Creating your new Digital Strategy

There is so much talk about digital transformation today – but has anyone really defined what exactly this means for a company in terms of what pragmatically they need to do? Here I attempt to answer this by suggesting 5 areas a company should consider when looking at this topic.

What are the significant technology advancements? (the emerging technology landscape):

A few years ago, you could probably make a good bet on which technologies would be prominent in the new generation of business. Technologies such as Cloud, Mobile, Artificial Intelligence, etc., would be on everyone’s list. But today, we are entering a period with many technologies converging all at the same time. The landscape is not as easy to predict with some examples being: Blockchain (Smart Contracts, Non-Fungible Tokens, IPFS, etc.), Robotic Process Automation, Digital Twins, Virtual and Augmented Reality, Internet of Things, APIs, to name but a few. I would suggest you create and maintain a list of the top 12 emerging technologies with descriptions on how they apply to your business.

Are you currently placed well? (your existing industry positioning):

The pace of change is fast. For sure the world 5 years ago is not the same as it is now – and where you were positioned 5 years ago may not be where you should be looking to position yourselves now? Do you actively look at the how new technologies can disrupt your market and change your maturing value propositions? Do you know how the big technology companies are moving into various industries? Have you got a view on what is happening within ‘startup land’ and which companies you should be considering acquiring? You don’t want the Kodak moment to happen to you? Here I suggest that you create and maintain a list of the 5 main observations and risks that could impact your business future.

Where is your industry heading? (the new industry trends):

Whereas the above points were looking at specific technologies and specific risks, this topic is looking at your industry as a whole and the trends that are happening to shape the future of your environment. Examples such as how the internet of things within your home can learn you habits and keep your home at optimal temperatures (energy); the rise of precision ‘everything’ in healthcare; the decentralization of finance with crypto currencies; new user experience technology within clothing retail stores linking to your web searches; athletes becoming their own brand with new tailor-made personalized offers and services (sports and entertainment); etc. For this topic, I would suggest that you look at and document the 5 main trends for your industry and maybe your company’s commentary on each for socializing.

Where can you play and disrupt? (the new business model opportunities):

This section is now switching to the ‘so what are you going to do about it’. Here you need to look at the new digital strategy opportunities that present themselves to you. Here I would suggest looking within 3 main layers of thinking. Firstly, what opportunities do you have to become the new orchestrator of value streams? This is an important position as you will have control of the end-to-end picture with governing rules and regulations, insights, and measuring of value outcomes. This is much more than the existing B2B relationships you manage. Secondly, what products and services do you specifically want to earn revenue through providing. Maybe now you have new opportunities to monetize data assets you have more than you thought before? And thirdly, we are living in a world of trusted data sharing and collaboration. Do you want to govern new ecosystems of data collaboration and/or how to position your ‘play’ within these newly forming trusted data networks? Here I would suggest you strategize within each of these 3 layers more formally.

What should we do now? (your personalized road map):

Once you have the above areas covered you are now in a position to more formally define your digital strategy and look pragmatically at what digital transformation really means to your company. Nothing rocket-science here, just map out what you need to do within the 3 time periods of short term (what you want to accomplish within the next 18 months); medium term (where you want to be in 3 years); and longer term (your position aligned to your vision in 5 years).

OK, so this is the thinking, the 5 areas to cover to unravel your real digital transformation thinking and strategy. There is a lot more detail behind each of these 5 areas and more formal frameworks and templates I would like to share.

Should you need any assistance in doing these 5 tasks, then I’m here to help and believe this can be achieved within a 2-month timeframe. Please contact me for further information.

Thank you for taking time to read this and I hope was useful

Mal Postings

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