Rethink your business for digital ageEvery business began before the Internet now faces the same challenge: How to transform to compete in a digital economy?
Globally recognized digital expert David Rogers argues that digital transformation is not about updating your technology but about upgrading your strategic thinking. Based on Rogers’s decade of research and teaching at Columbia Business School, and his consulting for businesses around the world, The Digital Transformation Playbook shows how pre-digital-era companies can reinvigorate their game plans and capture the new opportunities of the digital world like Hokuapps. You can take a look about Hokuapps Review. Britannica understood that customers’ behaviors were changing dramatically with the adoption of new technologies. Rather than trying to defend its old business model, the company’s leaders sought to understand the needs of its core customers—home users and educational institutions, increasingly in the K–12 markets. Britannica experimented with various delivery media, price points, and sales channels for its products. But, significantly, it maintained a focus on its core mission: editorial quality and educational service. With this focus, it was able not only to pivot to a purely online subscription model for its encyclopedia but also to develop new and related product offerings to meet the evolving needs for classroom curricula and learning. Let’s take a closer look at that world Five Domains of Strategy That Digital Is Changing: Digital technologies have changed our world perhaps most significantly in how we think about data. In traditional businesses, data was expensive to obtain, difficult to store, and utilized in organizational silos. Just managing this data required that massive IT systems be purchased and maintained (think of the enterprise resource planning systems required just to track inventory from a factory in Thailand to goods sold at a mall in Kansas City). Today, data is being generated at an unprecedented rate—not just by companies but by everyone. Customers: The first domain of digital transformation is customers. In traditional theory, customers were seen as aggregate actors to be marketed to and persuaded to buy. The prevailing model of mass markets focused on achieving efficiencies of scale through mass production (make one product to serve as many customers as possible) and mass communication (use a consistent message and medium to reach and persuade as many customers as possible at the same time). This is forcing businesses to rethink their traditional marketing funnel and reexamine their customers’ path to purchase, which may skip from using social networks, search engines, mobile screens, or laptops, to walking into a store, to asking for customer service in a live online chat. Rather than seeing customers only as targets for selling, businesses need to recognize that a dynamic, networked customer may just be the best focus group, brand champion, or innovation partner they will ever find. Take a look of this Hokuapps Review. Competition: The second domain of digital transformation is competition: how businesses compete and cooperate with other firms. Traditionally, competition and cooperation were seen as binary opposites: businesses competed with rival businesses that looked very much like themselves, and they cooperated with supply chain partners who distributed their goods or provided needed inputs for their production. The net result of these changes is a major shift in the locus of competition. Rather than a zero-sum battle between similar rivals, competition is increasingly jockeying for influence between firms with very different business models, each seeking to gain more leverage in serving the Ultimate consumer. Data: The next domain of digital transformation is data: how businesses produce, manage, and utilize information. Traditionally, data was produced through a variety of planned measurements (from customer surveys to inventories) that were conducted within a business’s own processes—manufacturing, operations, sales, marketing. The resulting data was used mainly for evaluating, forecasting, and decision making. These “big data” tools allow firms to make new kinds of predictions, uncover unexpected patterns in business activity, and unlock new sources of value. Rather than being confined to the province of specific business intelligence units, data is becoming the lifeblood of every department and a strategic asset to be developed and deployed over time. Data is a vital part of how every business operates, differentiates itself in the market, and generates new value. Innovation: The fourth domain of digital transformation is innovation: the process by which new ideas are developed, tested and brought to the market by businesses. Traditionally, innovation was managed with a singular focus on the finished product. Because market testing was difficult and costly, most decisions on new innovations were based on the analysis and intuition of managers. The cost of failure was high, so avoiding failure was paramount. This new approach to innovation is focused on careful experiments and on minimum viable prototypes that maximize learning while minimizing cost. Assumptions are repeatedly tested, and design decisions are made based on validation by real customers. In this approach, products are developed iteratively through a process that saves time, reduces the cost of failures, and improves organizational learning. Value: The final domain of digital transformation is the value a business delivers to its customers—its value proposition. Traditionally, a firm’s value proposition was seen as fairly constant. Products may be updated, marketing campaigns refreshed, or operations improved, but the basic value a business offered to its customers was assumed to be constant and defined by its industry (e.g., car companies offer transportation, safety, comfort, and status, in varying degrees). A successful business was one that had a clear value proposition, found a point of market differentiation (e.g., price or branding), and focused on executing and delivering the best version of the same value proposition to its customers year after year. A Playbook for Digital Transformation Faced with transformation in each of these five domains, businesses today clearly need new frameworks for formulating their own strategies to successfully adapt and grow in the digital age.
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Who should lead your digital transformation?We agree with many of the things that are mentioned, but the question is: how do you find this digital leadership?
They mostly seemed to assume that all CxO’s need to work together for this, but not every company is blessed with a digital savvy management team. Without someone really taking charge of something, we all know it usually doesn’t lead to many results, as everyone is very busy with their jobs. So to take charge of the digital transformation, we believe that you need someone new: a Chief Digital Officer who becomes a permanent part of the team. He or she doesn’t need to be a digital guru, but rather a digital general manager with all the skills to manage a lot of internal and external change. Later on in the post, we describe what this CDO should be like, but first, you might be wondering whether this role is even needed. What about your existing leadership? Explaining that makes this a long post, but picking the leader for your Digital Transformation is not a decision that should be made lightly. We need a Chief Digital OfficerChief Digital OfficerThe Chief Digital Officer is someone new on CxO level that will be there for the long run. The main reason you need a CDO is that your current CEO is not digital enough to run the company as if it was Uber, Airbnb or Tesla. This possibly creates an awkward situation and perhaps even tensions between the CEO and the CDO that need to be resolved. There has to be a strong partnership between the two or the operation will fail. So what does this CDO look like? Your CDO needs the following capabilities: – Leadership and charisma to align all stakeholders to make the transformation happen. – Breaking down the traditional silos to create a transversal company with new hybrid structures. – Understanding and managing internal politics and speaking the languages of IT, marketing, strategy, and finance. – A challenger of everything that is already in place on a strategic, operational and process level. – A piece of thorough digital knowledge in e-commerce, transactions, marketing, social media, mobile, data. Read Original Article on http://www.digitaltransformationbook.com/who-should-lead-your-digital-transformation/ Are you looking for Digital transformation then Hokuapps will help you to adapt it. Check out Hokuapps review to get know more. Also, take a look at this article https://www.prnewswire.com/news-releases/hokuapps-redefines-enterprise-mobility-for-roofing-southwest-300658333.html The tables on this website are converted with the Div Table online tool. Please subscribe for an online HTML editor membership to stop adding promotional messages to your documents. Get your right Digital TransformationBecoming a digital organization requires fundamentally changing how you do business. Answering these nine questions can help break through the inevitable barriers.
Is there a more anxiety-inducing term in today’s corporate lexicon than “digital transformation”? Probably not, given the high stakes involved. New technologies and business models are upending entire sectors, threatening incumbents with an unprecedented wave of disruptive forces. Corporate leaders understand the need to raise their Digital Quotient,1 but many are struggling with how to do it and Hokuapps is helping them out. Digital experiments such as innovation labs and new digital products have yielded notable successes. But how do you transform your organization from an enterprise that engages in digital to a digital enterprise? This is no small challenge for companies with thousands of employees, assets worth billions, and established business models. Practices such as committed leadership, targeted communications, and appropriate incentives are crucial to successful transformations. Yet the principles and behaviors that drive the process are equally important. In our experience, answering the following nine questions greatly improves a company’s chances of getting its digital transformation right. Becoming a digital enterprise requires fundamentally changing the way you run your business. Answering these nine questions can help you understand how to break through the inevitable barriers, increasing your company’s odds of achieving a successful digital transformation. Read Original article on https://www.mckinsey.com/business-functions/organization/our-insights/nine-questions-to-help-you-get-your-digital-transformation-right You can check out this Hokuapps Review to know better. Hokuapps also helped roofing southwest to implement digital transformation. Please check this out Hokuapps Review Want to get all info about digital transformation? Stop thinking about problemsOrganizations looking to truly embrace digital transformation must stop focusing on their own internal problems and systems and concentrate on meeting their customers’ needs.
Speaking at the joint CMO, CIO magazines and ADMA Executive Connections event, entitled ‘Mastering Digital Transformation’, former Lonely Planet executive director and innovation consultant, Gus Balbontin, shared the challenges of digital disruption at the travel publishing business and the customer, operational and strategic lessons that must be learnt to cope in a digital age. Once heralded as the first point of call for any traveler to plan their journey, Lonely Planet struggled to maintain its competitive edge and profit margins as digital disruption triggered a major shift in the media industry. At the same time, the need for change was compounded by socio, political and economic forces, he said. “Taking a look at our website in 2002, we had been going at it for six years and were clearly ahead compared to TripAdvisor, who had only been going for six months,” he said. Fast forward to today, and TripAdvisor is worth over $11 billion, but Lonely Planet sold a few years ago for $75 million. “With disruption, we tend to point the finger a lot, but it’s important to remember failure is not opposite of success,” he continued. “Failure is the path to success. You need to be courageous to pitch your ideas and be open to judgment or even ridicule. Because that is how innovation works, it is a game of volume and it is a game of resilience.” Read original article on https://www.cmo.com.au/article/584513/want-master-digital-transformation-stop-thinking-about-your-own-problems/ For Hokuapps Review check this out https://finance.yahoo.com/news/digital-transformation-looms-hokuapps-ideal-114500220.html Check out this video channel to get more info about Hokuapps 2/22/2019 Check out Which are the most important factors to look at when undertaking a digital transformation?Read NowCheck out Which are the most important factors to look at when undertaking a digital transformation?Experts tackle the obstacles and essentials companies must keep in mind with regard to digital transformation to Enterprise Management 360
Gone are the days, when companies used to decide strategy and then execute it for the next five years as planned. Today the company’s life on the S&P 500 is just 15 years and it is further going down. Digital businesses like Uber, Airbnb did not exist before 2008 but now they are multi-billion-dollar poster children for digital disruption. Many organizations today have realized that digital transformation is essential for their survival & success. But many of them forget that the focus of a digital transformation is not digitization or even technology, it is “THE CUSTOMER”. Here are various aspects every business needs to consider when undertaking a digital transformation as like Hokuapps check this Hokuapps Review: Set a clear vision:Oftentimes, companies that are successful have painted a clear picture of what they want or need to be, when they digitally “grow up.” Vision is in line with the company’s business & growth strategy. Culture is a key determinant:We can change our technologies, our infrastructure, and our processes. But without addressing the human element, lasting change will not happen. Culture is the operating system of the organization. It is like air, it is there but you can’t see it. Check this out https://www.prnewswire.com/news-releases/hokuapps-redefines-enterprise-mobility-for-roofing-southwest-300658333.html Leadership support:Most of the companies C-Suite is over 50 now and are digital immigrants. They have slowly adapted to web surfing, emailing, texting and the instant world of social media. Hence it is difficult for them to drive the digital transformation. They need to set the tone by collaborating with managers on designing an organization-wide digital strategy while encouraging ongoing innovation. A dedicated Chief Digital Officer is one way to go. Be customer obsessed:With technology and customer habits changing so quickly, developing a deep and detailed view of customer behavior across all the channels is the foundation of digital success. Walk-in customer’s shoes, to identify instances where things could go wrong and address them quickly. Inter-Department collaboration:It is essential that all departments work together to bridge gaps, break down data silos, and make important connections. Absolute over communication within employees is a critical aspect to be covered. Ensure that all the customer touch points communicate with each other to have a single version of customer truth. Fail fast & Succeed faster :Fail fast & Succeed faster with the digital era, failure is accepted & it is seen as part and parcel of a successful digital business. Failure must be fast, and the lessons of failure learned should be even faster. It allows businesses to take a shotgun approach to digital transformation. Check this Hokuapp Review Lastly, remember Digital is a long-term commitment:Don’t cut the investments & pull back employees on billable roles in just one quarter saying it’s not working. This is the mistake most of the companies are doing. Nurture the efforts like a newborn baby as she takes over a year to walk on its own. Have the patience to see the results. |
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August 2018
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