Let's have a look at what the mckinsey.com website predicts about the first two drivers.
Product
Some companies have to both design and launch products more effectively. Advanced analytics will be combined with design to create values. Product design is necessary today for differentiation, because product functions are commoditized.
The latest design thinking will be combined with data and sophisticated advanced-analytics, which will provide insights into costs and value improvements.
For example, computer-aided design tools linked to large pools of data from various sources will help companies to design products with maximum profitability and minimum wasted effort.
Journey
The lean management perspective has been already applied to customer journeys. Now digital technologies and agile processes will enable us to make changes more easily and quickly. The scale will be greater and the impact profound. Technologies and processes will be improved by digital means.
An insurer, for example, reduced time to market for their new products from 18 months to just three. One global financial institution transformed customer journeys (total 80% of client interactions).
Faster decision making and willingness to test and revise quickly enabled it to improve customer experience. Sales conversions increased by 4-8%.
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