Top 20 Businesses with Successful Digital Transformation
The article lists the top 20 companies that completed digital transformation in the past 10 years.
The list is based on a study by Innosight, a consultancy firm who had studied the companies in the S&P 500 (the U.S. 500 largest companies with highest revenues) and Global 2000 ( the top 2,000 largest public companies in the world by Forbes magazine) lists.
In the study, the three factors used to screen the 20 transformative companies are as follows:
1. New Growth
The success of the company’s ‘new growth area’ which includes the new products, services, markets, and business models. The primary metric for the success is the percentage of revenue generated by the new growth area compared to the revenue from the core business.
2. Repositioning The Core
The effectiveness of the company’s effort to adapt its core business to the changes and disruptions in the market and industry.
3. Financials
The financial and stock market performance of the company and the success in turning around its business from losses or slow growth to being able to get back on track.
№1 Netflix
Originally a distributor of DVD by mail and later a leading distributor of digital content, Netflix has now become one of the leading producers of original content.
№2 Adobe
Transcending its core business as a maker and distributor of creative software, Adobe now focuses on digital customer experiences, marketing, commerce platforms, and analytics through the business model that has changed from packaged software to cloud subscriptions.
№3 Amazon
Amazon Web Services (Cloud) has turned into a highly profitable business. Amazon also built an ecosystem that seamlessly integrated and offered various products and services.
№4 Tencent
From an online messenger and video game business Tencent becomes an all-around technology business that has a market share in entertainment, autonomous vehicle, cloud computing and fintech.
№5 Microsoft
Microsoft has shifted from a cloud-based platform-as-a-service business from primarily selling products, licenses (IP) and devices.
№6 Alibaba
Once an internet e-commerce and retail company, Alibaba has now become as a giant in technological innovations and services.
№7 Ørsted
From a state-owned oil and gas exploration and production company Ørsted is now the largest offshore wind farm company in the world.
№8 Intuit
From a provider of products and services Intuit builds an online ecosystem of financial services for small and medium enterprises (SMEs).
№9 Ping An
Ping An transformed from a financial services and insurance company into a cloud tech business providing fintech and AI-based medical services and diagnostics.
№10 DBS
Originally a traditional bank and insurance company DBS becomes to a global digital platform company by incorporating digital technologies in the traditional banking business under the vision: “27,000 — person startup”.
№11 A.O. Smith
Shifting from automotive parts and motors business to the world’s top water technology business.
№12 Neste
From a regional oil and gas company Neste is now a global leader in renewable biofuels.
№13 Siemens
In 2014, Siemens announced Vision 2020, which detailed an organizational overhaul, restructuring and strategic shift from energy and industrial manufacturing to digitalization.
№14 Schneider
From a pure hardware supplier Schneider is now an energy management provider via an open IoT platform.
№15 Cisco
From selling networking products and services Cisco has become a digital IT solutions provider.
№16 Ecolab
Ecolab has grown from being a producer of a carpet cleaning solution to becoming a leader for cleaning and food safety products and for solutions for water and energy conservation.
№17 Fujifilm
From a photography-centric firm Fuji has become a healthcare products and medical imaging company.
№18 AIA
By creating AIA Vitality, AIA Group is now a wellness and prevention business, a transformation from a health insurance provider.
№19 Dell
From a hardware company Dell has transformed into a cloud computing business.
№20 Philips
With its various core businesses in lighting, consumer’s products, and healthcare, Philips has become a leading healthcare technology company.
Begin, Assess, Design, and Measure Your Success
From Principles & Process To Real Business Transformation
From the 5 principles & The 9-step process of Digital Transformation to real business transformation with Digital Transformation Compass
The Digital Transformation Compass book consists of the following steps:
- Begin, which delves into business transformation with understanding;
- Assess, which discusses digital readiness and digital maturity assessment;
- Design, which presents the Digital Transformation Roadmap Model;
- and lastly, Create Digital Transformation Metrics for a success model, which leads the way through transformation, assessment, and learning.
Digital Transformation Compass, which serves as the third book in the Digital Transformation series, is now available on Amazon.
The book is a sequel to Digital Transformation Canvas that delves into real-world case studies as well as Ethan’s insights from over 12 years of experience as a professional consultant and speaker for large enterprises, SMEs, government agencies, and educational institutions.
Those who want to learn more about sfia Academy, and its Digital Transformation series may visit the website for more information.
Website: sfia
Author: Ethan Than
