The digital transformation trend is huge. How huge? According to IDC, the research firm has estimated the economic value of digital transformation to be $20 trillion or more than 20 per cent of the global GDP.
IDC has recently roll-out its Digital Transformation (DX) Taxonomy across industry verticals represented by 14 Digital Missions, 60 Strategic Priorities, 160 Programs, and over 450 specific Use Cases.
The research firm’s DX maturity benchmark of over 1,600 companies indicates that 67 per cent are in the early stages of their transformation as “digital explorers” or “digital players,” meaning less than 5 per cent of companies are fully transformed. The full disruptive impact of DX has not yet been realized but is well on its way and is going to fundamentally change business markets and how companies attract, delight, and retain customers.
The 14 industries represented in this set of taxonomy documents are:
- Banking
- Capital Markets
- Government
- Healthcare
- Insurance
- Life Science
- Manufacturing: Asset Oriented Value Chains (AOVC)
- Manufacturing: Brand Oriented Value Chains (BOVC)
- Manufacturing: Engineering Oriented Value Chains (EOVC)
- Manufacturing: Technical Oriented Values Chains (TOVC)
- Oil & Gas
- Retail
- Smart Cities
- Utility
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IDC’s DX taxonomy is a four-level model:
- Digital Mission (one per industry). The digital mission is the business organization’s overarching aspirational goals and objectives. Each industry has its own unique mission.
- Strategic Priorities (several per digital mission). There are several strategic priorities that describe what organizations expect to accomplish over an extended time-period in order to achieve their digital mission.
- Programs (several per strategic priority). Supporting each strategic priority are several programs. Each represents a long-term plan of action to achieve the strategic priorities through a series of use cases.
- Use Cases (several per program). Under each program are a set of use cases. These are discretely funded efforts supporting a program objective. Use cases can be thought of as specific projects employing line of business and IT resources including hardware, software, and IT services. Each use case is organized by the use case name, current situation, business goals and objectives, key technologies used to enable desired business outcomes, and a summary of the results.
For technology buyers, this collective body of expert guidance identifies where and how to craft a winning DX business strategy and execution roadmap.