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Monstarlab report unveils practices of digital transformation leaders vs laggers
Mon, 27th Nov 2023

In an era where technology is advancing at an unprecedented rate, Monstarlab Holdings Inc, a leading global digital transformation consultancy, has released a pivotal report, "Decoding Digital Excellence: Blueprint of Industry Leaders in the Digital Landscape." This study, conducted by FT Longitude, a Financial Times company, provides crucial insights into what sets the top-ranked 21% of businesses, termed 'Pioneers,' apart from their less successful peers, the 'Procrastinators,' in digital transformation (DX).

The report, drawing on responses from 875 business leaders, including 44% from the C-suite across various industries, underlines a clear correlation between superior DX performance and overall business success. Pioneers not only enjoy significant revenue growth, increased profitability, and enhanced share value, but they also excel in productivity, innovation, and employee satisfaction.

Michael Rendell, Partner at Monstarlab, highlights the urgency of adapting to the rapidly evolving digital landscape. "Technology is advancing faster than ever, and so is the competition. Speed and agility are at a premium," Rendell asserts. This sentiment is echoed throughout the report, emphasizing the increasing necessity for businesses to employ agile digital strategies.

Interestingly, the study finds the Middle East leading the charge in DX, with the highest average scores, closely followed by the United States. This regional insight underscores the global nature of digital innovation and its varied adoption across different geographies.

Beyond business metrics, the report also sheds light on the broader impacts of DX. A stark contrast is observed between Pioneers and Procrastinators in terms of their social and environmental contributions. Notably, 87% of Pioneers report a reduced carbon footprint compared to a mere 25% of Procrastinators, highlighting the role of DX in fostering positive social impact.

"The contrast between Pioneers and Procrastinators across social and environmental domains is stark," the report notes, demonstrating that the benefits of digital transformation extend beyond financial gains.

Monstarlab's Executive Board Director and CEO of International Markets, Mark Jones, provides further insights into the essence of successful digital transformation. "Successful digital transformation hinges on a holistic approach that integrates technology, people, and strategy," Jones explains. He adds that the report offers a roadmap of six key steps for organisations to effectively navigate their DX journey, along with identifying seven key DNA markers of DX Pioneers.

The findings are not only a testament to Monstarlab's expertise but also serve as a guide for businesses aiming to position themselves at the forefront of the digital revolution. The company, established in 2006 and headquartered in Tokyo, Japan, operates 29 centres of excellence in 19 countries and territories. With a team of over 1,500 strategists, experience designers, and engineers, Monstarlab has been pivotal in delivering end-to-end enterprise-level digital solutions for renowned corporations such as RedBull, FAB, Garden by the Bay, and Mastercard.

As businesses worldwide grapple with the challenges and opportunities presented by the digital age, this report from Monstarlab offers valuable insights and actionable strategies to thrive in an increasingly digitalized world.