat and an opportunity. The threat is the potential disruption to a business or industry, starting with the broad expansion of its competitive set. The digital opportunity is the chance to spark innovation and lay the foundation for a prosperous future. Over the past decade, this digital duality of threat and opportunity has created a new generation of corporate giants and killed off others. A Bain that digital disruption is not a challenge technologists alone can solve and that business thinkers must play a prominent role as well; and that digital transformations must have clear business objectives.Importantly, members of the group represented a mix of digitally native firms and well-established incumbents. Their exchange of ideas and experiences was eye-opening and instrumental in identifying four pillars of successful transformation. These pillars became the basis of a clear framework and questions to answer so that companies can begin to build their transformation, understanding what it takes to lead and deliver a digital enterprise (Figure 1). Figure 1: Transformation framework and sample questionsThis Insight Report explains each pillar in detail, but like everything in digital transformations, the framework will clearly have to evolve to remain relevant. That evolution cannot get in the way of action, however. Every company needs to be working on digital transformation; all the working group members agreed on that. Throughout the report, checklists and practical tools, such as questions to ask when addressing the topics, are included to help executives think through how they can apply the framework to their own business. Source: World Economic Forum/Bain a market-share leaders many assets bought it plenty of time to respond. More recently, however, digital technologies have allowed good ideas to spread much faster. The value of speed has increased, and the incumbent companys advantage has declined. In some cases, the assets that once made up the incumbents advantage have almost become liabilities. 7The Digital Enterpriseanalysis are replaced by action and short cycles of customer feedback. Incumbents are used to putting together large fact bases before they act, and focus on the quarterly cycle, often rewarding short-term results at the expense of long-term investment. Doers who excel at tactical execution of near-term initiatives are celebrated. But now, they must find a way to complement the dreamers, many of whom are already in their midst those who think long-term are comfortable with the unknown and can manage in an environment in flux. Within this context, executives in the working group posed the question, “Are traditional strategies and strategy processes even relevant anymore?” The group discussed an approach that connects “today forward” and “future back” thinking. Today forward is the term for using digital technology and management approaches to make a business better, faster and cheaper today. Future back is about positioning the company to compete in 10 or even 20 years. A way to think about this is to envision waves and stepping stones. In this context, waves are the successive evolutions a business must go through to move towards the future it envisions. Stepping stones describe the tactical, near-term actions that start to move an organization in the right direction. Stepping stones are not really about making step-by-step progress; with the current uncertainty, the end state may not be known. Instead, stepping stones support progress while allowing for adaptability its hard to know the best second step until the first has been taken. The working groups answer to the question was: Strategy is still relevant, but it is changing. A new approach to strategy is required, one that is more flexible, agile and future-oriented. Digital departure: 1,000 points of digital lightTo make progress in an uncertain environment, a company needs to take stock of its current position. The sheer volume of noise generated by digital technologies threatens to become a distraction. At most companies, piecemeal digital experiments, sometimes hundreds of them, are already under way. These “thousand points of digital light” often lack a clear direction. With no central control or coordination of them, senior executives may have limited visibility into where their investment budgets are being spent.Taking an inventory of digital initiatives clarifies where investments are being made, highlighting patterns and risks to address first. Companies without a coherent digital strategy often suffer from one or more of these eight early-stage failure patterns (Figure 2). Figure 2: Eight early-stage failure patternsSource: World Economic Forum/Bain & CompanySome companies find they are investing too much in enablers and not enough in developing a new business model, i.e. “planning to plan”. Others come to recognize that the scattershot approach lacks coherent focus, possibly resulting in overlapping investments. Frequently, an inventory reveals that not enough thought has been given to scaling digital initiatives (“pure experimentation”), but also highlights fruitful activity to build on.8 The Digital EnterpriseIndustry direction: “Autonomous and electric” whats yours?Getting a handle on the digital activity in progress is just the first step. To know which activities are valuable and which are not, a company needs a sense of where its industry is headed. This can feel daunting. Computing power is constantly expanding, available data are exploding and the number of connected devices is proliferating. Artificial intelligence and machine learning add to the complexity. Its understandable that companies might struggle to figure out where their industry fits on the technology curve, and what threat digital natives might pose. Getting a sense of industry direction is daunting, but not impossible. If they had been asked years ago to imagine their industrys future, automotive executives would have rightly said, “Autonomous and electric”. The few who took steps towards a future of autonomous and electric cars are now seeing the payoff. Most expected Tesla to be the first carmaker to produce a mass-market electric vehicle at a price of about $30,000 that could travel 200 miles on one charge, but General Motors (GM) saw where the market was heading and started investing early. In 2010, it introduced the Chevrolet Volt, and seven years later the improved Chevrolet Bolt which, according to Chevrolets website, can travel 238 miles per charge at a price of $29,995 (after federal tax credits). Motor Trend magazine named it the 2017 Car of the Year. By contrast, Tesla began very small-scale production of its Model 3 in 2017 and has struggled to make its goal of 5,000 cars per month. Rather than focus on its top-selling SUVs and sedans, GM is revving up its electric fleet, aiming to introduce at least 20 new electric models by 2023, with plans to shift to an all-electric fleet further in the future, as reported in “GM aims to have 20 all-electric car models by 2023”, ft, 2 October 2017.Every industry has its version of “autonomous and electric,” and leadership teams can identify theirs by asking the right questions. Executives who ask them and debate the answers will have thought deeply about the future of their industry and will have given themselves the opportunity to adjust their plans accordingly. The working group developed a list of critical questions:Your role in a digital futureEven when a companys leaders know where their industry is heading, deciding on the companys role for the future is not always easy. A company vision involves identifying and evaluating choices, including: Ambition: What is our goal? How far and how fast do we want to move? Market selection: In which parts of the value chain and customer segments should we participate? Business model: Is a new business model required, or can our old one evolve? Critical assets and capabilities: Are those that differentiate us today the ones we need in the future?Leadership teams will make different choices. As with traditional strategy, every company will have its own view on how to compete in the digital future. An incumbent may not be able to shift to an asset-light model, instead developing a digital strategy grounded in its distribution assets or network of suppliers. Alternatively, a company with a historical cost advantage will likely want to invest first in technology to drive efficiencies rather than in technology to support a personalized customer experience.9The Digital EnterpriseCase study: Equinox and PelotonMany questions that companies ask as they develop their strategies are battle-tested, but new questions have also emerged. For example, a critical topic for all executive teams to debate is, “Are the assets that differentiate the company today still assets, or have they become liabilities, particularly in light of disruptive competitors?” Or, “How fast does the company need to move what does our future look like if were a first mover versus the fastest follower?” Note: OTT = over-the-top (video services), which are transmitted via the internet and bypass traditional cable distributionSource: World Economic Forum/Bain & CompanyEquinox and Peloton both recognize that the fitness industry has moved towards connecting with community while working out. The two businesses have different visions, however, for how to best address that shift. Equinox has created spaces and hosted events throughout its network of high-end fitness locations to encourage members to meet in person. In contrast, the cycling company Peloton has built a robust, mostly virtual community through Facebook and other social networks (Figure 3).Source: World Economic Forum/Bain & CompanyFigure 3: Company vision is not the same as industry directionThe answers can be surprising. Being a first mover is not necessarily the key to success (Figure 4). In many industries, the dominant digital natives were not first movers, but rather fast followers who built on the lessons and failures of their predecessors. The critical question is whether an advantage exists in acting now, i.e. is there a first mover advantage due to network effects? Figure 4: First mover advantage or fastest follower?10 The Digital Enterprise
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