Skip to main content

Putting digital at the heart of strategy

When everyone is digital, strategy is the differentiator

Before long, every business will be a digital business. CEOs must make explicit choices about their strategy to win in a digital economy.

Digital possibilities must shape strategy

For most organisations, the shock and disruption of the COVID-19 pandemic revealed vulnerabilities that leaders had never identified before. Yet many of these organisations rose to the challenge, with digital capabilities playing a critical role in their resilience. Etsy saw its traffic double as brick-and-mortar stores shuttered and shoppers rushed online; cloud computing helped the online retailer handle the surge.1 As call centers experienced overwhelming volumes, organisations like Bank of America and Comcast answered customer queries with the help of digital assistants.2

COVID-19 was only the latest in a series of episodes that have illustrated just how much uncertainty our society, our leaders, and our organisations must contend with. But while leaders may not be able to control the pace of change dictated by external events, they can develop their organizations’ capacity to navigate that change effectively, to defend against threats and take advantage of new opportunities.

In thriving amid disruption, digital enterprises have an edge over less digitally mature competitors. Our 2021 Deloitte Digital Transformation Executive Survey provides fresh evidence that more digitally mature companies are more resilient and better able to navigate rapid change, and they do significantly better financially as a result.3 In this year’s survey, higher-maturity companies were about twice as likely as lower-maturity ones to report net profit margins and annual revenue growth significantly above their industry average.

Digitally mature organisations are also much more likely to approach digital transformation strategically and place digital transformation at the center of their strategy. In fact, the more digitally mature companies in our study were nearly twice as likely to say that digital transformation was the central pillar of their strategy than companies of lower digital maturity (figure 1).

For every organization, therefore, a strategic approach to digital transformation is crucial. Digital possibilities must shape strategy. And strategy must shape digital priorities.

Digital possibilities must shape strategy. And strategy must shape digital priorities.

The shift from digital as an enabler of strategy to digital as the lynchpin of competitive strategy comes at a time when the mere possession of advanced digital technology is becoming table stakes. Before long, most organisations will have extensive digital capabilities. Nearly two-thirds of commercial respondents to our survey believed that organisations that don’t digitise in the next five years will be “doomed.” Companies will need to be digital to play—but they will need the right strategy to win.

Companies will need to be digital to play—but they will need the right strategy to win.

Consider the early days of the commercial internet. In the late 1990s, companies scrambled to launch websites, believing that having an online presence would differentiate them and hoping to achieve a first-mover advantage. But eventually, every company had a website. And companies competed, as they always do, on the strength of their broader strategies. We will see the same as companies embrace the digital pivots that support digital enterprises.4 Cloud computing, automation, and artificial intelligence will not provide meaningful differentiation in themselves. Instead, they will be the new platform on which companies will compete.

We see two major ways that digitally driven strategies offer organisations the opportunity to succeed in the long term. The first is by enabling resilience: the ability to thrive amid uncertainty and change. The second is by driving differentiation: the ability to deliver value that cannot be found anywhere else. We explore each of these aspects below.

Digital helps organisations thrive amid uncertainty and change

To survive and thrive in an uncertain and rapidly changing world, organisations will need to innovate at speed, keep pace with technological and industry change, and cultivate greater resilience. These are among the leading reasons, particularly in the private sector, that leaders are investing in digital transformation (figure 2).

Innovation. Digitally mature organisations often exhibit a greater capacity for innovation than their less mature counterparts. A 2019 Deloitte study found that 81% of higher-maturity companies cited innovation as a strength, versus only 10% of lower-maturity companies.5 As an example of the link between digital and innovation, the CIO of a major consumer goods company told us that implementing a data-driven approach to assessing development projects reduced average time to market by 15%–20%: The analytics allowed the company to identify and shift resources more quickly to the most promising ideas.

This greater capacity for innovation is likely due in part to how digital ways of working support experimentation and rapid iteration. Higher-maturity organisations tend to exhibit a “digital mindset”—a tendency to look at old problems with new eyes and to ask how data and technology can be applied to reinvent products and processes.6 And they tend to place greater emphasis on innovation: They are significantly more likely to focus digital investments on product development, R&D, and innovation than less mature companies.

Our current study shows that innovating faster was critical to more digitally mature organisations during the pandemic (figure 3). They organisations were more than three times likelier than lower-maturity organisations to say that new digital initiatives spun up during the pandemic were already having a positive impact by the time we fielded our survey (November 2020 in the United States and February 2021 for global respondents). New Jersey–based community bank Cross River Bank, for instance, issued more Paycheck Protection Program loans early in the pandemic than many of the United States’ largest banks. The bank built a platform that automated the lending process in just 10 days, and its extensive ecosystem of fintech partners then funneled small business customers in need of loans to Cross River’s platform.7

Modernization. A desire to modernise and “keep up with the times” is another leading motivator of digital transformation investment. This is a fundamentally strategic imperative, as it can enable companies to compete more effectively and efficiently. Legacy IT systems, which tend to be inflexible and costly to maintain, can impede innovation, while the lower operating costs of modern systems can free up resources for innovative projects. For instance, chemical manufacturer Albemarle modernized its ERP platform and invested the cost savings from reduced technical debt into automating front- and back-office operations.8 Modern cloud-based infrastructure and associated modern practices like DevOps and ecosystem engagement enable greater agility and faster time to market as well9—one reason why we believe that nearly every meaningful innovation going forward will be born in the cloud.

Industry competitive dynamics. Digital technologies are driving change across industries in distinct ways, leading many organisations to conclude they have no choice but to digitise. In the energy, resources, and industrials industries, for example, digital technologies are helping drive a massive shift toward decarbonisation: Digital technologies were named the top priority in meeting fossil fuel reduction targets by executives in both oil and gas and industrial products and construction.10 In consumer-oriented industries, digital transformation is helping companies capitalise on new direct-to-consumer (DTC) opportunities, enabling new growth opportunities and entirely new customer relationships. AB InBev, for instance, has grown revenue from its DTC businesses to more than US$1 billion annually thanks to a growing network of online delivery sites and apps in China, Brazil, Mexico, and other markets.11 Such moves illustrate digital’s potential to help organisations capitalise on changing market dynamics and customer behavior.

Resilience. Digital transformation helps organisations develop a capability that is foundational to resilience—the ability to quickly recover from unexpected shocks. More than three-quarters of the leaders we surveyed said their organizations’ digital capabilities significantly helped them cope with the challenges triggered by the pandemic. What’s more, higher-maturity respondents were much more likely to agree with that notion than lower-maturity ones (figure 4).

More than three-quarters of the leaders we surveyed said their organisations’ digital capabilities significantly helped them cope with the challenges triggered by the pandemic.

Digital capabilities can enhance resilience by improving several organisational attributes:12

  • Nimbleness: the ability to quickly pivot in response to new threats and opportunities (by, for instance, using machine learning to identify changing customer behaviors)
  • Scalability: the ability to meet sudden increases or decreases in demand amid disruptions (a key benefit of on-demand cloud computing)
  • Stability: the ability to maintain operational excellence while rapidly pivoting and scaling (such as by securing newly launched applications with cyber capabilities)
  • Optionality: the ability to leverage other organisations’ strengths (through using digital technologies to participate in ecosystems to boost nimbleness, scalability, and stability)

COVID-19 brought the need for these attributes to the fore. Many companies accelerated their digital transformations to deal with the disruptions brought on by COVID-19, in some cases making years of progress in a matter of months. Mayo Clinic, for one, sped up its digital transformation by 10 years, according to John Halamka, MD, leader of Mayo’s digital transformation efforts. “What we are seeing now is that 2030 is going to arrive in 2021 because COVID-19 has reshaped the culture and the policy around the use of technology,” Halamka said.13

Despite the pandemic, digital spending is still on the rise

Given the importance of digital capabilities during the pandemic, it’s no surprise that multiple research reports predict a near-term surge in enterprise digital transformation spending. Gartner’s 2020 CEO Survey found that more than 80% of organisations planned to boost their investments in digital transformation, more than in any other area. Enterprise digital transformation investment is expected to grow at a 15.5% compound annual growth rate from 2020 through 2023, with total investment over that period reaching US$6.8 trillion.14

Our own survey reinforces this expectation of growth. Sixty-nine per cent of surveyed leaders globally planned to increase their financial commitments to digital transformation in response to the pandemic (figure 5). On average, respondents planned to spend US$12.6 million (0.57% of their annual revenue) on digital transformation over the next 12 months. That’s a 15% increase from the US$10.9 million that they spent over the prior 12 months. US respondents also reported spending a higher percentage of annual revenue on digital transformation over the prior 12 months (0.66%) and next 12 months (0.76%) than last year’s respondents (0.58% and 0.66%, respectively).

Show more

Digital’s ability to help organisations navigate change and uncertainty will become even more important as the world becomes more turbulent. Data mastery, analytics, and AI can help surface anomalies and opportunities. Cloud platforms, cloud-native development methods, and low-code/no-code application platforms can enable organisations to develop software solutions relatively quickly compared to traditional development methods. Process mining and robotic process automation can speed up efforts to understand and automate processes to cope with surging transaction volumes. Chatbots can cope with spikes in customer inquiries. And a vigilant cybersecurity posture, supported by automated threat detection and response, can help protect organisations from ever-evolving threats.

Environmental crises such as climate change, political events such as Brexit, technological shifts such as proliferating cyberthreats, and market shocks such as the 2008 housing crash are part and parcel of the world we live and work in. And these types of events are becoming not only more frequent, but less predictable: According to research by the International Monetary Fund and Stanford University, uncertainty has been increasing for more than 30 years, particularly over the past 10.15

Most leaders don’t expect this trend to let up. Conversations with CEOs reveal a broad belief that the postpandemic world will entail an ever-faster pace of change.16 Among our survey’s respondents, more than three-quarters expected their organisations will change more over the next five years than they did over the past five (figure 6).

The rapid pace of change is not universally viewed in a positive light, even with respect to technological advancement. In fact, more than half of our respondents believed that the fast pace of change in technology is “not good” for their organisations or their customers (figure 7). Government respondents were significantly more likely to agree with this sentiment than commercial ones (63% vs. 51%). This is understandable. Change can be difficult. And new technology can be disruptive—even to careers. Three-quarters of our respondents said their organisation’s digital transformation has led to major changes to their senior leadership team or board over the prior two years.

But executives also recognise that change can create opportunities as well as difficulties. Three-quarters of the CEOs responding to a recent Deloitte and Fortune survey said the pandemic created significant new opportunities for their companies.17 Digitally sophisticated companies proved well positioned to seize these opportunities. For example, digitally native ride-hailing companies pivoted quickly to online delivery amid plummeting demand for their core transportation services. Lyft made its first foray into on-demand delivery, distributing meals and essentials on behalf of governments, nonprofits, and other organisations.18 China-based Didi Chuxing launched grocery delivery services in 21 cities.19 Uber, meanwhile, saw revenue from its existing delivery services outpace its ride-hailing business, prompting it to double down on delivery with its US$1.1 billion acquisition

More than half of our respondents believed that the fast pace of change in technology is “not good” for their organisations or their customers.

of alcohol delivery platform Drizly.20 All of these examples show how important digital can be in addressing change in ways that create value, not just preserve it.

Digital enables new ways to differentiate

Digital transformation also changes how organisations compete by creating new opportunities for differentiation. More than three-quarters of our commercial respondents said that digital is a key differentiator in their industry today. Fitness company Peloton’s rise offers one example: Digital streaming allowed it to offer at-home exercise classes with greater convenience and at lower cost than brick-and-mortar gyms and studios.21 But as with websites in the 1990s, digital doesn’t differentiate by itself. Rather, it creates new choices for strategists and new ways to differentiate.

More than three-quarters of our commercial respondents said that digital is a key differentiator in their industry today.

What makes digital technologies even more important in pursuing differentiation is that digitisation is itself reshaping the competitive landscape, giving an edge to digitally native organisations. Most commercial respondents to our survey believed their main competition in five years will come from an emerging startup or existing digitally native company; fewer than one-third believed they will be facing down a current competitor (figure 8). Though mostly smaller, digitally native competitors can leverage their nimbleness and scalability to break into new markets and deftly seize opportunities from less agile incumbents. However, incumbents are also using digital to fight back. Several financial services giants, for instance, have launched digital-only banking services to counter new digitally native fintech competitors.22

Digital capabilities can enable differentiation in several ways: by helping organisations offer new and better customer experiences, create new products and services, and adapt their business models. Examples abound of successful organizations that have pursued these strategies:

Customer experiences. Capital One has steadily shrunk its branch network in recent years to invest more in digital channels for customer service and engagement.23 The organisation is investing in cloud and machine learning to enhance customer experiences with data-driven insights and alerts.24 For instance, its Eno virtual assistant provides real-time fraud notifications and tokenisation for secure online checkout. The company has also used digital to enhance e-commerce experiences. 

Capital One Shopping is a browser extension that automatically compares prices and searches available coupons while customers shop online.25 In part due to the strength of its digital offerings, Capital One topped J. D. Power’s 2020 rankings for customer satisfaction among large retail banks.26

Products and services. John Deere was an early digital mover in the agricultural vehicles industry, infusing AI and computer vision into its products to offer new service bundles for precision agriculture. Its Combine Advisor system uses cameras and sensors on harvesters to monitor operations and adjust machinery in real time. This can improve yields by reducing the amount of grains lost to damage during harvesting or mistakenly ejected with detritus like leaves and stalks.27 Company executives credited Deere’s digital strategy with helping grow net revenue 19% year over year in its fiscal Q1 2021.28 That said, Deere will need to continue to innovate to maintain its competitive differentiation: Other major agricultural equipment providers are following in its footsteps, using sensors and AI to create precision agriculture services.29

Business models. China-based insurance giant PingAn transformed itself from a traditional insurance provider into a platform provider connecting more than half a billion users to financial, health care, real estate, auto, and other services. Its businesses include One Connect, a fintech software-as-a-service offering that provides digital lending, small business financing, and interbank trading solutions to more than 450 financial institutions; health care affiliate Good Doctor, which provides online patient consultations and pharmacy delivery; and Autohome, China’s largest online car-shopping platform. These adjacent services help feed users into PingAn’s core financial services offerings. As users search for and compare cars on Autohome, for instance, PingAn gives them financing and insurance quotes.30 The platform strategy has paid off: PingAn is now the world’s second-largest insurer by market capitalisation.31

All strategy must be digital strategy

When all organisations are digital, all strategy must be digital strategy. This has three implications for leaders.

A digital strategy reveals new options. A digitally savvy strategy considers a digitally inspired array of where-to-play and how-to-win choices that may be invisible to leaders who fail to appreciate the range of possibilities that digital makes possible. Leaders who consider only traditional where-to-play and how-to-win options risk being blind to significant threats and opportunities.

Cargill is developing new data analytics products and services built on the cloud, showcasing how digital can enable new where-to-play prospects for the legacy agriculture company. One example: its iQuatic service, which crunches sensor data from shrimp farms using cloud and machine learning to generate alerts and recommendations that help farmers improve efficiency and yield. The service also provides Cargill with more insight into customer needs to inform potential new products and where-to-play opportunities.

Technology leaders should be change instigators that bring creativity to the planning process and inspire new art-of-the-possible thinking for where to play and how to win.32 Integrating competitive strategy with digital strategy to form one cohesive enterprise strategy is a shared task that should manifest itself in clear, aligned, and mutually reinforcing choices that are well understood across C-suite business and technology leaders.

Strategy guides technology investment. Strategic intent—the capabilities and management systems needed to compete—must inform an organisation’s technology choices, architecture, and spend. As organisations digitally mature, their technology efforts typically shift from the back office to become a central component of strategic efforts such as product and service innovation and customer relationships. This is why, in more digitally mature organisations, IT and product development work closely together. Capital One, for instance, integrated cross-functional teams of product developers, IT professionals, and design experts to rapidly deliver new product innovations using agile methodologies and design thinking.33

Additionally, digitally mature organisations combine technology budgeting and planning with strategic planning into a process that occurs more frequently and in a less centralised fashion. This fosters agility and scalability while sharing accountability for results between business and technology. The CIO of one health insurance provider, for instance, told us that digital budgets were planned in six-month horizons and reviewed and revised quarterly to support greater agility in revamping the company’s customer experience. Measuring returns on digital investments is critical in this process. When the results are positive, these metrics can boost confidence that technology creates desired outcomes and ROI.

Digital technologies can improve the strategy process itself. Digital can improve the strategy-setting process as well as strategy-setting outcomes. The always-on strategic thinking needed in an uncertain environment can benefit greatly from using digital capabilities for developing, testing, and monitoring strategy. Digital platforms and artificial intelligence can help C-suites think more expansively and confidently about future possibilities. Data and analytics technologies can continually track internal and external outcomes to inform ongoing leadership discussions and decisions regarding performance against strategic choices. Trend-sensing technologies can be deployed to continuously scan the environment, collecting, analysing, and clustering leading indicators that challenge or confirm strategic assumptions. For instance, the US Department of Homeland Security uses automated tools that scan news articles, patent filings, and more to identify emerging technologies that might disrupt or improve the process of securing the United States.34

Dynamic scenario tools and simulators are another set of technologies that can help leaders identify threats and opportunities, quickly test potential outcomes of strategic choices, and prioritise critical uncertainties. For example, Airservices Australia is developing digital twin modeling of its air traffic network to test new methods of optimising flights and air traffic controllers’ workloads in real time to boost safety and on-time arrivals. The technology can also help the organisation test the impact of emerging technologies, such as drones, on air traffic.35

In all this, leaders must remember that strategy goes nowhere without execution. To build the foundation for superb execution, organizations should establish an executive-level transformation “nerve center” and a supporting digital function to drive funding, accountability, strategy, and execution for digital initiatives.36 They should also design and implement an operating model that properly supports the strategy with the right capabilities.37

Digital transformation is a journey that never ends

Uncertainty and change are unavoidable, and so is the intensifying need to set oneself apart from the competition. Under these circumstances, in the words of Amit Zavery, VP/GM and head of platform at Google Cloud, organisations must “think of digital transformation less as a technology project to be finished than as a state of perpetual agility, always ready to evolve for whatever customers want next.”38 Future winners will continuously evolve in how they seek growth and profitability by approaching digital transformation as though there is no finish line. Yet the true power of digital transformation goes beyond continuously building digital capabilities. Committing to a strategy that places digital at its core—set with a deep understanding of what digital makes possible, and that aligns digital priorities with strategic goals—is what will empower organisations to shape and secure their future in an uncertain world.

Appendix A: Methodology

This report is based on a global survey involving 2,860 executives sampled across industries. Responses from US executives were collected in November 2020; responses from executives in Asia-Pacific and European countries (China, India, Japan, France, Spain, and the United Kingdom) were later collected from January to February 2021 (figure 11 has a breakdown of respondents by region).

Qualifying responses came from organisations with at least $100 million in annual revenue and global headcount greater than 500 (figure 9). Respondents also had to indicate they were “very” or “highly” knowledgeable of their organisations’ digital transformations (figure 10 has a breakdown of the respondents by their executive title).

We analysed these responses to understand the digital maturity of organisations sampled. Respondents were asked to rate the degree to which their organisation experienced a positive business impact from each of the seven digital pivots.39 Responses for each pivot were summed together to score their aggregate impact, with higher scores indicating greater maturity. Organisations were then partitioned into higher, medium, or lower maturity according to a normal distribution.

Additionally, data was weighted by country according to the relative size of their GDP in order to best represent the global economy. Further, the government sector was relatively over-sampled, so government industry contribution was weighted down to equivalence with other industries.


Your organisation’s strategies for pressing issues, such as growth and innovation, talent and technology, regulations, and risk, are shaping its future. How well are they working? Deloitte’s Strategy practice helps the most influential organisations around the world generate measurable outcomes by making winning choices on their most significant strategic issues. We build long-term relationships with senior executives, and work together to create effective strategies that cover a broad spectrum of issues. From defining corporate and business unit strategy, to identifying new growth opportunities, to designing commercial pricing models, digital prototyping and innovation, and more, we use cutting-edge approaches embedded with deep industry knowledge and experience to develop and execute integrated, tailored strategies to meet the future with confidence.

Learn more

  1. Angus Loten, “Pandemic has online sellers leaning on cloud ,” Deloitte CIO Journal on the Wall Street Journal , August 24, 2020.

    View in Article
  2. Gregory Magana, “Bank of America’s Erica usage is spiking during the coronavirus lockdown ,” Business Insider, June 30, 2020; Mike Robuck, “How Comcast changed the customer care landscape with its digital tools during Covid-19 ,” Fierce Telecom, August 20, 2020.

    View in Article
  3. Our survey of digital executives has found a correlation between digital maturity and financial performance since its inception three years ago.

    View in Article
  4. Ragu Gurumurthy and David Schatsky, Pivoting to digital maturity: Seven capabilities central to digital transformation , Deloitte Insights, accessed March 13, 2019.

    View in Article
  5. Gerald C. Kane et al., Accelerating digital innovation inside and out: Agile teams, ecosystems, and ethics , MIT Sloan Management Review and Deloitte Insights, 2019.

    View in Article
  6. We discussed the relationship between digital maturity and a digital mindset in: Gurumurthy and Schatsky, Pivoting to digital maturity.

    View in Article
  7. Jen Wieczner and David Z. Morris, “Meet the one-branch bank that did more PPP lending than Citi ,” Fortune , July 15, 2020.

    View in Article
  8. Deloitte Insights, Tech Trends 2021 , 2021.

    View in Article
  9. Ragu Gurumurthy, David Schatsky, and Jonathan Camhi, Uncovering the connection between digital maturity and financial performance: How digital transformation can lead to sustainable high performance , Deloitte Insights, May 26, 2020.

    View in Article
  10. Deloitte, “Deloitte study: Navigating the energy transition from disruption to growth ,” press release, May 27, 2020.

    View in Article
  11. Seb Joseph, “Inside Anheuser-Busch InBev’s $1b a year DTC business ,” Digiday , March 2, 2020.

    View in Article
  12. Rich Nanda and Anh Phillips, The Transformation Myth, Deloitte, 2021.

    View in Article
  13. Laura Dyrda, “Pandemic sped up Mayo’s digital transformation by 10 years, Dr. John Halamka says ,” Becker’s Hospital IT, July 6, 2020.

    View in Article
  14. International Data Corporation, “IDC reveals 2021 Worldwide Digital Transformation Predictions; 65% of global GDP digitalized by 2022, driving over $6.8 trillion of direct DX investments from 2020 to 2023 ,” press release, October 29, 2020.

    View in Article
  15. World Uncertainty Index , accessed March 26, 2021.

    View in Article
  16. Punit Renjen, The journey of resilient leadership: Building organizational resilience , Deloitte Insights, December 2, 2020.

    View in Article
  17. Deloitte, “Fortune/Deloitte CEO Survey: October 2020 Highlights,” October 2020.

    View in Article
  18. Tina Bellon, “Lyft launches meal, grocery delivery service in several U.S. cities ,” Reuters, April 15, 2020.

    View in Article
  19. Reuters, “China’s Didi launches delivery service after coronavirus hammers ride-hailing demand ,” March 16, 2020.

    View in Article
  20. Jessica Bursztynsky, “Uber agrees to buy alcohol delivery service Drizly for $1.1 billion ,” CNBC, February 2, 2021.

    View in Article
  21. Tom Huddleston Jr., “How Peloton exercise bikes became a $4 billion fitness start-up with a cult following ,” CNBC, February 12, 2019.

    View in Article
  22. Examples include: Tearsheet, “Case study: HSBC’S transformation as a bank for small business ,” November 13, 2020; Hugh Son, “Goldman Sachs, the 150-year-old investment bank, is staking its future on a mobile app ,” CNBC, January 13, 2020; Eugenia Jiménez, “Santander launches own digital bank Openbank in Germany ,” International Investment, September 23, 2019.

    View in Article
  23. Pymnts, “Capital One to focus on digital, close 37 locations ,” February 28, 2020; Mahum Tofiq, “Capital One, Wells Fargo lead the way with US bank branch closures in October ,” S&P Global, November 17, 2020.

    View in Article
  24. Tom Davenport, “From analytics first to AI first at Capital One ,” Forbes , July 10, 2019.

    View in Article
  25. Manan K. Mahadevia, “How Capital One is using tech to improve the online shopping experience ,” VentureBeat, October 9, 2020.

    View in Article
  26. Laura Alix, “Capital One tops J.D. Power rankings for customer satisfaction ,” American Banker , December 17, 2020. 

    View in Article
  27. Bernard Marr, “The amazing ways John Deere uses AI and machine vision to help feed 10 billion people ,” Forbes , March 15, 2019.

    View in Article
  28. John Deere, "Deere reports first-quarter net income of $1.224 billion," news release, February 19, 2021; John Deere, Investor Relations page, accessed April 6, 2021.

    View in Article
  29. Laurie Bedord, “Case IH moves autonomous concept tractor forward ,” Successful Farming , February 14, 2018; Mahindra Group, “Mahindra & Mahindra unveils unique Precision Farming solutions at Agritechnica 2019 ,” press release, November 11, 2019.

    View in Article
  30. Forrester, “Case study: How Ping An Insurance embraced digital to rewrite its business ,” January 17, 2019.

    View in Article
  31. Bloomberg, “What’s behind China’s crackdown on its tech giants,” updated March 25, 2021.

    View in Article
  32. Khalid Kark et al., The kinetic leader: Boldly reinventing the enterprise: Findings from the 2020 Global Technology Leadership Study , Deloitte Insights, May 18, 2020.

    View in Article
  33. Gartner, “Innovation case study spotlight series: Capital One’s go-to innovation techniques ,” accessed March 26, 2021.

    View in Article
  34. Rich Nanda and Tom Schoenwaelder, Strategy, engineered: Tech-enabled business strategy, optimized for agility , Deloitte Insights, 2021.

    View in Article
  35. Adam Mussomeli et al., Digital twins: Bridging the physical and digital , Deloitte Insights, January 15, 2020.

    View in Article
  36. Maximilian Schroeck, Anne Kwan, and Cristina Stefanita, What it takes to execute large-scale and lasting transformations: Successfully executing a complex, enterprisewide program that quickly delivers results may be the most elusive element of digital industrial transformation , Deloitte Insights, November 23, 2020; Deepak Sharma et al., Designing the modern digital function: How a CDO can help orchestrate the digital transformation journey , Deloitte Insights, January 8, 2021.

    View in Article
  37. Anne Kwan, Maximilian Schroeck, and Jon Kawamura, Architecting an operating model: A platform for accelerating digital transformation , Deloitte Insights, August 5, 2019.

    View in Article
  38. Amit Zavery, “Digital transformation isn’t a project, it’s a way of operating ,” Forbes , January 22, 2020. 

    View in Article
  39. For a description of the digital pivots and research demonstrating their relationship to digital maturity, see Gurumurthy and Schatsky, 

    View in Article

The authors would like to thank the following for their contributions to this study: Aniket Dongre, Ankur Tulsyan, Jonathan Camhi, Junko Kaji, Thomas Schoenwaelder, Anne Kwan, Anh Phillips, Matthew Guest, Dounia Senawi, Jeffrey Brashear, Michael Raynor, Kristen Stuart, Ryder Riess, Sam Roddick, and Khalid Kark.

Cover image by: blindSALIDA

Did you find this useful?

Thanks for your feedback

If you would like to help improve further, please complete a 3-minute survey