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Digital leaders employ a holistic, adaptive approach to meet evolving customer, marketplace and regulatory needs. The study found the most advanced digital organizations foster a symbiotic relationship between digital transformation and innovation: companies at the forefront of transformation create defined, repeatable and scalable innovation processes (83 percent), while laggards use a more fragmented approach with no formal coordination or mechanism to scale transformation.

In this new report, MIT SMR and Deloitte find that digitally maturing organizations encourage distributed leadership and a healthy appetite for experimentation. Coming of Age digitally. “Digital business moves more quickly, requires new levels of collaboration across various boundaries, and involves considerable ambiguity and constant change. Perhaps the biggest, necessary change is the need to begin thinking of business differently as a result of the new organizational capabilities enabled by emerging digital technologies. Only then can you begin to put those thoughts into action and begin the first step toward meaningful digital transformation.”

Are we experiencing a ‘Fintech Moment’? “The fintech moment may be one of collaboration between organizations that don’t know how to change models, and those with new models that can’t attract enough customers to be viable long term. Those venerable financial services companies that fail to make the leap are not going to die off overnight.

Lingchi, or death by a thousand cuts, will eventually force them to sell to stronger competitors or go out of business. A single cut in a single vertical isn’t bringing down the industry. Winning organizations require a strategy that can deal with small cuts in all directions.”

EY Survey shows how leaders are winning the Digital Transformation Race. “Digital leaders employ a holistic, adaptive approach to meet evolving customer, marketplace and regulatory needs. The study found the most advanced digital organizations foster a symbiotic relationship between digital transformation and innovation: companies at the forefront of transformation create defined, repeatable and scalable innovation processes (83 percent), while laggards use a more fragmented approach with no formal coordination or mechanism to scale transformation.”

Firms struggle with Digital Transformation Investments. “Today, many organizations face the realities of the complexities of their journeys and realize just how challenging successfully transforming can be. Organizations have not moved forward fast enough, states the report. Talent and culture is a major challenge that stands in the way of success. The report recommends that a renewed focus on the key dimensions for success in digital transformation, such as operations and governance and in particular, talent and culture, will help organizations revitalize their digital transformations.”

How to focus on what’s important, not just what’s urgent. “If you’re struggling with prioritizing the important over the urgent, don’t be too hard on yourself. The number of deadlines and decisions we face in modern life, juxtaposed with the emotionally (and cognitively) challenging nature of many important tasks, makes this struggle an almost universal one. I’ve written entire books on how to focus on the big picture and stop self-sabotaging, and I still find it difficult. I consider success as taking my own advice at least 50% of the time! This is a reasonable rule of thumb that you might adopt, too.”