The flywheel concept is a powerful foundation for a successful digital shift. In today's corporate world, companies need to have a clear purpose for their business ventures beyond maximizing profits. This purpose, or "why," is essential for future success in a digital business environment. Conveying the "why" is vital for a firm's digital strategy to remain competitive. A global survey found that most executives believe business transformation efforts would have a higher probability of success if they were supported by a clear business purpose. Additionally, studies revealed a positive correlation between business purpose and stock performance. Therefore, a shared purpose is critical during organizational transformations and leads to higher employee satisfaction.
