The Trasers Mega-Insight Series on Digital-Business Transformations

Industry Transformations: Why High-Tech, Banking, Financial Services, Travel & Hospitality and Telecom-Media-Entertainment Are Winning!

Though digital transformations are ubiquitous and much talked about today, transforming is much more than simply consuming content that is available. To help leaders transform their functions and companies systematically, we took a different approach at Trasers.

The Trasers Global Digitalization and Transformation Survey 2019 (GDTS) surveyed Business and IT leaders (only Directors & above) across 15 industries worldwide to study transformations. We received over 9,300 responses spanning every major business and technology function in Automotive, Banking, Consumer Products & Retail, Construction & Infra, Energy, Financial Services, High-Technology, Healthcare (Providers), Health Insurance (Payers), Life Insurance, P&C Insurance, Logistics, Pharmaceuticals, Travel & Hospitality, Telecom-Media and Entertainment industries.

Instead of topical research, we built comprehensive insights for ”enterprise transformation.” Instead of providing perspectives based solely on experience, we inverted the process by presenting facts based on what is happening across industries. Instead of talking about ‘trending now’ based on a few anecdotal examples, we gathered over 1 million data points to develop fact based insights. Instead of presenting lengthy, wordy articles, we present our insights as consultative presentations for Boards & CEOs, CXOs, CIOs, and their direct teams. Instead of giving readers PDF files- we created a patent pending digital collaboration platform called Trasers 1 for consuming, capturing ideas, sharing with teams, commenting and collaborating using research and even participating in Trasers.

We drew our insights from large samples that were statistically analyzed and organized into Board & CEO, CXO, and CIO Libraries, and further tailored as per Industry and Role.

I will start by sharing snippets in the form of MegaInsights on Transformations here on LinkedIn. Read, Lead & Succeed!

Digital & Business Transformation will be powered by Analytics & delivered by Digitalization

While “digital” as a concept was initially centered around mobile and social technologies, “digitalization” elevated it to a business model complete with changes powered by technologies to deliver low touch, high-velocity and experience based processes.

Business transformation is all about preparing business models, processes, organizations, cultures and underlying technology infrastructure for competing in the digital era. This means:

  • Delivering unique digital experiences to every stakeholder, be it customers, partners, regulators, management, employees, suppliers or prospects.
  • Leveraging analytics to up your strategy game and enhance customer experience based on the response you get from your audience.
  • Offering live 24x7 support via cloud in a globally connected world, increasingly powered by mobile-digital-commerce technology landscape.
  • Providing 24x7 security at the perimeter, in the layers, and in applications.

Though ”digitalization” is a subject of much hype today, tomorrow’s winners will be those that leverage insight analytics and translate it into action to deliver innovative and logical solutions and experiences.

The 2019 Industry Transformation Quadrant

The Quadrants Explained

  • State of Inertia: These are industries that are relatively slow in driving change, irrespective of cultural, financial, risk aversion or regulatory reasons, though the tech revolution is a threat to all. Slow moving incumbents will perish.
  • Operational Focus: These are extensive users of analytics with an operational bent, largely for cost savings and profits.
  • Trial & Error: These are industries that are doing ‘something’ about digitalization. However, they are not driven by a fact-based perspective. Their results will be a hit and miss.
  • Vision Driven: These are industries that have evolved through iterations. Analytics power their future direction across the enterprise and sometimes, across the whole ecosystem.

The Winners!

Banking, Financial Services, High-Technology, Travel & Hospitality and Telecom-Media-Entertainment will be the clear winners based on their investments in Analytics & Business Model/Process Digitalization. Companies that do not keep pace will eventually perish and no one will care or miss them, irrespective of their glorious history.

The One to Watch Out for- High-Technology

In future Mega Insights, I will share with you how this industry has accelerated to a point where disruption within and across industries is quickly becoming a norm. The idea is to provide defense mechanisms to incumbents in other industries to overcome high-tech led disruptions.

Coming Next- Current State of Digitalization & Future Investments across Enterprises!