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The anatomy of successful digital transformation: The role of analytics
Among incumbent companies, digitisation (ie the process by which companies leverage digital technologies in order to transform their business system), tends to be a rather slow process. This is in no small part due to the complexity of mastering the various elements of successful digital transformation. Based on extensive statistical analysis of the failure and success of almost 1,000 digital transformations by traditional firms worldwide, this paper finds that success is increasingly linked to mastering analytics.
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Jacques Bughin is a senior partner at McKinsey & Company where his work focuses on high-tech, telecom and media industries. He is a director of the McKinsey Global Institute and a Fellow of ECARES and the University of Leuven. He is the co-author of ‘Managing Media Companies’ (Wiley & Sons), and his academic articles have been published in such journals as the European Economic Review, Management Science, Journal of Economic Behavior and Organization and Journal of Big Data.
Barbara O’Beirne is an associate partner at McKinsey and Company, Dublin. She supports consumer-facing companies including retail and financial services as they undertake digital and analytics transformation.
Jonathan Deakin is a partner at McKinsey and Company, London. He has also worked at HM Treasury and Google. He serves multiple corporations in financial services as well as companies on digital strategies across industries.