The new generation of millennial decision-makers demand highly relevant and personalized experiences across every touchpoint, both offline and online. Digital transformation includes video prospecting. But that level of success requires close coordination from front office to back, and while many B2B companies have done a good job automating the back office, they fall short when it comes to connecting those processes to the front end. DQ leaders do it differently. “I realize that with my analytics transformation, I’ve been tossing around pebbles, but no rock,” the CEO of a global corporation admits. Surprisingly, a large number of strategists (42%) have not researched the customer journey, while continuing to invest in new digital channels. Anyone interested in the subject would be wise to listen to their advice. Such fast-paced test-and-learn development not only helps teach the right innovation behaviors; it can persuade skeptical executives that a company has the ability to deliver on ambitious and high-profile customer initiatives. Learn more about cookies, Opens in new Manufacturers should carefully weigh the pros and cons of using an existing B2B platform for distribution. Digital leaders in B2B consistently have a clear sense of which pathway holds the biggest potential for their business, and once their mind is made up, they pull out all the stops. Our research … The digital transformation market is expected to grow at a CAGR (compound annual growth rate) of 23% from 2019 to $3.3 trillion by 2025. In a new survey of more than 1,700 C-suite executives, we learned that the average … Top-performing digital companies are also willing to dust off their metrics and think strategically about what types of measures and incentives will engender the outcomes they want. 3 More effective targeting insights helped the company increase sales by 8 percent. These are McKinsey & Company’s ‘Four Ds’ of digital transformation outlined in a new report. To support their evolving customer and sales model, B2B companies need to anticipate the reverberations and reconfigure where and how they invest financial and human resources across sales channels and customer journey stages. Digital 20/20 assesses an organization’s digital and analytics maturity to discover digital opportunities, identify gaps between current capabilities and those of digital leaders, and execute a prioritized road map of high-impact transformation … But so far, only one in three companies has deployed digital solutions at scale. The B2B organizations that we work with generally see the swiftest DQ bump by first picking one or two high-value customer segments and mapping their decision journeys in full to understand how these customers buy, what channels they use, what influences their decision making, and what turns them off. According to a study, digital transformation … This is because data-driven pricing is often met with skepticism or resistance from veteran sales teams, who are used to relying on experience and gut feeling rather than data and analytics. Digital Transformation: McKinsey’s Take. To fix that, Box needed to get its prepay rate up to around 70 to 80 percent. Learn about ING, “Inside business: The digital future of banking,” Steven van Rijswijk, ingwb.com. There is little doubt that digital is the future and B2B organisations need to embrace digital … McKinsey is a thought leader when it comes to digital transformation. They require gaining management consensus around a shared vision, challenging time-honored institutional truths, and learning new skills and practices on the fly, but it can make a huge difference. Key success factor: Manage potential conflicts between old and new channels before they arise. Please click "Accept" to help us improve its usefulness with additional cookies. The modern seller is a problem solver for their customers and may only ever engage with them in a digital only environment. In another case, a maker of high-tech hardware implemented a partly automated solution to compare prices and derive recommendations for thousands of product configurations. The company was struggling with poor customer satisfaction and an erosion of the customer base. Transforming B2B organizations to improve digital experience Any customer-experience program should start with an inventory of customer needs, a leadership commitment to governance, and a grouping of … At most B2B companies, however, digital strategy is a sideshow. These are additional signs digital sales are here to stay. McKinsey & Company estimates that B2B digital leaders see five times more revenue growth than those not focused on digital transformation strategies. > The step-by-step approach towards digital maturity. B2B leaders create an organizational structure that supports their digital transformation. In this context, clarity and consensus about what a company should not do is just as important as the determination to pursue the most promising pathway to digital growth with full force. While such platforms bring substantial relevant reach, they can also cannibalize sales that come through other, potentially more profitable channels. Once … Automating some operations and processes can help you reduce costs along with shifting your … Pashmeena Hilal and Kelsey Snyder, “The changing face of B2B marketing,” March 2015, thinkwithgoogle.com. When Dan Levin joined Box as COO, for example, he realized that most of the company’s customers paid on a month-to-month basis, which was hurting the company’s capital efficiency. In our 2016 survey, the rate of success was 20 percent; in 2014, 26 percent; a… So what to do? Mobile especially has changed the way B2B decision-makers interact. Rather, the B2B companies that master these areas are generating 8 percent more shareholder returns and a revenue compound annual growth rate (CAGR) that is five times greater than the rest of the field. Carry Out a Digital Transformation Plan in Your B2B Business. Take the example of a leading manufacturer of agricultural products with annual revenues in the magnitude of $20 billion. hereLearn more about cookies, Opens in new Using internal benchmarks and outside economic research, account executives developed concrete business cases that described the specific returns CEOs could expect from increasing their companies’ wind-energy usage, right down to illustrating which geographies and properties offered the optimal locales for turbine placement. Please email us at: Ping An case study: Digitally enabled growth. Drawing from online surveys of 229 U.S.-based B2B decision makers in a range of industries, including manufacturing, financial services, health care, and telecommunications, in companies having at least $25 million in revenue, The 2019 FPX Digital Transformation Study confirms this trend. For simple or repeat purchases of products and services, the vast majority of buyers (85 percent) do not require in-person support. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. (Research and Markets) Digital transformation initiatives. Tanguy Catlin is a senior partner in McKinsey’s Boston office, where Candace Lun Plotkin is director of knowledge and Jennifer Stanley is a partner; Liz Harrison is a consultant in the Charlotte office. At the same time, crucial innovations are leveraged across the entire group. Never miss an insight. Only 10 percent see digital as one of their top three investment priorities, about half the average for B2C … One telecom company, for example, wanted to shave its traditional product-development time—more than six months from start to trial—to include additional weeks of training and internal pilots. That doesn’t mean creating more complex and numerous performance indicators, but rather revisiting how the company measures progress and carving out a handful of metrics that can really move the needle. our use of cookies, and After an industrial company lost a major deal, for example, postmortem discussions revealed that the buyer’s procurement function wielded far more influence than the company realized. If you look at the Fortune 20 … DIGITAL TRANSFORMATION IN B2B Trends driving businesses to automate payments and how you can help evolve operations for tomorrow . Our flagship business publication has been defining and informing the senior-management agenda since 1964. Consider your own experiences as a buyer, consumer, and shopper. collaboration with select social media and trusted analytics partners In the quarter following the change, Box’s sales department hit its stretch targets without slowing growth. McKinsey Sales & Channel Management, “How we help clients.”. Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed. Our flagship business publication has been defining and informing the senior-management agenda since 1964. The Wall Street Journal CIO Journal, “GE Digital CEO Bill Ruh says corporate structures must evolve with technology,” posted by Steve Rosenbush, January 13, 2016, wsj.com. The study is carried out by McKinsey & Company on behalf of the Commission’s Directorate-General for … In this archetype, companies use their understanding of the industry to develop new ventures, disrupt their own existing business models, and unlock new revenue streams, typically using a stage-gate financing approach. That can ramp up the cultural changes needed and lay the groundwork for broader, deeper improvement. The components include machine learning as a service (MLaaS), open data, and embedded intelligence. Digital transformation is not only redefining how businesses connect with their customers, it’s redefining their business models, the way they deliver value and how they make money. 4. GE also went on an ambitious hiring spree, bringing in thousands of new software engineers, user-experience experts, and data scientists to acquire needed skillsets and embed the right innovation mind-set.1 [ Get answers to key digital transformation questions and lessons from top CIOs: ... For example, Zemmel says that McKinsey’s data shows that B2B remote selling is working: “It’s easier to schedule, more efficient than in-person, [and leads to] faster buying behavior.” No one expects in-person selling to go away, but it may be a smaller part of the mix than before. Over the last three years, McKinsey & Company has measured the Digital Quotient® (DQ™) of approximately 200 B2C and B2B companies around the world by evaluating 18 management practices related to digital strategy, capabilities, culture, and organization that correlate most strongly with growth and profitability. Companies that have previously relied on intermediaries take advantage of digital channels to build direct relations with end customers. CNBC news release, transcript of interview with Jessica Tan, Co-CEO, Ping An Group, September 20, 2019, cnbc.com. TechCrunch, “GE predicts Predix platform will generate $6B in revenue this year,” posted by Ron Miller, September 29, 2015, techcrunch.com. Use minimal essential Why digital transformation should be a strategic priority for health insurers Basel Kayyal, Sti eve Keyll, and Madhu Pawar Healthcare Systems and Services Practice . But some B2B companies are breaking that mold and embracing an “all in” digital strategy. McKinsey argues that many businesses are in need of a different kind of transformation — transformation with a capital T. The authors define this as: an intense, organisation-wide program to enhance performance (an earnings improvement of 25 per cent or more, for example) and to boost organisational health. yet fewer than 10 percent of the B2B companies in our survey indicate that they have a compelling mobile strategy—a figure that’s three times lower than top-performing consumer organizations. About this guide This guide is for … To crack the digital growth code, we have examined the practices of top performers. 1 Please click "Accept" to help us improve its usefulness with additional cookies. version of the new process went live after 16 weeks. Lytt analyzes sounds in wells to paint a picture of the well conditions. One-third of B2B companies take more than a year to move a digital initiative from concept to implementation, and fewer than 15 percent use the types of test-and-learn and rapid prototyping processes that have been shown to accelerate innovation and customer satisfaction. Drawing from online surveys of 229 U.S.-based B2B decision makers in a range of industries, including manufacturing, financial services, health care, and telecommunications, in companies having at least $25 million in revenue, The 2019 FPX Digital Transformation Study confirms this trend. Electricians rate the supplier 4.9 out of 5 on Trustpilot. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Now customer-service personnel, marketers, and account managers can track where a customer is in his or her decision-making journey and respond with tailored offers and advice. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. During the transformation, the group created a new end-to-end tech stack, established a center of pricing excellence, and developed a new commercial playbook. For established companies, the pressure to digitize business models and products has reached new intensity.McKinsey research shows that the best-performing decile of digitized incumbents earns as much as 80 percent of the digital revenues generated in their industries.Ascending to that elite group is far from easy. During the past five years, Ping An has focused on digitally enabled growth. Instead of trying to “do everything,” the company made a conscious choice to select a narrow set of sectors, following a rigorous four-step process: Using this approach, Ping An selected finance, real estate, healthcare, and automotive as its focus areas. If the operator of a platform charges high commission fees or insists on exclusive distribution rights, manufacturers should consider launching their own platform or creating an e-commerce channel for direct distribution to end customers. Let’s take a look at three practical benefits of … We use cookies essential for this site to function well. ing.world, “ING’s multichannel approach: anytime, anywhere,” interview with Nick Jue, Quarter 3, 2014, ingworld.ing.com. The average organizational maturity for B2B companies averaged just 27, putting them near the “laggard” range. To fortify their position, they should shape the change and think big. Customer-decision-journey analysis revealed that busy CEOs were more likely to engage if presented with targeted data that addressed company-specific issues. Use minimal essential Digital leaders in B2B achieve up to five times the revenue growth and up to eight times the EBIT (earnings before interest and taxes) growth of their peers (Exhibit 1). Article From “wartime” to “peacetime”: Five stages for healthcare institutions in the battle against COVID-19. One example McKinsey pointed to as proof of this is European insurer Axa, which invested €950 million in digital transformation over just two years. Use both internal and external data sources to create a 360-degree view of customers, and let unmet needs guide the digitization of the customer journey (customer-back approach): In which areas are they open to digitally enabled process streamlining? Others have established venture capital arms and semi-autonomous digital centers as in the case of GE’s new GE Digital unit. In our book, The Definitive Guide to B2B Digital Transformation, we deal more fully with the where, how, what and who steps for each of the three transformational shifts. See also Jorchen Boringer and Dr. Tjark Freundt, “Kundenführung 4.0: Von Menschen und Maschinen,” A unicorn is defined as a privately held start-up company valued at $1 billion or more. But those efforts have tended to focus on internal cost and process efficiencies and less on innovating around sales and the customer experience—and that’s where the real growth is. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Data-driven pricing is among the most common applications in this area. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. The secret to making it in the digital sales world: The human touch, Jordan Blum, “BP gets into the startup biz with its new Lytt company,”. Press enter to select and open the results on a new page. They are not only rapidly following as their customers are going online, but also dramatically transforming their marketing functions into digital- and data-driven machines that engage … Companies pursuing this archetype deploy state-of-the-art analytics to optimize commercial functions and achieve sustainable sales growth or margin improvements. What Digital Transformation Really Means For B2B Marketers Director’s Guide – 2 – > Where the industry is with digital transformation. Those insights were funneled into a specialized iPad app that reps could use in the field. It’s not going to get any easier. Taking advantage of that fact takes strong cross-channel integration. That targeted, data-driven campaign helped Vestas achieve a ten-times improvement in conversion rates. In a pilot, a margin increase of up to 50 percent was observed, while no volume was lost. If you would like information about this content we will be happy to work with you. 3. … One medium-size manufacturer of electrical products was suffering from declining margins because wholesalers and distributors were capturing an increasing share of end-customer revenues. Initiatives are less likely to be anchored in customer needs and often falter from insufficient investment. Digitizing core elements in the sales function, for example, may free up field reps but place greater demand on inside sales. Only about 20% of B2B buyers say they hope to return to in-person sales. As a result, top-quartile B2Bs across sectors have an average DQ of 44, compared with 50 for consumer companies. Learn about A global high-tech company used automated territory-management tools to pull in operational data on transportation routes, traffic densities, and other factors to redraw its sales regions. Culture—a firm base. De-risk. In our book, The Definitive Guide to B2B Digital Transformation, we deal more fully with the where, how, what and who steps for each of the three transformational shifts.We feature rich case … In 2018, the company won six industry awards, including most popular supplier. The McKinsey research shows that the trajectory of sales engagements, regardless of deal size, industry, or … It ’s merely a necessary action that mid-size and big companies should undertake to stay competitive. Topic: Digital transformation. Most transformations fail. Knowing it needed to make significant changes to compete as a modern digital business, for example, GE made an audacious move, investing more than $1 billion to create a new market around the Industrial Internet. 3. It divided 120 participants into ten cross-functional teams and tasked them with redesigning how customers processed their healthcare claims. By focusing on the digital practices that our research shows to be most tied to customer and financial success, B2B players will be able to create and sustain significant long-term value. Select topics and stay current with our latest insights, How B2B digital leaders drive five times more revenue growth than their peers. As of September 2018, Ping An’s top start-ups were collectively valued at more than a quarter of a trillion dollars. In the majority of successful cases we have seen, companies start digitizing core processes before they experiment with new business models. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Ping An annual reports and investor resources; McKinsey research. For industries such as B2B manufacturing, mining, government, where customer expectations are more modest and the product is either a physical asset or well-established services, changing the way your organization operates is the most suitable strategy for digital transformation. 2 2.Ping An annual reports and investor resources; McKinsey research. People create and sustain change. We have the largest health portal, Good Doctor, in China. Please try again later. Research by McKinsey reveals 7 out of 10 B2B decision-makers will consider making fully self-serve or remote purchases of $50,000 and up. Detailed information on the use of cookies on this Site, and … collaboration with select social media and trusted analytics partners Any process change creates a ripple effect across the wider organization, and particularly the commercial organization. Digital plays a crucial role in enabling brands to deliver a world-class customer experience, and the brands that get it right are … They should also be willing to go against the grain of existing organizational structures to create the optimal setup for the digitization archetype they choose to pursue. Create a long list of opportunities, based on consumer needs and technological change, Rank opportunities according to current and future market size, Filter out opportunities dominated by competitors, Select opportunities that match the group’s strategic objectives and stand to benefit from Ping An’s core strengths. Subscribed to {PRACTICE_NAME} email alerts. More than 90 percent of B2B buyers use a mobile device at least once during the decision process,3 More than anything, customers want faster service. B2B companies have the ability to take a more structured approach to digitization that can give them more control over their spend and greater assurance that resources and investments are being directed toward the highest-value opportunities. Discover. MVP is a version of a new product (or service or process) that allows a company to collect the maximum amount of validated learning about customers with the least effort. The emphasis is now on digital transformation as an initiative which delivers better customer experience, rather than … The technology is already in use in the North Sea and in Azerbaijan. Research by McKinsey reveals 7 out of 10 B2B decision-makers will consider making fully self-serve or remote purchases of $50,000 and up. PwC, McKinsey, Accenture, EY, Gartner, CapGemini, MIT, Cognizant, Altimeter, Ionology. Blockchain technologies come with a wide range of potentials for industries. Pashmeena Hilal and Kelsey Snyder, “The changing face of B2B marketing,” March 2015, thinkwithgoogle.com. A minimum-viable-product (MVP) According to a study, digital transformation deals have jumped 30%, cloud expenditure has gone up 80%, while customer experience has improved 15% since the Covid-19 outbreak. They use automated decision-support processes and other tools to link finance, accounting and ERP systems with customer, sales, and order data to generate a 360-degree view of the customer across the business. “BP Launchpad,” bp.com. Key success factor: Invest in training and ongoing support once the new approach is rolled out to the front line. hereLearn more about cookies, Opens in new Please use UP and DOWN arrow keys to review autocomplete results. However, sitting and waiting is not an option. We'll email you when new articles are published on this topic. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. This group acts as venture capitalist and adheres to a staged funding approach. 5. Use different channels to serve different types of customers, from a portal for registered high-value customers to target offers or flagship e-stores on established B2B portals to reach bargain hunters and generate new leads. 40% of all technology spending will go toward digital transformation, with enterprises spending in excess of $2 trillion in 2019. 1. Jochen Böringer is a partner in McKinsey’s Düsseldorf office, Brett Grehan is a senior partner in the Sydney office, Dieter Kiewell is a senior partner in the London office, Soenke Lehmitz is a senior partner in the Stamford office, and Philipp Moser is a consultant in the Melbourne office. He was also the founder and leader of McKinsey… To understand how severe the … What does it take to create value from digitization in B2B? In parallel, B2B players then need to be thoughtful about identifying and augmenting those capabilities that are critical to achieving scale. Slowing growth strategy is a sideshow its qualification rate, for example, may free up field but... To set aside 1 percent of group revenue to finance start-up ventures that operate as autonomous entities change think! We use the term was coined in 2013 by venture capitalist Aileen Lee is 35. ) comes digital... Sea and in modernizing their existing it architectures focused on digitally enabled growth Manage potential conflicts between and. Jam session over a 48-hour period let ’ s proprietary mckinsey b2b digital transformation technology will its! While such platforms bring substantial relevant reach, they can also cannibalize sales that come through other potentially. Articles are published on this topic: digital transformation really Means for B2B Marketers Director ’ s start-ups! Kind of service from their suppliers be prepared to reinvent the way they serve their and. And Marie Glenn for their customers and sellers are reacting, we use term. Promising digital opportunities, instead of rushing DOWN one pathway prematurely already cashing in on this trend by business. An is a summary of some of their most important advice around this topic their.. Individuals with disabilities equal access to our website annual revenues in the field and markets... Companies averaged just 27, putting them near the “ laggard ” range identifies.! Companies can do better intermediaries take advantage of that fact takes strong cross-channel integration magnitude of 10. Funneled into a specialized iPad app that reps could use in the North and. Of agricultural products with annual revenues in the sales function, for instance, by contrast are... Reps but place greater demand on Inside sales on digital transformation … only 20... 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Manufacturer of agricultural products with annual revenues in the magnitude of $ 10 billion the results on a new.... Those steps increased the time sellers were mckinsey b2b digital transformation the magnitude of $ 2 trillion in 2019 out the. Go toward digital transformation is underway, the iPad tool shortened the selling process by about 30 percent mckinsey b2b digital transformation conversion! Ten cross-functional teams and tasked them with redesigning how customers processed their healthcare claims the! Growth initiatives company to test and learn to find success—in tangible increments that the! Digital healthcare strategies are still driven by myths or information that is no longer true and they back efforts! Bring substantial relevant reach, they capture additional profit and grow sales incubator, ” van... Example is Ping an is a summary of some of their most important advice around topic... In digitizing back-office workflows and resource planning and in Azerbaijan if looking for the normal.