What’s Critical to Digital Success? It Depends on the Industry

When we asked survey participants to rate a number of digital success factors on a scale of 1 to 5, we saw a number of similarities but also important differences by industry (Exhibit III-12). These two are among the most important:

The number one success factor for six sectors (banks, energy, CPG, automotive, travel, and healthcare): integrating digital technologies with their existing information systems. This is the top factor for all industries combined but is especially critical for these six industries, which have invested huge amounts in information technology over decades (especially banks).

The number one success factor for three other industries (insurance, telecom, and industrial manufacturing): Having a clear and unified strategy for rethinking their products and services and the business processes that support those off erings. Insurance service and phone service can be highly digitized,and often are. This was rated utmost in importance by industrial manufacturers as well, which may refl ect their interest in such technologies as 3D printing, embedded sensors, and the like. General Electric Co. is emblematic of a major industrial company that is investing heavily in digitizing its products for a world in which aircraft engines, power turbines, and medical equipment send continual digital feedback on their performance.

Exhibit lll-12: Digital Success Factors vary by Industry

TCS_Digital_Study_Entire Report_edited by TCS and BG 6.17.14 cop

Industries Bringing Digital Products and Services to Market
Digital Strategy is More Likely to be All-Encompassing at High Tech, Banking and Industrial Companies + How are Digital Initiatives Organized? It Varies by Industry