Preparing your business for digital transformation
- 1. PREPARING YOUR BUSINESS FOR DIGITAL TRANSFORMATION
- 2. OUTLINE ● INTRODUCTION ● UNDERSTANDING DIGITAL TRANSFORMATION ● WELCOME TO THE DIGITAL AGE ● WHY MOST DIGITAL TRANSFORMATION PROJECTS FAIL ● STARTING YOUR DIGITAL TRANSFORMATION JOURNEY
- 4. IF YOU ARE NOT ON THE TABLE THEN YOU ARE ON THE MENU
- 5. ● Traditional methods are failing very fast. ● Traditional businesses are threatened. ● What worked yesterday will not be working today or tomorrow. ● To remain relevant your business has to CHANGE or DIE! YOUR WORLD HAS CHANGED OLD WAY NEW WAY
- 6. ASKING TOUGH QUESTIONS ● What are the threats to my industry/business? ● What is my Business Value Proposition? ● How effective is my Business Model? ● How prepared are we for the Future?
- 8. DIGITAL TRANSFORMATION ● DIGITIZATION ● Digitization is the move from analog to digital. ● Not so long ago, businesses kept records on paper before computers went mainstream. But now, most businesses have started converting all of their records on paper to digital computer files. ● This is called digitization: the process of converting information from analog to digital.
- 9. DIGITAL TRANSFORMATION ● DIGITALIZATION ● Digitalization is using digital data to simplify how you work. ● Digitalization isn’t about changing how you do business, or creating new types of businesses. It’s about how faster and better your data is now instantly accessible and not trapped in a file cabinet somewhere in a dusty archive. ● The process of using digitized information to make traditional ways of working simpler and more efficient is called digitalization.
- 10. DIGITAL TRANSFORMATION ● DIGITAL TRANSFORMATION ● Digital Transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. ● Digital transformation begins and ends with how you think about, and engage with, customers. ● Digital Transformation is about reimagining your business in the Digital Age.
- 11. “ WELCOME TO THE DIGITAL AGE
- 12. THE DIGITAL AGE YOUR WORLD RIGHT NOW
- 13. THE DIGITAL AGE
- 14. THE DIGITAL AGE
- 15. THE DIGITAL AGE
- 16. COVID-19 AND DIGITAL COMPANIES ● Zoom Video Communications ● Zoom moved from 10 million daily meeting participants in December 2019 to seeing 300 million by April 2020. ● Share price increase 130% since the beginning of the year. ● Market value has risen from $16.1 billion in January 2020 to $40.5 billion in March 2020.
- 17. COVID-19 AND DIGITAL COMPANIES ● Amazon ● Amazon.com's quarterly market cap increased from USD 920,224 Million in Dec. 2019 to USD 986,558 Million Mar. 2020 .
- 18. COVID-19 AND DIGITAL COMPANIES ● Netflix ● Netflix recorded 16million subscribers in the first quarter of 2020. ● Netflix's market cap for the quarter that ended in Mar. 2020 was $169,911 Mil. from $117,285 Mil in Sep. 2019.
- 19. “ WHY MOST DIGITAL TRANSFORMATION PROJECTS FAIL.
- 20. ● Intention vs Reality. ● In 2018, $1.3 trillion was spent on Digital Transformation globally. ● Out of which $900 billion was wasted. WHY DT PROJECTS FAIL
- 21. WHY DT PROJECTS FAIL 1. Wrong mind-set to Digital Transformation ● Often times, team work is often omitted, but DT is all about people not technology.
- 22. WHY DT PROJECTS FAIL 2. Flawed Organisational Practices. ● Lack of proper record or data to inform decision making.
- 23. “ STARTING YOUR DIGITAL TRANSFORMATION JOURNEY.
- 24. STARTING YOUR DIGITAL TRANSFORMATION JOURNEY 1. Figure out your business strategy before investing in Digital Transformation. Tie broader business strategy to the right technology. 2. Leverage insiders, identify internal resources 3. Design customer experience from inside in.
- 25. STARTING YOUR DIGITAL TRANSFORMATION JOURNEY 4. Address employees’ fear of change. 5. Adopt Agile culture of reiteration and adaptation.
- 26. 7 STEPS TO DIGITAL TRANSFORMATION 1. Adopt an exponential mindset Digital businesses are structured and managed differently than your traditional business. The board and executive management team will need education to gain comfort with the new mindset required to build, operate, and grow a digital business.
- 27. 7 STEPS TO DIGITAL TRANSFORMATION 2. Build and recruit digital capabilities: The same talent and infrastructure that powers your company’s current operations are not likely to be suitable for a digital platform and networked future. You will need employees with new skills like machine learning and data science. Your infrastructure will also have to be adapted to provide the tools your employees need to grow into a digital world.
- 28. 7 STEPS TO DIGITAL TRANSFORMATION 3. Create a broad digital roadmap: Small-scale digital initiatives don’t form a cohesive, strategic roadmap. Start with a clean sheet and create the digital roadmap your company needs to succeed, regardless of which projects are already underway. Don’t be afraid to kill or deprioritize projects that aren’t aligned with a new business model.
- 29. 7 STEPS TO DIGITAL TRANSFORMATION 4. Inventory company "assets" and activities: There are likely already passionate employees at your company who have already begun small- scale digital initiatives. You probably also have valuable intangible assets that you don’t actively manage or measure. Inventory everything, assess its fit with your future digital strategy, and reallocate resources from uncertain projects to strategically important ones.
- 30. 7 STEPS TO DIGITAL TRANSFORMATION 5. Apply business model, design thinking to create your future business model: All too often, we think we can build and grow a digital business by selling the same products and services to the same customers via the same channels with a few minor tweaks. Adopt a design thinking approach to design your new digital business model that meets the needs of today’s digitally savvy customer.
- 31. 7 STEPS TO DIGITAL TRANSFORMATION 6. Build digital assets Many “traditional” businesses often possess or could easily access valuable digital assets. Figure out which ones your company could build, partner, or acquire, and begin transitioning from purely physical assets to more valuable and scalable digital assets.
- 32. 7 STEPS TO DIGITAL TRANSFORMATION 7. Adjust the org structure—start small, then go big: The changes above will require changes to your organization’s structure. While politics or talent gaps may prevent you from making major shifts, make the changes you can make, no matter how small. As momentum and comfort builds, you can add the bigger changes later.
- 33. THINK FAST ● Big companies don’t beat small companies ● Small companies don’t beat big companies ● Fast companies beat slow companies Fast companies have slow companies for Breakfast, Lunch & Dinner!
- 35. Tel: 08075767797 Email: learning@icentra.com Web: learning.icentra.com