It’s Time for TICC Companies to Catch Up on Digital

Survey participants, on average, said that they expect half of their overall market (as defined by the scope of their services) to be transformed by digital in the next five years. Growth is a leading objective of digital M&A. Among all survey participants, 50% say that digital capabilities are...

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Bibliographic Details
Published inBCG Insights
Main Authors Raghavan, Anand, Ritsema, Eric, Allema, Stijn, Vaganov, Ivan, Allen, Alistair, Choudhry, Obaid, Olstowski, Michael
Format Web Resource
LanguageEnglish
Published Boston Boston Consulting Group Boston, MA 07.05.2021
Subjects
Coronaviruses
COVID-19
Digitization
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Summary:Survey participants, on average, said that they expect half of their overall market (as defined by the scope of their services) to be transformed by digital in the next five years. Growth is a leading objective of digital M&A. Among all survey participants, 50% say that digital capabilities are an important factor in appraising M&A targets, but only 6% indicate that these capabilities are the primary driver of M&A strategy. Specifically, to move successfully into the future, TICC companies need to: * Develop a compelling digital vision, strategy, and roadmap. * Digitize their customer engagement and core offering by investing in applications and platforms. * Transform and digitize their core operational processes. * Hire people with digital skills and experience who can operationalize digital strategy. * Build new digital business and ventures, including M&As and partnerships with companies that already offer digital capabilities. ---