Five Building Blocks Digital IQ
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The document discusses the transformative impact of digital technology on businesses, emphasizing the rapid data growth and changing consumer behavior. It outlines five key strategies for enhancing digital intelligence, including investing in customer experience, leveraging data, adopting an agile approach, ensuring collaborative governance, and establishing a flexible long-term vision. The importance of adapting to change and creating a coordinated digital strategy is also highlighted.
Five Building Blocks Digital IQ
- 3. www.stratfordmanagers.com Digital Technology has been of the most disruptive forces on businesses over the last ten years.
- 5. www.stratfordmanagers.com Highly empowered More demanding Less tolerant of bad experiences We buy when, where, how we want
- 6. www.stratfordmanagers.com In the last 2 years, 9 times more data has been created than in the entire history of humanity.
- 7. www.stratfordmanagers.com Facebook has over 1B active users posting an average of 90 pieces of content a month.
- 8. www.stratfordmanagers.com Average of 140 million tweets are sent every day. 490 million YouTube users upload more video content in a 60-day period than the 3 major US television networks created in 60 years.
- 9. www.stratfordmanagers.com Canadians perform over 4 million Google searches every month. The Canadian ecommerce market is growing by approx. 10% per year and now stands at over 22B a year.
- 10. www.stratfordmanagers.com By 2025, experts predict we will have approx. 100 billion connected devices.
- 11. www.stratfordmanagers.com How will businesses Respond to the pace of change Leverage the change to their benefit
- 12. www.stratfordmanagers.com Convergence of Strategies/Roles E-Com Corporate Strategy Corporate Strategy Corporate Strategy Corporate Strategy Enterprise Digital Strategy Digital Strategy Strategy E-Com E-Mktg 1994- 2000’s Director, eCommerce 2005-2009 Director, eBusiness and E-Marketing 2014 Rise of the CDO or CMO/CIO leading digital transformation 2010- 2013 Director, Digital Strategy 2020 and beyond
- 13. www.stratfordmanagers.com It’s a Mind-Set The how as important as the what…
- 14. www.stratfordmanagers.com Five Building Blocks in Raising Your Digital IQ
- 15. www.stratfordmanagers.com 1. Invest in Customer Experience as a Discipline
- 18. www.stratfordmanagers.com 2. Data helps you see around corners
- 20. www.stratfordmanagers.com BIG DATA Volume (there is a lot of it) Variety (it comes from any/all sources) Velocity (it is produced very quickly)
- 21. www.stratfordmanagers.com The best thing about digital is that you can measure everything. The worst thing about digital is that you can measure everything.
- 22. www.stratfordmanagers.com 3. Test and Learn in Sprints. Not Marathons.
- 24. www.stratfordmanagers.com Pick one or two focus areas and make big strides vs. making small steps in multiple directions.
- 25. www.stratfordmanagers.com 4. Who “owns” digital? Collaboration
- 26. www.stratfordmanagers.com Why governance is important when planning your digital strategy Uncoordinated initiatives Duplication of effort Incompatible technologies Customer journey not considered
- 27. www.stratfordmanagers.com Avoid The Popcorn Effect … Coordinate Collaborate Prioritize
- 29. www.stratfordmanagers.com #digitalmuscles Along with developing a long-term vision today’s leaders must employ an athlete’s flexible mindset. While entering the ring with a clear game plan, elite leaders have the ability to adjust to unfamiliar opponents and the willingness to pivot when necessary.
- 30. www.stratfordmanagers.com Vision Take stock of your starting point Focus on outcome vs. technology Identify bottlenecks for your customers Operational efficiencies for your business
- 31. www.stratfordmanagers.com What is driving change in your industry?