In 10 years of researching digital transformation, MIT Sloan senior lecturer
George Westermanand collaborators have identified ways in which some companies are becoming “digital masters,” while others fall behind.
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Leadership capability is the ability to envision and drive organizational change in systematic and profitable ways.
Digital capability empowers organizations to not only enhance existing processes and products, but improve or even create new business models.
Companies that effectively harness and unite the two capabilities become “digital masters,” able to transform digital technology into a business advantage. In 2021, digital mastery is more important than ever because the risks of falling behind are increasing.
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For many organizations, key performance indicators are “key” in name only, tracked primarily to meet compliance regulations or provide a retrospective analysis. What’s needed are smarter KPIs, said Michael Schrage, a visiting research fellow at the MIT Initiative on the Digital Economy.
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As Schrage wrote in a recent article and accompanying report in Sloan Management Review
, advances in machine learning and predictive algorithms can turn KPIs into prescriptive indicators that guide strategy, rather than metrics that simply help managers keep score.
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