Digital transformation process according to Bain
As one of the major Consulting firms, Bain is also providing a Digital Transformation process to its clients. Anybody can access it through their website. One would have anticipated that the story is likely the same as the others, including McKinsey offering on that topic. 6 different capabilities are highlighted as critical, from the customer experience design to the more internal issues regarding the implementation of the agile mindset. Let’s dive in the offering to analyze it.
6 steps are identified: (1) creating an experience (2) creating cross-functional and agile teams (3) a human centered design (4) managing data to make informed decisions (5) deploy a flexible technology platform and (6) enable strategic partnerships to work with experts instead of reinventing the wheel. Those steps are definitely right, yet quite straightforward. You can identify all those steps anywhere Google will redirect you when you search for “Digital Transformation”. From here on, you should pay attention because that may mean the Digital Transformation track is one of the collateral offerings a company wants to sell you when it may be your main project for the years to come as you lose shares and traction against your competition.
A critical point that is always taken lightly is the point (6) enabling strategic partnerships. By strategic partnerships, you would mean value generation with large groups when in the new economic setup it should be your ability to work with small, fast and flexible companies that can deliver within weeks and not years. Working with those companies, let’s use the buzzword “startups”, you would become:
– Agile by design: they iterate on a weekly frequency
– Experience led and human centered design: the competition is that fierce that you can’t make it unless you match those pre-requisites
– Data driven: as you don’t have to deploy large projects, you have time to spend on the data to lead your operations
– Flexible: your work changes to become a platform for your smart suppliers to connect with your data and customers
– NOT CHEAP: such a setup will not come cheap, and if it does, you’ll only get what you paid for
The other parts of the offering still are interesting. Yet, what about the resources that would actually be working for you? Provided they have Consultants in Design thinking, in operations management with new technologies and masters of the agile process, they would be helpful. But such a situation would be unlikely because there is a major issue at their level: their brand doesn’t attract that type of profiles who are working for startups. Pay attention to this because you don’t want to be left alone with Consultants who have insufficient experience in managing such projects. We are talking about creating new distribution channels that can cannibalize your current revenue streams or about disrupting your way of working that is deeply connected to your capabilities to drive revenue streams.