How leading companies accelerate their digital strategy

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button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>See more</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> 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class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-highlights-links-1" class="cmp-container"> <div class="container responsivegrid"> <div id="container-1f8c2de9c5" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-6ee9047392":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-08-28T13:10:53Z","xdm:text":"<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/ai.html\">AI insights</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/ceo.html\">CEO agenda</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/cfo-agenda.html\">CFO agenda</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/board-matters.html\">EY Center for Board Matters</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/media/podcasts.html\">Podcasts</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/media/webcasts.html\">Webcasts</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/case-studies.html\">Case studies</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/coo.html\">Operations leaders</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/cio.html\">Technology leaders</a></p>\r\n"}}" data-up-is="rich-text" 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data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-2" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-1adbaa2064":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-12T05:56:58Z","xdm:text":"<p>EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-button-2" class="cmp-container"> <div class="button"> <a class="up-button cmp-button " href="https://www.ey.com/en_gl/services" data-cmp-clickable data-up-is="button" 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transformation consulting</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/consulting/technology-transformation.html\">Technology transformation</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/tax-function-operations.html\">Tax function operations</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/services/climate-change-sustainability-services.html\">Climate change and sustainability services</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/campaigns/ecosystems.html\">EY Ecosystems</a></p>\r\n<p><a href=\"/content/ey-unified-site/ey-com/global/main/en_gl/home/industries/financial-services/business-transformation-platform.html\">EY Nexus: business transformation platform</a></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><a href="/en_gl/services/ai/platform">EY.ai - A unifying platform</a></p> <p><a href="https://www.ey.com/en_gl/realize-your-ambition/strategy-transaction-transformation-consulting">Strategy, transaction and transformation consulting</a></p> <p><a href="/en_gl/services/consulting/technology-transformation">Technology transformation</a></p> <p><a href="/en_gl/services/tax-function-operations">Tax function operations</a></p> <p><a href="/en_gl/services/climate-change-sustainability-services">Climate change and sustainability services</a></p> <p><a href="/en_gl/ecosystems">EY Ecosystems</a></p> <p><a href="/en_gl/industries/financial-services/business-transformation-platform">EY Nexus: business transformation platform</a></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="container-87c55936e2" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-3" class="cmp-container"> <div class="container 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<p>Industries</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-3" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-e50cdf6396":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:53:34Z","xdm:text":"<p>Discover how EY insights and services are helping to reframe the future of your industry.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>Discover how EY insights and services are helping to reframe the future of your industry.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button 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2024</span><a href="/en_gl/people/ey">EY Global </a> </p> </div> </div> <div class="container responsivegrid"> <div id="container-b1c08a5969" class="cmp-container"> </div> </div> <div class="container responsivegrid"> <div id="container-b5678f0dbd" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-4" class="cmp-container"> <div class="container responsivegrid"> <div id="subnav-intro-wrapper-4" class="cmp-container"> <div class="container responsivegrid"> <div id="subnav-intro-title-4" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-3f9168263b":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:54:55Z","xdm:text":"<p>Careers</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to 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href=\"https://eyglobal.yello.co/job_boards/c1riT--B2O-KySgYWsZO1Q?locale=en\">Student and entry level programs</a></p>\r\n<p><a href=\"https://careers.ey.com/ey/lp/TC/f7abb34d58e4b33e/?locale=en_US\">Talent community</a></p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><a href="https://careers.ey.com/ey">Experienced professionals</a></p> <p><a href="/en_gl/careers/parthenon">EY-Parthenon careers</a></p> <p><a href="https://eyglobal.yello.co/job_boards/c1riT--B2O-KySgYWsZO1Q?locale=en">Student and entry level programs</a></p> <p><a href="https://careers.ey.com/ey/lp/TC/f7abb34d58e4b33e/?locale=en_US">Talent community</a></p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="container-316f81daad" class="cmp-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="sitenav-sub-wrapper-5" 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data-up-hook-rich-text="richTextContent"> <p>About us</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-description-5" class="cmp-container"> <div class="rich-text text"><div data-cmp-data-layer="{"rich-text-e2356ceb9f":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2022-02-24T19:56:56Z","xdm:text":"<p>At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p>At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.</p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> <div class="container responsivegrid"> <div id="subnav-intro-button-5" class="cmp-container"> <div class="button"> <a class="up-button cmp-button " href="https://www.ey.com/en_gl/about-us" data-cmp-clickable data-up-is="button" 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class="up-authors-and-contributors__author-name-container up-authors-and-contributors__analytics-author-link" aria-label="Thomas Holm Møller" data-author-label="by"> Thomas Holm Møller </a> <p class="up-authors-and-contributors__author-title">EY-Parthenon EMEIA Digital Leader</p> </figure> </div> </div> </div> <div class="displaymetadata aem-GridColumn aem-GridColumn--default--12"><div> <div class="up-display-metadata-utility"> <span class="up-display-metadata-utility__content"> 5 minute read </span> <span class="up-display-metadata-utility__content"> 27 Sep 2021 </span> </div> </div> </div> <div class="surfaceTags aem-GridColumn aem-GridColumn--default--12"> <div data-cmp-data-layer="{"surfaceTags-d8992ac3e2":{"@type":"ey-unified-site/components/surfaceTags","repo:modifyDate":"2023-03-06T22:21:59Z"}}" data-analytics-category="Surface Tags" class="up-surface-tags"> <span class="up-surface-tags__topic-title" data-analytics-label> Related topics </span> <div 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up-two-columns__right-container"><div class="container responsivegrid section"> <div id="container-36ec658707" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="container responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div id="container-b05fd5e7d1" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--tablet-portrait--12 aem-Grid--mobile--12 aem-Grid--tablet-landscape--12 "> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--0 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--10 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-0b83ca05a4":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-29T15:21:17Z","xdm:text":"<h4><span class=\"copy-block\">Companies are pouring money into digital initiatives with no results. Learn how leaders succeed and why M&amp;A can be key to outsized returns.</span><br>\r\n</h4>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h4><span class="copy-block">Companies are pouring money into digital initiatives with no results. Learn how leaders succeed and why M&A can be key to outsized returns.</span><br /> </h4> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="separator cmp-separator--horizontal-rule cmp-separator--half-size aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--10 aem-GridColumn--offset--default--0"> <div class="cmp-separator"> <hr class="cmp-separator__horizontal-rule"/> </div></div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--0 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--10 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-38d4ad4f17":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-29T15:48:30Z","xdm:text":"<h4><span class=\"copy-block\">In brief</span></h4>\r\n<ul>\r\n<li><span class=\"copy-block\">Recent EY research shows that companies can get larger returns on technology investments by taking four key steps.</span></li>\r\n</ul>\r\n<ul>\r\n<li><span class=\"copy-block\">Learn why assessing investment strategy, talent requirements, operating models and funding constraints are key to digital success.</span><br>\r\n</li>\r\n</ul>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h4><span class="copy-block">In brief</span></h4> <ul><li><span class="copy-block">Recent EY research shows that companies can get larger returns on technology investments by taking four key steps.</span></li></ul> <ul><li><span class="copy-block">Learn why assessing investment strategy, talent requirements, operating models and funding constraints are key to digital success.</span><br /> </li></ul> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> <div class="separator cmp-separator--horizontal-rule cmp-separator--half-size aem-GridColumn--default--none aem-GridColumn aem-GridColumn--default--10 aem-GridColumn--offset--default--0"> <div class="cmp-separator"> <hr class="cmp-separator__horizontal-rule"/> </div></div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--0 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--10 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-dedf33e8a7":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-29T15:38:19Z","xdm:text":"<p><span class=\"copy-block\">A major cruise ship company was missing out on significant revenue because its guests didn’t know about critical aspects of their vacation: ship amenities and adventure options. The company also needed to meet the demands from a new generation of customers who were digitally more adept — as nearly half of cruise passengers were under the age of 34.</span></p>\r\n<p><span class=\"copy-block\">The company personalized and digitized on-board experiences and tracked preferences from the moment customers boarded the ship — for example, vacation planning apps, virtual reality videos of shore excursions and augmented reality features. It also hired digital-savvy leaders and worked with EY to build an ecosystem of strategic partners to manage the transformation. These efforts positioned the cruise liner to capture significant passenger growth.</span></p>\r\n<p><span class=\"copy-block\">From travel to industrial to life sciences companies, organizations that get their digital transformation efforts “right” are reaping significant rewards. However, many companies that have invested heavily in digital transformation are not seeing their investments pay off – and the pressure to show results is mounting.</span></p>\r\n<h4><span class=\"copy-block\">How digital performance leaders are boosting revenue, closing technology gaps and increasing return on digital investments</span></h4>\r\n<p><span class=\"copy-block\">EY identified 9% of a 1,000+-respondent sample as “digital leaders” in the EY Digital Investment Index study. These leaders achieved roughly six percentage points more return on digital investments compared to non-leaders and reported stronger revenue growth.</span></p>\r\n<p><span class=\"copy-block\">Leaders clearly see M&amp;A and partnerships with tech natives as a critical lever for a successful digital investment strategy with nearly three-quarters of executives noting that they are shifting to M&amp;A and partnerships to accelerate digital initiatives. The survey results also show leaders:</span></p>\r\n<ul>\r\n<li><span class=\"copy-block\">Have a clearly defined strategy and accountability for digital</span></li>\r\n<li><span class=\"copy-block\">Prioritize digital initiatives with immediate cash returns, while discontinuing unnecessary initiatives</span></li>\r\n<li><span class=\"copy-block\">Dedicate funds to accelerate new digital products, services and business models</span></li>\r\n<li><span class=\"copy-block\">Invest in the right emerging technology to execute on that strategy</span></li>\r\n</ul>\r\n<p><span class=\"copy-block\">The technology mix used by leaders is more likely than others to include investments in internet of things (IoT), cloud computing, artificial intelligence (AI) and advanced cyber defense.</span></p>\r\n<h4><span class=\"copy-block\">Four steps to accelerate digital transformation</span></h4>\r\n<h5><span class=\"copy-block\">1. Capitalize on digital spend</span></h5>\r\n<ul>\r\n<li><span class=\"copy-block\">Build IT and data infrastructure with both the business and customer needs in mind and not for the sake of technology</span></li>\r\n<li><span class=\"copy-block\">Start with agile sprints to test impact and drive value while establishing a digital governance to measure results and secure funding</span></li>\r\n<li><span class=\"copy-block\">Build a sustainable analytics foundation that meets current and future needs and enables data availability to all, rather than individual silos</span></li>\r\n</ul>\r\n<p><span class=\"copy-block\">Digital solutions in action: A $3b mid-tier mining company in Australia invested in AI and machine learning capabilities to build digital twins for its milling operations. EY helped the company develop the “twin” to run in parallel to the legacy system to predict optimal operational setpoints, identify ways to increase throughput, improve uptime and increase yield quality – all leading to a $50m+ business value improvement.</span></p>\r\n<h5><span class=\"copy-block\">2. Align on investment strategy and leverage M&amp;A</span></h5>\r\n<ul>\r\n<li><span class=\"copy-block\">Align on proper investment mix of buy, build or partner</span></li>\r\n<li><span class=\"copy-block\">Avoid a siloed approach – the CEO should own the investment approach and strategic direction, and establish collaboration incentives and a governing body to provide oversight</span></li>\r\n<li><span class=\"copy-block\">Assign clear execution accountability for each investment vehicle based on CXO roles and strengths</span></li>\r\n<li><span class=\"copy-block\">Drive M&amp;A value by recognizing differences in start-up vs. traditional M&amp;A</span></li>\r\n</ul>\r\n<p><span class=\"copy-block\">Digital solutions in action: A leading US-based retail pharmacy player was facing questions on operational performance and its retail business model. EY advised the company to acquire technology capabilities critical to drive both operational gains, offer platform-based technology solutions to regional retail pharmacies and build new business models to compete in the emerging e-commerce pharmacy segment. Result: The company’s $100m+ investments in various companies during the last three years are reaping double-digit returns.</span></p>\r\n<h5><span class=\"copy-block\">3. Remove barriers to scale</span></h5>\r\n<p><span class=\"copy-block\">Digital solutions in action: One government needed scalable rapid identification, containment and treatment of the COVID-19 virus. With the help of EY, one country’s government rapidly deployed a digital care platform and care accelerator embedded with intelligence and analytics to eliminate barriers to patient outreach, monitor risk groups, understand citizen behavior and manage demand spikes. EY worked with another country on a similar scaled roll-out that resulted in a 28% reduction in emergency visits in the initial stage of the virus outbreak.</span></p>\r\n<h5><span class=\"copy-block\">4. Establish strong governance procedures and proper metrics</span></h5>\r\n<ul>\r\n<li><span class=\"copy-block\">Align on digital goals, funding mechanisms and metrics connected to the digital strategy</span></li>\r\n<li><span class=\"copy-block\">Regularly review use case portfolio and focus on strategic solutions to drive revenue, reduce costs and increase cash flow</span></li>\r\n<li><span class=\"copy-block\">Establish an effective governance model to manage incubation funnel in an agile way</span></li>\r\n<li><span class=\"copy-block\">Upgrade skills, data and tools to measure financial impact and return on digital investment</span></li>\r\n</ul>\r\n<p><span class=\"copy-block\">Digital solutions in action: A local government tried to increase connectivity among citizens and public services by adapting new digital technologies. EY diagnosis revealed that implementation failed because of unclear digital governance, breakdown in coordination across departments and failure to monitor critical priorities. EY designed an implementation strategy in which a central figurehead was accountable for communication and performance. A new KPI framework also monitored performance, implementation pace and coordination. Result: The governance framework enabled the city to regain the control of the digital agenda.</span></p>\r\n<h4><span class=\"copy-block\">Time is of the essence</span></h4>\r\n<p><span class=\"copy-block\">As companies incubate new opportunities to drive growth and digitize their core businesses, they should continuously assess talent requirements, operating models, investment strategy and funding constraints. Inadequate operating models and a lack of governance and KPIs are often the cause of stalled transformations.</span></p>\r\n<p><span class=\"copy-block\">M&amp;A and other inorganic investing options often produce outsized results compared to other digital investment choices.</span></p>\r\n<h4><span class=\"copy-block\">Methodology</span></h4>\r\n<p><span class=\"copy-block\">Study methodology: The EY Digital Investment Index is a study of 1,001 CEOs, CDOs, CFOs, CSOs, CIOs of companies with $1b+ annual revenue between September and November 2020.</span></p>\r\n<p><span class=\"copy-block\">This EY-Parthenon article is part of a sponsored content series as seen on hbr.org.</span><br>\r\n</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <p><span class="copy-block">A major cruise ship company was missing out on significant revenue because its guests didn’t know about critical aspects of their vacation: ship amenities and adventure options. The company also needed to meet the demands from a new generation of customers who were digitally more adept — as nearly half of cruise passengers were under the age of 34.</span></p> <p><span class="copy-block">The company personalized and digitized on-board experiences and tracked preferences from the moment customers boarded the ship — for example, vacation planning apps, virtual reality videos of shore excursions and augmented reality features. It also hired digital-savvy leaders and worked with EY to build an ecosystem of strategic partners to manage the transformation. These efforts positioned the cruise liner to capture significant passenger growth.</span></p> <p><span class="copy-block">From travel to industrial to life sciences companies, organizations that get their digital transformation efforts “right” are reaping significant rewards. However, many companies that have invested heavily in digital transformation are not seeing their investments pay off – and the pressure to show results is mounting.</span></p> <h4><span class="copy-block">How digital performance leaders are boosting revenue, closing technology gaps and increasing return on digital investments</span></h4> <p><span class="copy-block">EY identified 9% of a 1,000+-respondent sample as “digital leaders” in the EY Digital Investment Index study. These leaders achieved roughly six percentage points more return on digital investments compared to non-leaders and reported stronger revenue growth.</span></p> <p><span class="copy-block">Leaders clearly see M&A and partnerships with tech natives as a critical lever for a successful digital investment strategy with nearly three-quarters of executives noting that they are shifting to M&A and partnerships to accelerate digital initiatives. The survey results also show leaders:</span></p> <ul><li><span class="copy-block">Have a clearly defined strategy and accountability for digital</span></li><li><span class="copy-block">Prioritize digital initiatives with immediate cash returns, while discontinuing unnecessary initiatives</span></li><li><span class="copy-block">Dedicate funds to accelerate new digital products, services and business models</span></li><li><span class="copy-block">Invest in the right emerging technology to execute on that strategy</span></li></ul> <p><span class="copy-block">The technology mix used by leaders is more likely than others to include investments in internet of things (IoT), cloud computing, artificial intelligence (AI) and advanced cyber defense.</span></p> <h4><span class="copy-block">Four steps to accelerate digital transformation</span></h4> <h5><span class="copy-block">1. Capitalize on digital spend</span></h5> <ul><li><span class="copy-block">Build IT and data infrastructure with both the business and customer needs in mind and not for the sake of technology</span></li><li><span class="copy-block">Start with agile sprints to test impact and drive value while establishing a digital governance to measure results and secure funding</span></li><li><span class="copy-block">Build a sustainable analytics foundation that meets current and future needs and enables data availability to all, rather than individual silos</span></li></ul> <p><span class="copy-block">Digital solutions in action: A $3b mid-tier mining company in Australia invested in AI and machine learning capabilities to build digital twins for its milling operations. EY helped the company develop the “twin” to run in parallel to the legacy system to predict optimal operational setpoints, identify ways to increase throughput, improve uptime and increase yield quality – all leading to a $50m+ business value improvement.</span></p> <h5><span class="copy-block">2. Align on investment strategy and leverage M&A</span></h5> <ul><li><span class="copy-block">Align on proper investment mix of buy, build or partner</span></li><li><span class="copy-block">Avoid a siloed approach – the CEO should own the investment approach and strategic direction, and establish collaboration incentives and a governing body to provide oversight</span></li><li><span class="copy-block">Assign clear execution accountability for each investment vehicle based on CXO roles and strengths</span></li><li><span class="copy-block">Drive M&A value by recognizing differences in start-up vs. traditional M&A</span></li></ul> <p><span class="copy-block">Digital solutions in action: A leading US-based retail pharmacy player was facing questions on operational performance and its retail business model. EY advised the company to acquire technology capabilities critical to drive both operational gains, offer platform-based technology solutions to regional retail pharmacies and build new business models to compete in the emerging e-commerce pharmacy segment. Result: The company’s $100m+ investments in various companies during the last three years are reaping double-digit returns.</span></p> <h5><span class="copy-block">3. Remove barriers to scale</span></h5> <p><span class="copy-block">Digital solutions in action: One government needed scalable rapid identification, containment and treatment of the COVID-19 virus. With the help of EY, one country’s government rapidly deployed a digital care platform and care accelerator embedded with intelligence and analytics to eliminate barriers to patient outreach, monitor risk groups, understand citizen behavior and manage demand spikes. EY worked with another country on a similar scaled roll-out that resulted in a 28% reduction in emergency visits in the initial stage of the virus outbreak.</span></p> <h5><span class="copy-block">4. Establish strong governance procedures and proper metrics</span></h5> <ul><li><span class="copy-block">Align on digital goals, funding mechanisms and metrics connected to the digital strategy</span></li><li><span class="copy-block">Regularly review use case portfolio and focus on strategic solutions to drive revenue, reduce costs and increase cash flow</span></li><li><span class="copy-block">Establish an effective governance model to manage incubation funnel in an agile way</span></li><li><span class="copy-block">Upgrade skills, data and tools to measure financial impact and return on digital investment</span></li></ul> <p><span class="copy-block">Digital solutions in action: A local government tried to increase connectivity among citizens and public services by adapting new digital technologies. EY diagnosis revealed that implementation failed because of unclear digital governance, breakdown in coordination across departments and failure to monitor critical priorities. EY designed an implementation strategy in which a central figurehead was accountable for communication and performance. A new KPI framework also monitored performance, implementation pace and coordination. Result: The governance framework enabled the city to regain the control of the digital agenda.</span></p> <h4><span class="copy-block">Time is of the essence</span></h4> <p><span class="copy-block">As companies incubate new opportunities to drive growth and digitize their core businesses, they should continuously assess talent requirements, operating models, investment strategy and funding constraints. Inadequate operating models and a lack of governance and KPIs are often the cause of stalled transformations.</span></p> <p><span class="copy-block">M&A and other inorganic investing options often produce outsized results compared to other digital investment choices.</span></p> <h4><span class="copy-block">Methodology</span></h4> <p><span class="copy-block">Study methodology: The EY Digital Investment Index is a study of 1,001 CEOs, CDOs, CFOs, CSOs, CIOs of companies with $1b+ annual revenue between September and November 2020.</span></p> <p><span class="copy-block">This EY-Parthenon article is part of a sponsored content series as seen on hbr.org.</span><br /> </p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="separator aem-GridColumn aem-GridColumn--default--12"> <div class="cmp-separator"> <hr class="cmp-separator__horizontal-rule"/> </div></div> <div class="rich-text text aem-GridColumn--default--none aem-GridColumn--tablet-landscape--12 aem-GridColumn--tablet-portrait--none aem-GridColumn--offset--tablet-portrait--0 aem-GridColumn--offset--default--2 aem-GridColumn--offset--mobile--0 aem-GridColumn--tablet-portrait--12 aem-GridColumn--mobile--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--tablet-landscape--none aem-GridColumn--offset--tablet-landscape--0 aem-GridColumn--mobile--12"><div data-cmp-data-layer="{"rich-text-f823f7468c":{"@type":"ey-unified-site/components/rich-text","repo:modifyDate":"2024-04-29T15:31:52Z","xdm:text":"<h4><span class=\"copy-block\">Summary</span></h4>\r\n<p><span class=\"copy-block\">Digital transformation remains top priority for companies in all sectors of the economy. But despite heavy investment in digital transformation, many are not seeing results. A recent EY study shows companies that are experiencing success are using M&amp;A and partnerships to increase returns on their investments. They are also taking four key steps to achieve better results including: managing digital spending, aligning on investment strategy, removing barriers to ensure scalability and establishing strong governance.</span><br>\r\n</p>\r\n"}}" data-up-is="rich-text" data-up-translation-read-more="Read More" data-up-translation-read-less="Read Less" data-up-translation-aria-label-read-more="Read more button, press enter to activate, or use Up arrow key to learn more about this content" data-up-translation-aria-label-read-less="Read less button, press enter to activate, or use Up arrow key to learn more about this content" class="up-rich-text cmp-text" data-up-analytics="rich-text"> <div class="up-rich-text__container" data-up-hook-rich-text="richTextContainer"> <div class="up-rich-text__container-content" data-up-hook-rich-text="richTextContent"> <h4><span class="copy-block">Summary</span></h4> <p><span class="copy-block">Digital transformation remains top priority for companies in all sectors of the economy. But despite heavy investment in digital transformation, many are not seeing results. A recent EY study shows companies that are experiencing success are using M&A and partnerships to increase returns on their investments. They are also taking four key steps to achieve better results including: managing digital spending, aligning on investment strategy, removing barriers to ensure scalability and establishing strong governance.</span><br /> </p> </div> </div> <button class="rich-text__read-more-btn rich-text__button--hidden" data-up-hook-rich-text="richTextReadMoreButton" aria-hidden="true" aria-label="Read more button, press enter to activate, or use Up arrow key to learn more about this content"> Read More </button> <button class="rich-text__read-less-btn" data-up-hook-rich-text="richTextReadLessButton" aria-hidden="true" aria-label="Read less button, press enter to activate, or use Up arrow key to learn more about this content"> Read Less </button> </div> </div> </div> </div> </div> <div class="container responsivegrid theme-dark cmp-container--theme-dark cmp-container--background-color-e2e aem-GridColumn aem-GridColumn--default--12"> <div id="container-5bd7be1adb" class="cmp-container"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="up-authors-and-contributors aem-GridColumn aem-GridColumn--default--12"> <div class="up-authors-and-contributors up-authors-and-contributors--article-bottombar up-authors-and-contributors--single-author" data-up-analytics="authors-and-contributors" data-up-is="authors-and-contributors"> <p class="up-authors-and-contributors__title">About this article</p> <div class="up-authors-and-contributors__content"> <div class="up-authors-and-contributors__authors-and-contributors-container"> <div class="up-authors-and-contributors__authors-container"> <div class="up-authors-and-contributors__author-link-wrapper" data-up-hook-authors-and-contributors="cta"> <figure class="up-authors-and-contributors__author-link-content"> <div class="up-authors-and-contributors__author-image-link-wrapper cmp-image"> <img class="cmp-image__image" src="/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/t/ey-thomas-holm-moller-meta.jpg" srcset="/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/t/ey-thomas-holm-moller-meta.jpg.transform/up-authors-and-contributors-150/img.jpg 1x,/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/t/ey-thomas-holm-moller-meta.jpg.transform/up-authors-and-contributors-250/img.jpg 2x,/content/dam/content-fragments/ey-unified-site/ey-com/people/global/en/images/t/ey-thomas-holm-moller-meta.jpg.transform/up-authors-and-contributors-450/img.jpg 3x" alt="Photographic portrait of Thomas Holm Møller"/> </div> <div> <a href="/en_gl/people/thomas-holm-moller" data-up-hook-authors-and-contributors="authorlink" class="up-authors-and-contributors__author-name-container up-authors-and-contributors__analytics-author-link"> Thomas Holm Møller </a> <div class="up-authors-and-contributors__author-title"> EY-Parthenon EMEIA Digital Leader </div> <div class="up-authors-and-contributors__author-title-introductory-text"> Strategic thinker fostering new ways to unite business science with human science. 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