Insight-DigitalStrategy-Presentation
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The document discusses key questions business leaders should consider regarding digital transformation. It addresses whether leaders understand the threats and opportunities of digital, if they believe in the fundamental changes happening, and whether they will transform proactively or follow reactively. The document also discusses generating new revenue through new experiences, roles, rules, and resource combinations. It highlights potential impacts on profits and losses and how a digital winner may think about collaboration and infrastructure investment. Finally, it suggests CEOs may need to directly oversee digital agendas and provides tips for engaging organizations on new technologies.
Insight-DigitalStrategy-Presentation
- 1. By Marwan Mousfi April 2015 StandOUT
- 2. Business leaders today hear myriad value propositions for digital transformation. But, where to start and how can be daunting. You must understand what threats and opportunities digital might pose to your business and to what degree.
- 3. Do you believe in the fundamental change that is happening with Digital ? Digital is fundamentally shifting the competitive landscape in many sectors. Your competitors set is not what it used to be - eg: Banks getting into travel business. Travel agents into insurance business. Retailers into media business.
- 4. Do you know how best to respond as a business leader, transform or follow ? Digital Transformers aggressively pursue growth opportunities. Digital Followers just focus on optimizing existing activities.
- 5. Generate new revenues and growth, calls for new rules, new roles and new ways of combining resources. New revenues - Through new experiences, deeper relationships, new margins, new customers and new channels. New rules - Disruptive strategies are always about the customer and the customer experience first. New roles - To create new growth, you must understand how information creates value, what future value chains in your industry will look like and what role they will need to play in new ecosystems. New combinations of resources - Areas of change range from strategy and governance through to insight and analytics, collaborative organization and digital technology platforms, privacy and security.
- 6. Do you understand the potential upside and downside to the P&L in the medium term? In many industries, opportunities come from new channels or low-cost entry into new markets There are also threats from improved price transparency that lead to margin compression Understanding the relative weight of those opportunities and threats is a good way of understanding the amount of investment that digital warrants and the speed at which action is needed
- 7. How would a digital winner think? Whom to collaborate with ?, may include firms that would have been considered competitors historically— or at the very least, collaborate with firms that can share data with you. Create the right scale of investment in your IT infrastructure and introduce flexibility and dynamics.
- 8. Would you (CEO) delegate the digital agenda to a senior digital officer? It can be difficult for a senior digital officer to have enough influence to make the changes they need across the whole organization In some sectors, it’s easier for the CEO to delegate the digital agenda.
- 9. How do I engage my organization in new technologies? How do I keep a clear channel open to my customer? What new opportunities could digital create for my business? A shared digital vision across the C-Suite Identify target value creation opportunities Clarity on client-base readiness Clear ownership of digital topics Future challenges identified and planned for Recovery plan for earlier failed attempts