Business Transformation in a few words.
Norton Paratela, PMP, MBA
International Negotiation Professor | Digital Transformation | Business Strategy | AI Portfolio, Program and Project Manager
This content is based on David Rogers’ books.
Mr. Rogers is a global celebrity, and his books have been translated into several languages.
He stated that digital transformation isn't just about implementing new technologies and changing business strategies.
The fact is that the digital age is forcing businesses to adapt their strategic mindset, and it has five core domains:
From mass market to dynamic network: Go from mass market to dynamic network.
Knowing your customers beyond the initial purchase is vital, as is leveraging their influence and co-creating value with them.
Comparing competition within defined industries to competing across fluid, overlapping sectors is essential.
Consider partnerships and collaborations, not just products.
During the digital transformation, companies have gone from expensive, siloed data to abundant, interconnected data.
The high management has to analyze big data for actionable insights and turn it into strategic assets.
Intuition-based decisions to rapid prototyping and data-driven experiments.
Continuously test, learn from failures, and iterate fast.
The value proposition goes from static to constantly evolving to meet customer needs.
Discover new customer needs and evolve your business model by proactively adapting the value proposition.
Here are some practical tools and frameworks:
Engage your customers and empower them.
I am managing platform ecosystems.
Data can be turned into business value.
Structured experimentation drives innovation.
Make sure you're constantly adapting and evolving.
Digital transformation requires a holistic approach integrating customers, competition, data, innovation, and value.
Ensure your business is ready for digital transformation and implement strategic changes to thrive.
If you want to delve into Digital Transformation, I highly recommend reading David Rogers’ books.
You can find them on Amazon or other platforms: https://lnkd.in/ekDRnYF2
#businesstransformation #columbiabusiness school