The next three years will more critical to business survival than the last 50. Why? According to the 2016 Global CEO Outlook from Forbes Insights, “the force and speed with which technological innovation are moving through the economy is creating an inflection point for the business sector.” And with only 5% of organizations mastering their digital strategies to the point of differentiation from their competitors, there is much work to be done.
At the heart of this shift resides embedded technologies such as artificial intelligence, machine learning, Big Data analytics, the Internet of Things, and blockchain. In their MIT Sloan Management Review article, “Thriving in an Increasingly Digital Ecosystem,” Peter Weill and Stephanie L. Woerner shared that businesses with 50% or more of their revenues from digital ecosystems achieve 32% higher revenue growth and 27% higher profit margins.
For example, Trenitalia announced last year that they improved their customer experience by proactively and detecting machine failures with predictive maintenance. By using real-time insights from sensors and advanced analytics, Italy’s primary rail transportation company completely transformed their asset management, extended efficiencies and equipment lifecycles, and reduced maintenance costs by as much as 10%.
Organizations that embrace digital transformation and system-enabled intelligence are setting the foundation for unprecedented data-driven value. They are unlocking completely new business models and completely transforming their business processes across their supply chain, customer channels, and workforce experience.
Are you ready to reap the same advantages? Watch this replay of the SAPPHIRE NOW session, “Advance Your Digital Transformation Journey with SAP Leonardo” to get started.