HBR IdeaCast How One CEO Successfully Led a Digital Transformation
Dec 24, 2019
Nancy McKinstry, CEO of Wolters Kluwer, has driven her company’s impressive shift from a traditional publishing house to a digital powerhouse, now generating 91% of its revenue digitally. She shares the importance of patience in consumer adoption, alongside a commitment to product innovation. McKinstry discusses how diversity has fueled business growth and creativity within her organization, emphasizing its role in leadership and success. Her insights combine personal experiences and strategic vision in navigating the complexities of digital transformation.
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Unexpected CEO Journey
- Nancy McKinstry, despite not initially aiming for a CEO role, stepped up when Wolters Kluwer faced digital disruption.
- She became the first non-Dutch CEO, leveraging her insider-outsider status to drive change.
Two Waves of Transformation
- The initial digital transformation (print to online) didn't increase profits; it required significant effort to maintain both formats.
- The second transformation, focusing on expert solutions, is expanding profit pools and delivering greater customer value.
Managing Long Migration Cycles
- Invest in both old and new formats during transitions, as customer migration takes time.
- Support customers during the migration process and prioritize being first to market with next-generation solutions.