Digital Transformation: Data-powered communications
If you can’t measure your digital transformation, you can’t manage it: Reputational data holds the key to getting it right.
A significant growth opportunity that business is struggling to capitalise on
In today’s world, digital transformation has become a vital part of any organization’s growth strategy. However, the transformation process can be complex, involving not only the integration of various technologies, processes, and systems, but also impacting the organization’s culture, workforce, and customer experience.
FTI Consulting’s new report, ‘The Power of Communications: Unlocking Growth Through Digital Transformation’ has found that digital transformation can unleash much needed business growth. Businesses who have completed a digital transformation expect to experience 9.7% more growth over the next 12 months in comparison to their competitors according to the results of our survey of 600 business leaders in large companies across the UK, France and Germany.
However, we found that many businesses struggle to get it right as only 25% believe their digital transformation had been fully successful.
Reputational data holds the key to success
Where a lot of businesses fall short is through not taking a data-led approach to measuring the transformation and how it impacts reputation among different stakeholder groups.
When digital transformations go wrong, businesses say the most important aspect to improve is their understanding of how digital transformation impacts reputation among stakeholders and how to improve it.
The best technology and the latest tools are no longer a guarantee of success. Stakeholder engagement and reputation measurement are now key factors that determine the success or failure of a digital transformation. There can be big financial rewards for businesses who get stakeholder communications and understanding right, with those who prioritise it reporting 67% higher turnover.
Businesses who have completed a digital transformation and rate stakeholder communication as ‘very important’ report at least 67% higher turnover than those who do not.
How to get reputational measurement right
FTI Consulting’s sophisticated approach to stakeholder engagement and reputational analytics can equip businesses with the knowledge and tools to successfully navigate their digital transformation journey and unlock growth.
We have extensive expertise in understanding the impact of change management processes on stakeholders, and there are not many bigger change management processes than a company-wide digital transformation. Our collection of data, AI and advanced analytic tools act as the foundation for platforms that allow us to analyse risk, opportunity and the overall success of digital transformation projects among complex and varied stakeholder groups.
Understanding the reputational impact of a digital transformation across all these stakeholders groups means we can create data-led strategies that allow businesses to adapt to changing stakeholder needs throughout the process. This enables businesses to enhance both their reputation and the likelihood of the transformation being successful.
Being open to changing the program deliverables to reflect changes in strategy is considered significantly more important by businesses who have managed a successful digital transformation.
It is clear that the businesses who are best set up for growth in the future will be those that prioritise understanding their stakeholders and the reputational impact of their digital transformation efforts. FTI Consulting can support you on this journey with the expertise and tools to measure and modify your communications strategies, which can be vital for succeeding with your transformation and unlocking growth as a result.
Please get in touch if you would like to learn more about how we can support your organisation and its leaders on their digital transformation journey.
Research Methodology
The research was conducted online from 20th to 27th January 2023 by FTI Consulting’s Strategy Consulting and Research team and surveyed n=600 C-suite and senior managers at large companies across the United Kingdom, France and Germany. Respondents in our sample employ a sum in excess of 7 million workers, and have a combined annual revenue of over £/€1 trillion globally.
For more information, please contact [email protected]
Source: “The Power of Communication: Unlocking Growth though Digital Transformation” – FTI Consulting, April 2023.
The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals.
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