The Digital Transformation Playbook
The Digital Transformation Playbook: Rethink your business for the digital age from David Rogers Takeaways. Is DX about Tech? The concept of digital transformation is way…
Tag: New value proposition
The Digital Transformation Playbook: Rethink your business for the digital age from David Rogers Takeaways. Is DX about Tech? The concept of digital transformation is way…
The Digital Transformation Playbook: Rethink your business for the digital age from David Rogers Takeaways.
The concept of digital transformation is way more about strategy than it is about technology only, at its core. Even while this may involve updating the architecture of your IT systems, the update that is more critical is to your strategic thinking.
In the past, digital executives like chief information officers were expected to focus on automating and improving how an existing business ran.
Today, if you want to be a leader in the digital world, you have to be able to rethink and change an existing company. What line of work do you specialize in? How do you add value to your consumers' experience?
What do you preserve within the boundaries of your business, and what processes, assets, and value ought to be located in the connections that lie outside those borders?
How do you strike a balance between your connections with consumers and other groups in order to guarantee that your business will be profitable, sustainable, and continue to grow?
To successfully reimagine your company, you will need to question a number of its fundamental assumptions. It requires you to identify blind spots, some of which you might not even be aware you have. It challenges you to think differently about every area of your business, including your customers, your competitors, the data you collect, the innovations you make, and the value you provide.
This type of rethinking is challenging, but it's not impossible either. Businesses that were started before the Internet was widely used can easily change their ways of working and making things to fit the needs of the digital age, just like factories that were built before electricity were able to change their ways of working and making things to fit the new technology.
The sad truth is that for every business that is able to adapt its business model to the digital age, there are more that fail.
Why is it so hard for so many of our institutions to change and stay relevant?
Your company has to concentrate its efforts on the following three areas in order to build real organizational agility:
However, an organization needs quite diverse expertise to successfully incubate and integrate new ideas.
Start-up businesses and companies that invest in venture capital typically have the greatest capacity for incubation:
On the other hand, it's usually the larger businesses that can combine and repeat successful ideas on a larger scale. Since to do this, you need:
As these companies' strategies and business models evolve, they will continue to keep their attention fixed on the process of continuously producing new value.
No company can prosper for an extended period of time by offering the same value proposition to clients in an environment where digital change is continual.
The necessity of creating new value is now inextricably linked to the requirement of always relearning and reinventing what exactly that value will be.
Therefore, one way to think of the goal of a business is as an ongoing process of producing new value for the end user/client.
Because of the steady stream of emerging technologies and the vast array of opportunities they present, it is difficult to forecast how big the digital future will have an impact on your company or any other sector of the economy.
However, if you apply most of the advices listed above you have the ability to choose to use each new wave of change as a chance to generate new value for your clientele, whatever they may be.