Gaining competitive advantage from technology requires a proactive holistic approach …
Define your business objective in clear terms; what is your value propositions to your customers, who are your customers and what problem do you solve or them?
Determine the digital capability you require to deliver the business objective. Ascertain where you are digitally and the gap from your current digital state to the target digital state.
Identify initiatives and projects that will transition you from your current state to your desired target state. Arrange them such that the can be progressively executed to achieve the desired objective.
To sustain the gains of digital transformation you need to build a culture of innovation and a customer centric-operation. This requires a cultural shift in the entire organisation.
The pace of change in the business environment is on the increase. Theories of few years ago are the core of businesses today. The expectations of customers are fast changing, products and services that thrilled customers yesterday may not get their attention today.
Maintaining the status qua is a road map to exit from business, following the trend makes you a laggard; to be a leader, you need to lead the digital trend in your domain and gain competitive advantage.
Digital transformation is the process of radically rethinking how your business uses technology, people and processes to create value in more effective ways.
It may involve pursuing new business models and revenue streams inline with customers changing expectations. It involves adopting a culture of creativity where an organisation continuously seeks for new frontiers of competitive advantage leveraging advances in technology.
It requires business leaders who can proactively apply new technologies to their business model before their businesses are disrupted by these new technologies.
According to John Chambers, Cisco’s CEO “By the time it’s obvious you need to change, it’s usually too late,” hence business executives need to understand the digital trend especially as it affects the industry where the play.
Obviously the future of business is digital, and digital transformation holds the key to surviving and succeeding in today’s rapidly changing and challenging business environment. Advances in technology have changed the way business is conducted, impacting various aspects of business from production to operations to marketing to customer services. The wave of change continues and more businesses and industries are bound to be disrupted. There is no business that can actually claim immunity from disruption, it is either you are disrupting or you are being disrupted.
In today’s world of business which is technologically driven, business owners and executives must transform their businesses in line with the digital realities, those who do so successfully will gain business advantage and become victors, those who fail to do so will have their businesses suffer and become victims of digital disruption. “To win in this new world, e-Business leaders must reinvent their businesses as fundamentally digital. Do this, and you can become a digital predator; fail, and your business will become digital prey” Says Forester’s Martin Gill.
76% of companies are investing in emerging technology. – Accenture
85% of enterprise decision-makers say they have a time frame of two years to make significant inroads into digital transformation or they will fall behind their competitors and suffer financially – IDC