Every so often we meet up with a few old friends to have a drink. A couple of weeks ago, we gathered in the beautiful oak guesthouse of one of them, hidden in the seclusion of her impeccable garden. After enjoying a few of the best beers Belgium has to offer, we came to the topic of how our respective businesses were doing. We discussed how restaurants, even those that have long been a part of our city’s gastronomic heritage, were having a really hard time keeping their heads above water. We talked about the drivers of success of a renowned global FMCG company. And we discussed the apparent differences in the way mid-size law firms were able to grow or seemed to struggle.
While none of our friends used the term ‘digital transformation’, our discussion hovered over the exact definition of this construct as we use it in our research at Antwerp Management School: Digital transformation enables organizations to unlock new sources of value and therefore boost organizational performance in terms of better offerings, lower cost, faster time-to-market, greater impact on customer experience through the combination of digital and non-digital resources, providing a DNA of agility and enabling a drive to create meaningful value for both stakeholders and society at large.