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What is digital transformation? Ask 10 CIOs what digital transformation means, and you're likely to get 10 different answers, owing to different business models. At a high level, digital transformation represents a radical rethinking of how an enterprise uses technology to radically change performance, says George Westerman, principal research scientist with the MIT Sloan Initiative on the Digital Economy.Digital transformation, which Westerman says must start with the CEO, requires cross-departmental collaboration in pairing business-focused philosophies with rapid application development models.[ Be sure to adopt the habits of highly effective digital transformations '” and beware the 7 myths of digital transformation. | Get the latest on digital transformation by signing up for our CIO Leader newsletters. ] Such sweeping changes typically include the pursuit of new business models and, by extension, new revenue streams, often driven by changes in customer expectations around products and services. "Customer expectations are far exceeding what you can really do," says Westerman. 'œThat means a fundamental rethinking about what we do with technology in organizations."To read this article in full, please click here
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