BFS Pinnacle Enterprises™* are achieving digital transformation by building expertise in five capabilities: digital metrics, culture, digital sales channels, data & analytics, and innovation
Banking & Financial Services Digital Pinnacle Enterprises™ focus on process transformation, technology adoption, and innovation
Enterprises use digital for a variety of value propositions; BFS Digital Pinnacle Enterprises™* focus on strategic impact
Pinnacle Enterprises™ significantly exceed other enterprises in three key outcome areas: cost impact, operational impact, and business impact
The best-performing, or Pinnacle, enterprises differentiate from others in five distinct ways: organizational readiness, scale and scope, speed of implementation, governance, and reusability.
Earlier this week, we announced our new Pinnacle ModelTM analyses, which provide deep research on the capabilities top-performing companies have leveraged, and the journey they’ve taken, to become the crème de la crème.
Now, to sate your bated breath, here are the results of our first analysis on organizations’ adoption of digital strategies and what sets Digital Pinnacle EnterprisesTM apart from their peers.
Many people equate the word “digital” with “technology.” In the consumer world, they might think about the cool new mobile phone they just bought, the home entertainment streaming device that’s on their wish list, or how to carve out the time before the end of the year to turn their abode into a smart home. In a business context, cloud computing, robotics for their factory or their business processes, or a new customer interaction application may come to mind.
But one of the key findings from this analysis is that technology in and of itself isn’t Digital Pinnacle Enterprises’ biggest differentiator. Rather, Digital Pinnacle Enterprises stand out for making a strategic impact through their digital transformation efforts. Their track record for accomplishing business outcomes such as disrupting the industry, improving customer experiences, increasing market share, and launching innovative products and services, were significantly better than their peers.
And the value their digital transformation projects deliver are measurable and quantifiable. For example, as I mentioned in my previous blog, one banking client reduced its customer onboarding process from 16 days to 9 minutes. A retailer reduced its SKU management efforts by 80 percent, while simultaneously improving accuracy. And a software company saw improved invoice processing that reduced direct FTEs by 67 percent, and decreased customer calls to the help desk by 20 percent.
Our analysis showed three key capabilities that Digital Pinnacle Enterprises have leveraged to realize these types of outcomes.
Of course, technology is a required core of any organization’s digital initiative. But those that have reached the pinnacle have focused on the key capabilities required to achieve real, measurable transformation.
I hope this has given you some food for thought on how to elevate your company to a Digital Pinnacle Enterprise. I also hope you’re hungry for more, because over the next few months and quarters we’ll be discussing very specific disruptive digital technologies and other market hot topics in additional Pinnacle Model Analyses. Bring your appetite!
Companies like Amazon, Apple, Disney, GE, Starbucks, and Tesla are considered by most as the best of the best in their industries. The ways they became the “coolest kids” are the stuff of business school case studies, countless news articles, and lunch room / board room discussions around the world.
Of course, there are many less iconic enterprises that have unlocked the performance excellence code. For example, a leading global bank recently reduced its customer onboarding time from 16 days to 9 minutes. Yes, you read that right…from 7,680 minutes to 9 minutes, assuming an 8-hour business day. Wouldn’t you love to know how it achieved that mind-numbingly positive business outcome, and how you could extrapolate what it did into your organization?
Therein lies the rub. You might read a case study that explains how it implemented an enterprise-wide automation platform that helped it transform operations. Seeing that automation was the core of its solution, you might access benchmarking studies to better understand best practices and how your business compares. Broadening your research, you might also access high-volume surveys that gather opinions and intentions on automation.
But none of these tools reflect actual performance or the capabilities this organization – or others achieving such remarkable results – has brought to bear to become the best of the best. They lack the insight you need to accelerate your impact in measurable ways.
We believe that to understand a topic, you need to directly compare and correlate business outcomes with the capabilities required to achieve those results. Our new Pinnacle ModelTM anayses do just that.
The analyses paint a picture of the capabilities the “cool,” “it” companies – what we call Pinnacle EnterprisesTM – have leveraged and the journey they’ve gone through to realize superior business outcomes. They’ll arm you with the self-discovery of comparison that will help you design a change roadmap to be competitive today – and tomorrow.
Recently. we released a complimentary assessment of our first Pinnacle Model analysis results, which are for Pinnacle Enterprises adopting digital strategies. Spoiler alert: the capability that distinguishes the Pinnacle Enterprises from their peers isn’t their actual technology deployment.
And as 2018 approaches, we’ll use the Pinnacle Model to tackle other hot topics.
PS: For our service provider friends: When we talk about enterprises understanding their unique paths to accelerating their impact, I challenge you to think about how your differentiated capabilities can help accelerate the journeys of your clients and prospects.
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