According to a recent study by Bain & Company , such a strategy would pay off in several ways. Digital pioneers apparently grow about 50% faster than the competition and are up to 30% more profitable. The cost of IT in digitized companies also falls by an average of 20%. Bain partner Dr. Jörg Gramm specifically recommends the industry invest 2 to 5% of its turnover in digitization. According to the consulting firm, four measures are essential for digital transformation: internal value creation processes, redesigning customer interaction processes and interfaces, expanding the product and service offering with data-based applications, and developing new business models.
However, according to Bain & Company, such measures are of little avail if the entire management team does not consistently promote the transformation: "Many companies are still using classic Group methods in their attempt to achieve successful digital innovations," says Bain partner Michael Schertler.
The fact that German industry has a lot of catching up to do when it comes to digitization is also due to the shortage of experts, writes the " Handelsblatt " newspaper. The chance, for example, of find artificial intelligence experts, at least at affordable salaries, is practically zero at the moment. As the digital labor market is likely to remain depleted in the short and medium term, companies would be better off training their own employees.