Digital transformation (DX) is no longer a nice-to-have strategic initiative for an organization. It’s a must-have and an urgent necessity to stay relevant, to compete in the marketplace and to create a sustainable competitive advantage.Executive SummaryDigital transformation is not just another initiative, it’s an organizational journey in which carriers close gaps for today as they build bridges for tomorrow. Here, FTI consultants describe key steps along the way, starting with setting a vision and developing strategic objectives and road maps. Above all, the transformational journey includes aligning the organizational culture while taking into account the human aspect and change management at all levels.
DX is the comprehensive transformation of business models, organizational activities, workflow and business processes. It is accomplished by leveraging a broad range of digital technologies in combination with data and analytical capabilities in a structured and methodical way—all while keeping current, interim and future states of the organization and market dynamics in mind.
It is actually a holistic process, involving not just technology but the complete enterprise value chain, with the overarching strategic objective of creating an agile platform for efficiency, productivity, enhanced customer experience, long-term performance, reduced expense, new revenue streams and growth.