Industries Get What They Need

The Rolling Stones had it right: sometimes, you get what you need. And in the context of the digital transformation, industries know in a broad sense what they need: whatever it takes to enable them to become more responsive and resilient. To figure out what capability that is, companies need to analyze emerging organizational models and assess their own against the backdrop of a digitally transformed landscape.

What follows is a sampling of the range of capabilities that different industries most frequently want to acquire from their digital initiatives. (For more, see Exhibit lll-4.)

  • Banking: improving demand forecasting (e.g., demand for mortgages and other loans), which would help them staff up (or down) to service the work and identify new product offerings
  • Insurance: increasing internal information and feedback (e.g., to get better insights on risks)
  • Telecom: improving demand forecasting, presumably to predict network infrastructure needs more reliably
  • High tech: better understanding how to improve existing products (e.g., software flaws and hardware design problems)
  • Utilities: marketing and selling customers on new offerings (e.g., power savings, appliance and home monitoring, and so on)
  • Energy: getting employees to be more transparent and open with one another
  • Retail: bettering segmenting and marketing; then forecasting demand more accurately (to have the right products, at the right times, in the right stores)
  • Consumer packaged goods: understanding how to improve their products by monitoring what customers are doing and saying about those products; and getting customers to buy new offerings (e.g., automatic reordering for recurring purchases)
  • Automotive: improving demand forecasting – especially important for a long lead time business in which you don’t want to be caught with costly inventory in periods of weak demand, or lack of the right product when demand grows
  • Media and entertainment: providing products that better meet customer needs; and being better at fixing flawed products (e.g., downloads that don’t work)
  • Travel-related: opportunities for new offerings (e.g., new vacation packages at popular destinations, based on the number of web site visits)
  • Healthcare and life sciences: informing customers and getting them to buy new offerings (pharmaceutical companies are highly involved today in looking at digital ways to increase consumer awareness)
  • Industrial manufacturing: improving demand forecasting (especially necessary for high-ticket items with long lead times and high inventory costs)

Exhibit lll-4: Most Desired Capabilities, by Industry

TCS_Digital_Study_Entire Report_edited by TCS and BG 6.17.14 cop

Reaping the Benefits That They Need
Something Lost, Not Enough Gained