McKinsey&Company
Seven lessons to help generate value from tech
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New-tech troubles. Managers often underestimate the degree to which introducing new tech may incite fear and resentment in workers, says an MIT business school professor. The addition of new systems, technologies, and processes often leads to rank-and-file employees having to take on extra work. One common mistake that companies make when introducing new tech is having junior staffers do the training, which often doesn’t sit well with longer-tenured workers. Digital transformations aren’t straightforward, so they need employees’ cooperation to succeed. [WSJ] |
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Trillions on tech. Companies will spend an estimated $6.8 trillion or more on digital tech and initiatives from 2020 to 2023. Many such projects, however, end in failure. It’s tempting for business leaders to simply buy new tech or collect more data to try to achieve a digital transformation, but without broader changes in mindset, culture, and talent, those efforts won’t yield the desired benefits. Many organizations don’t have a clear idea of what the term “digital transformation” even means. At its essence, it means becoming an organization in which decisions are driven by data, not intuition. [HBR] |
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People-focused plays. McKinsey surveyed hundreds of C-suite executives and tech leaders to learn what actions resulted in the most effective digital transformations. One finding is that people-focused plays delivered the most value: companies that changed the ways they attract, retain, and upskill tech talent captured the most business impact. Yet even though people-focused initiatives link closely with value creation, they’re low on many companies’ priority lists. |
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IT and business team up. The survey results also show that IT teams and business teams at top-performing organizations are likely to work together both to develop strategy and to deliver tech. And top performers are much more focused than others on measurement, even for metrics that aren’t tech specific. See the survey results to learn seven lessons on how tech transformations can create value. |
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| — Edited by Katherine Tam |
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