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My first step in looking at an existing business through a digital lens is to ask two questions about how a startup might disrupt it by creating a competing digital business. A startup does not have sunk investments, legacy thinking, and existing practices that need to transform so if you can "blue sky" what would a startup do you should get some insights on what you need to become through a digital transformation.
Digital transformation are the steps an existing "analog" business must perform across multiple domains in order to be a more competitive "digital" business. What is Digital Business? Before looking at digital transformation, it's worth considering how some of the experts define digital business.
One thinks about digital supply chain management, context aware mobile experiences, and IoT using Gartner's definition. While this definition also conjures images of supply chain, Nigel's more critical point is that digital business must, "deliver a greater share of value to customers" in order to be competitive.
In other words, customer experience and the value customers perceive through your channel must win a disproportionate market share versus direct and indirect alternatives.
Digital Business Disruption This might be too abstract for some, so let's look at some example attributes of digital businesses Digital businesses drives recurring revenue, often through subscription.
Think Amazon Prime vs. The most successful digital businesses are asset-light. Algorithm driven experiences can "deliver a greater share of value". Think Waze with traffic routes based on traffic patterns and social clues delivered via your phone versus the Garmin GPS that we all had in our cars just a few years ago.
Digital disruptions can radically alter cost structures and price points. Digital business leverage new digital tools to raise the competitive table stakes.
They enhance multi-channel customer experiences, engage workers to capture ideas, and automate production steps to improve quality. IoT Sensors integrated with cloud data capture platforms like Amazon IoT help connect the physical to digital worlds.
Not only is this a new source of competitive real time data, it is also a channel to provide additional context and intelligence to customer experiences.
MIT calls this " Digital Ubiquity ". These examples hopefully illustrate the need to transform businesses and analog products and services to digitally driven experiences. If you consider just these examples - and there are many others - traditional businesses will face mounting pressure when competitors leverage digital competitors to a strategic advantage.
What's more is that it is likely that multiple competitors will emerge applying these digital capabilities in different innovative ways and when that happens it creates new industry dynamics.
Digital Transformation is an Evolution So my conclusion is that Digital Transformation is a necessity to stay competitive. It's not a one time transformation but a continuous evolution with milestones leading to an unknown ending.
It needs ongoing funding, new talent, time to think and learn, experimentation, new ways to work collaboratively, and a culture of questioning, measurement and prioritization. So now that I've answered the What and Why, my next posts will go into the How.The IDG Digital Business research was conducted to gain a better understanding of how organizations are evolving to a digital business model in terms of revising technology strategies, changing organizational structures and processes, and innovating to .
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