The digital transformation of industrial players

Digitalization is transforming the industrial landscape. Smarter products, data-based services, and new business models promise to reshape the whole manufacturing industry. But just below the visible excitement lurk unexpected tensions and challenges that can make digital transformation an excruciating journey for industrial companies. In this article, we decipher the digital transformation strategy choices of leading industrial firms in a highly innovative country. We then identify four dominant tensions that managers need to sort out. We also provide guiding principles for selecting a digital transformation strategy capable of overcoming each of the identified tensions. (c) 2021 Kelley School of Business, Indiana University. Published by Elsevier Inc. All rights reserved.