1、Digital Transformation: Powering the Great Reset J U LY 2 0 2 0 Contents Digital Transformation: Powering the Great Reset 2 Executive summary Reimagining digital transformation: leadership perspectives The rising urgency of digital transformation Opportunity 1: Transform business Opportunity 2: Empo
2、wer stakeholders Opportunity 3: Change systems Conclusion Appendix 1: Executive Working Group Contributors Endnotes 3 4 6 8 11 12 13 14 15 16 2020 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopyi
3、ng and recording, or by any information storage and retrieval system. Digital Transformation: Powering the Great Reset 3 Executive summary During COVID-19, we have had to learn how to live differently to learn, work, socialize, shop, worship and collaborate in different ways. And many of us are doin
4、g all this virtually. The pandemic is therefore a watershed moment for the digital transformation of business. The rules for success have changed, and are ever more reliant on harnessing the power of digital models to create new value and experiences. Digital transformation is not a new endeavour fo
5、r business, though prior attempts have often failed to realize its full potential. What is new in the wake of COVID-19 is that this is a shared opportunity for leaders. Successful leaders will now seize the opportunity to advance a new trajectory for digital transformation that aligns with the chang
6、ing role of business: to be a powerful enabler of long-term value creation for all of its stakeholders. This paper explores the increasing yet evolving role and relevance of digital transformation in business today. It offers an opening frame for a multiyear, cross-industry programme to co-create th
7、e new playbooks for executive decision-making and action in a post-pandemic business normal. It presents three opportunities for digitally enabled corporate leadership to support the Great Reset1 of our economies and societies: 1. Transform into a digital business across seven dimensions: new value
8、creation; digital-at-the-core business models; intelligent and agile operating models; localized and resilient supply chains; real-time decisions at the edge; data-driven investment decisions; and augmented talent 2. Empower all stakeholders: employees, consumers, suppliers, partners, government and
9、 society 3. Effect systems change through digitally enabled collaboration models that correct market failures In 2020 and beyond, the Accelerating Digital Transformation programme, facilitated by the World Economic Forum, will support conversations and collaborations among the members of a growing c
10、ommunity of leaders who are redefining digital business transformation as an engine of future value for both their organizations and society. COVID-19 has irrevocably changed our world. REUTERS/ALY SONG Digital Transformation: Powering the Great Reset 4 Reimagining digital transformation: leadership
11、 perspectives Accelerated by the global pandemic, we are entering the next wave of digital transformation an Age of Insight. We must leverage technology to discover insights that elevate the greater well-being of every human on this planet. Antonio Neri President and Chief Executive Officer, Hewlett
12、 Packard Enterprise (Chair, Digital Transformation CEO Champions Group) The pandemic has accelerated the mobile, digital world that were entering. Our work is to ensure that we guide the technology revolution in ways that are ethical and responsible. Trust will be the key to the future. Stephen Klas
13、ko Chief Executive Officer, Jefferson Health (Co-Chair, Stewardship Board on Digital Economy) By embracing informatics, analytics and AI, we can use the COVID crisis to quickly reimagine healthcare, to give people improved access to affordable and quality care, with a much better experience and high
14、er productivity. Frans van Houten Chief Executive Officer, Royal Philips The COVID crisis highlighted the criticality of digital transformation of business, industry and society. Responsible leaders will take the opportunity now to drive a long- term change. Gisbert Rhl Chief Executive Officer, Klck
15、ner 2020 begins the decade of delivery for the promise of technology. Digital transformation is a powerful enabler of the great reset, to generate sustainable value and shared success. Julie Sweet Chief Executive Officer, Accenture The year 2020 challenged us to completely rethink our enterprise gro
16、wth strategies and the global economy at large. Digital transformation can ensure this change is sustainable and purpose-driven. C Vijayakumar Chief Executive Officer, HCL Technologies (Chair, Information Technology Industry Community) Digital Transformation: Powering the Great Reset 5 Digital busin
17、ess and operating models can effect a step-change in financial inclusion and service delivery to millions in markets such as Africa. We must act on the opportunity now. Wendy Lucas-Bull Chairman, Absa Group Connectivity has proven to be the lifeblood of our economies and societies and will be equall
18、y critical for digital transformation of industries as we move into the new normal. Mauricio Ramos Chief Executive Officer, Millicom International Cellular (Chair, Digital Communications Industry Community) COVID-19 has created a window of opportunity for technological leapfrogging. Our ability to r
19、echarge the economy and create jobs is largely dependent on concerted efforts to accelerate digital transformation, especially within SMEs. Badr Jafar Chief Executive Officer, Crescent Enterprises The world is becoming rapidly digitally driven. It has never been more critical for us to embrace these
20、 technologies to empower customers, transform business and create opportunity. Jane Sun Jie Chief Executive Officer, T Group COVID-19 is entirely and irreversibly changing our lives and work. Harnessing the power of digital transformation, business leaders should make the world more sustainable by b
21、uilding trust in society through human-centric innovation. Takahito Tokita Chief Executive Officer, Fujitsu Limited These unusual times are permanently changing the way we work, learn, connect, worship and live. I firmly believe it is within our power to transform the turmoil of this challenging tim
22、e into a recovery that creates opportunity for those who need it most. Pat Gelsinger Chief Executive Officer, VMWare The pandemic has altered the simple acts of hospitality that are the foundations of business and society. Digital transformations must enhance human connection, anticipating the day w
23、e will all be together again. Stephanie Linnartz Group President, Marriott International The Great Reset is vital to modernizing capitalism. Digital transformation, together with chief executive officer leadership and deployment of 2% of corporate profits over the next 10 years, can eliminate bankin
24、g, healthcare, education, broadband and food deserts in minority communities and grow our economies by trillions of dollars. Robert F Smith Chairman and Chief Executive Officer, Vista Equity Partners Digital Transformation: Powering the Great Reset 6 The rising urgency of digital transformation For
25、consumers, employees and partners, the shift in behaviour has been swift and dramatic. Since the onset of the COVID-19 crisis, internet usage has risen by 70%,2 the use of communication apps has doubled,3 and some video streaming services have seen daily usage rise 20-fold.4 Never have we been so aw
26、are of our dependence on digital models, and we are not going back. With the power of digital technology so very visible, leading companies must now use technology to transform business itself to deliver for a broader set of stakeholders.5 The world goes digital 146% year-on-year growth in April 202
27、0 in online retail orders in North America6 The digital dividend is gigantic “Digital natives” and companies that started early on their digital transformation journeys have often better withstood the current crisis and adapted faster to new human and societal needs. Even before COVID-19 hit, digita
28、l leaders were seeing twice the revenue growth of laggards, a trend expected to accelerate.13 Some 47% of incumbent companies who pivoted to competing in new digital ways have achieved organic growth greater than 10% over the past three years. Only 30% of traditional incumbents have done the same.14
29、 and the digital divide is gaping When COVID-19 hit, many disadvantaged communities, lower-paid workers and small businesses lacked the resources or capabilities to adjust to this new, more digitally demanding world. Job displacements caused by automation and the growing skills gap have heightened d
30、ifficulties. Small businesses, which constitute 4060% of national economies globally, have often had to confront limited access to digital connectivity or remote work, great reliance on cash-based transactions and massive demand uncertainties caused by shifting consumer behaviour. Digital laggards m
31、issed out on 15% in foregone revenues in 2018, which could grow to 46% of annual revenue in 202315 45% of households globally do not have access to the internet, and only 19% have access in the least developed countries16 20182023 More than 25% of consumers use mobile devices for purchases at least
32、once a week7 22% growth in global venture capital investment in EdTech companies in the first quarter of 20208 Chinas online education market is expected to more than triple to $99.3 billion in 2023 from 20199 160% expected increase in frequency of digital purchases, as reported by global consumers1
33、0 48% of employees will likely work remotely at least part time post-COVID versus 30% pre-COVID11 20% expected annual growth in telemedicine through 2020202412 Digital Transformation: Powering the Great Reset 7 Time to shift gears: add purpose to digital transformation Among the many trends that COV
34、ID-19 has accelerated, two stand out: Calls are rising for companies to lead in addressing societal challenges, and the marketplace is indicating that companies must adopt digital business models at their core to compete. Before COVID-19 hit, the business landscape was already becoming more competit
35、ive and volatile. In the mid-20th century, the average Fortune 500 company lasted 75 years. Today, that average is 15 years, thanks to technology disruption.17 Digital leaders are rewriting the rules of competition, putting more companies survival at risk, while the pandemic adds further disruption
36、and accentuates calls for a Great Reset of our economies and societies. The time has come for companies to combine the two agendas they must use digital business models and Fourth Industrial Revolution technologies to transform their businesses and lead systems change at scale. Many are already adva
37、ncing on this path. In May 2020, a Fortune survey found that roughly half of chief executive officers believe the crisis will accelerate the move towards stakeholder capitalism, and 77% say it will force their companies to speed up their digital transformations.18 Amid the uncertainty as to what beh
38、aviours and trends from the crisis will endure, this much is clear: Updating their business for a digital-first world, led by purpose, is now an imperative for almost every company. Three opportunities for corporate leadership As companies seize the opportunity to integrate purpose with profit and i
39、nvest in digital transformation to help deliver on their purpose, leaders can use digital transformation to create value along three inter-related paths: Transform business: Reorient digital transformation investments and initiatives to drive sustained, long-term value for the company and beyond. Em
40、power stakeholders: Use technology to respond to the needs and priorities of a broader set of stakeholders, including employees, consumers, partners, governments and society. Change systems: Create new collaboration and value-creation models across ecosystems to address global challenges through new
41、 markets and enable systemic change. Three opportunities to drive purpose-led digital transformation of chief executive officers believe the crisis will accelerate the move towards stakeholder capitalism, and 77% believe it will speed up their digital transformations19 Opportunity 3: Change systems
42、Opportunity 2: Empower stakeholders Opportunity 1: Transform business FIGURE 1: 50% Digital Transformation: Powering the Great Reset 8 Opportunity 1: Transform business Companies are estimated to have spent $1.2 trillion on digital transformation efforts in 2019,20 yet only 13% of leaders say their
43、organizations are ready for the digital age.21 Companies can and must do better, as clearly shown by COVID-19s combination of dramatic demand shocks and need to operate remotely. The shift to digital technologies must be structural, going beyond incremental efficiencies to transform operating and bu
44、siness models so that companies can continue to deliver for customers. The crisis obliges companies to redefine not just their operating models and value delivery to customers, but also their business models and implications to their cost or revenue structures. More and more voices are also calling
45、for a new form of capitalism one that produces macro outcomes that are better aligned with our human and environmental needs. The answer to these demands is to consciously shape new digital business models that deliver greater value to both shareholders and a wider set of stakeholders. To do so, com
46、panies will have to determine where new value exists, which business models will capture it, and which technologies will support the adaptability and resilience that these models require. They will have to use data to power better decision-making, optimize finance and free up capacity for investment
47、. Organizations will therefore have to reassess nearly every aspect of their business, guided by a clearly articulated vision. This section offers a path to execute that reassessment, create that vision and guide the digital transformation journey. Digital transformation in the new normal: the seven
48、 dimensions The nature and pace of digital transformations will vary across companies, and be influenced by their size, industry, digital maturity and capabilities. However, amid the different digital transformation priorities and plans that every company must construct, seven important dimensions a
49、re near-universal: They can help executives in most companies understand how to successfully digitalize their business with purpose. Business dimensionFromTo New valueA linear value chain, shareholder value A dynamic value map, stakeholder value Business modelsDigital channels for products Data-led services or outcomes, digital ecosystems Operating modelsHierarchical, isolated, on-premise Agile, AI-enhanced, platform-based Supply chain Globalized, low-cost, just in timeLocalized, res
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