Professional services firms must go through their own digital transformation before they can truly help their customers. In this comment we highlight some observations we made during a recent analyst event of one of the leading global professional services firms PWC.
Digital strategies will not translate into sustainable business models for the digital age
PWC is right to state that customers do not need digital strategies. Instead, they need support to prepare themselves for the digital age. But digital transformation projects are not so much about technology as about redesigning business models and changing the style of doing business. Hence, successful CIOs recognize that:
Cultural transformation is the main challenge for digital transformation. Digital businesses map out customer journeys and ensure that products turn into plug-ins for broader digital propositions. These propositions are connected through data, communities, and collaboration. This allows the business to understand who the customers are and how they use products. It’s easier to implement technology innovations than to change habits and culture. Technology is only the catalyst for cultural and organizational transformation. The transition of Philips towards a vendor of digital propositions is a case in point.