Gaining competitive advantage from technology requires a proactive holistic approach …
Successful digital transformations are driven by inspiring visions that compel the required actions.
The right principles embedded in the organizational culture are critical to successful transform any business.
Digital Transformation is a journey consisting of several iterative processes.
Emerging digital technologies like Mobile, Cloud, AI, Analytics provide the platform for digital transformation
Determine your minimum viable product. What is most important to your customers, what is the smallest unit of the product that is able to capture value.
How do you want to play in the market place. How will your business make money?
Your Digital Awesome Product (DAP) is your MVP wrapped with digital values that offers your customers awesome user experience.
Take your digital awesome product to the market. Execute the road-map initiatives. Build & release in modules – use agile
Create an integrated (plug and play) platform that brings together stakeholders. Create a system that continuously offers benefits to the members of the ecosystem
“In Today’s era of volatility, there is no other way but to re-invent. the only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.”— Jeff Bezos, Amazon Founder
“When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.” – George Westerman, MIT Sloan.
“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies” – John Chambers, Executive Chairman, Cisco System
“90% of CEOs believe the digital economy will impact their industry, but less than 15% are executing on a digital strategy.”— MIT SLOAN AND CAPGEMINI.
““The last ten years of IT have been about changing the way people work. The next ten years of IT will be about transforming your business.”— Aaron Levie, CEO of BOX.
“We’re only at the very, very beginning of this next generation of computing and I think that every industry leader will be the ones that transforms first. I don’t care what industry you’re talking about.”—
Kim Stevenson, CIO, Intel
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
At the center of every successful digital transformation is a clear and compelling vision.
Technology is an enabler. It gives you power but it does not tell you what to do with the power.
Your vision tells you what to do with the power.
Create an inspiring and compelling vision to drive your digital transformation journey.
Amazon – “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.”
LinkedIn – “To connect the world’s professionals to make them more productive and successful.”
Facebook – “To give people the power to share and make the world more open and connected.”
Microsoft – “To enable people and businesses throughout the world to realize their full potential.”
Google. – “To organize the world’s information and make it universally accessible and useful.”
Coco cola – “To refresh the world…To inspire moments of optimism and happiness…To create value and make a difference.”