Although digital transformation is a foundation of modern business, established organizations often struggle with developing the new, customer-centric business models that are essential to successful transformation. Read the full transcript:
For incumbents, especially large companies, innovation management involves simultaneously transforming corporate culture, digital technologies, and market strategies while maintaining existing revenue streams and processes.
The challenge for business leaders is going beyond traditional digital transformation strategy to address business model innovation: nurturing new approaches and creating an agile organizational culture while driving long-term success for the established business.
Watch this video to learn the following:
What is a Digital Business?
Digital Transformation vs. Digital Business
What is McKinsey’s Strategy for Business Building?
What is the Role of Company Culture in Business Transformation and Innovation?
How Should Business Leaders Use Business-Building to Transform Their Organizations?
Advice for Business Leaders Running Established and Incumbent Organizations
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