| | SEPTEMBER 202119CIOReviewSUCCESSFUL DIGITAL TRANSFORMATIONBy Shubha Chaudhari, Head of Clinical Technology Solutions, GSKToday many Fortune 500 companies implement some form of Digital Transformation initiatives. There is a realization that digital transformation is an essential innovation ingredient to maximize profits. Digital Transformation can lead to new business models and wider access to markets. Continuous business evolution because of new insights is a key outcome of Digital Transformation.However, there are many beliefs and myths that companies believe with respect to digital transformation. Most common amongst them are implementing the latest technology will magically bring about digital transformation, data science technologies and teams will automatically bring unique insights to drive transformation, partnering with cool software providers and vendors will execute the digital transformation and drive value realization. Digital Transformation is about data ­ acquiring and understanding it, making sense of it, and defining actions. I believe that Digital Transformation is a continuous process, where data gets processed and using analytics identify opportunities, build the problem statement or specification, generate a concept (solution/product) and learn or test the solution. While some companies are in their early stages of digital transformation there are many companies that have nailed it. Rolls-Royce digitally transformed jet engines that were inefficient, low reliability and durability to state-of-art full authority digital engine control. Their transformation drove better control, better designs, and reliability, fully monitored and from product to service focus for their customers. The most well-known digital transformation companies are the Big Nine: Google, Microsoft, Amazon, Facebook, IBM, and Apple (the "G-MAFIA") in the United States, and Baidu, Alibaba and Tencent (the "BAT") in China. COVID expedited digital transformation journeys acrossB2B, C2C, B2C, academia and CXO INSIGHTS
< Page 9 | Page 11 >