An organization’s vision and culture are critical to successful technology adoption. C-suite executives can use a new data-driven model to examine external factors or value triggers, that will maximize the return on digital technology investments. A technology roadmap based on examining external factors helps you plan and guide tech integration, and, eventually, change. Examining just one value trigger for an emerging technology can result in overall cost savings of more than 5 percent.
Successful digital reinvention isn’t just about hoping that the latest technology will be relevant to your business strategy. The risks are too high to make the wrong technology investments, both financially and strategically. The right mix of technologies will drive change and disruption.
How do you get the selection and adoption process right? An actionable roadmap and a thorough assessment of the technology landscape are critical. To take the guesswork out of road mapping, we start with an in-depth analysis, the Digital Dividends Technology Assessment Diagnostic, of five external factors, or value-triggers, that can maximize the return on digital investments:
Talent readiness is the available technology talent pool and its existing size and quality.
Capital adequacy is the extent of capital investments made outside company boundaries to mature on-boarded technologies.
Ecosystem maturity is the technology maturity of the ecosystem, including partners, vendors, suppliers, academia, and start-ups.
Adoption intensity is evidence of successful technology integration within the same or in related industries.
Value potential is an estimate of the plausible returns on digital technology investments.
We zeroed in on the technologies that comprise the winning combination of our “Combine and Conquer” research: artificial intelligence (AI), augmented/virtual/mixed reality, big data, blockchain, and robotics. After we identified the value triggers, we split them into two or more sub-elements.
Finally, using extensive research from industry reports and proprietary surveys, we assigned scores to the five technologies across the 16 sub-elements.
Companies that combine the right digital technologies and analyze value triggers will successfully maximize value from digital investments. Maximizing digital Return on Interest (ROI) leads to exceptional cost savings and the ability to roll out personalized products and services. And ultimately, the end goal is to drive new growth. As masters of combining digital technologies, Industry X.0 businesses achieve this and thrive.
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