BCG’s Digitization Strategy Framework helps companies capture new digitization opportunities.
Digitization trends are reshaping the industrial world. The risk of disruption brings with it significant opportunities. BCG’s Digitization Strategy Framework provides companies with the tools needed to capture new digitization opportunities. The framework consists of a diagnosis phase that helps industrial organizations set the basis for strategy development through understanding global trends, customer needs, and competitors’ activities, and to evaluate current capabilities and gaps. Organizations can then employ a set of building blocks to develop a successful digitization strategy:
- Define aspiration.
- Improve external offerings, such as data products and technology-enabled equipment.
- Streamline company processes by improving management and support functions.
- Reinvent business models for data products, data-driven services, and enabled equipment.
- Develop a digital technology platform, including a secure cloud, big data, and analytics.
- Build a digital-ready organization and capabilities, which must include governance, culture, and processes.