WHAT IS DIGITAL REALLY MEANS?

WHAT IS DIGITAL REALLY MEANS?

Companies today are rushing headlong to become more digital. But what does digital mean? For some executives it’s about technology  for others digital is a new way of engaging with customers. And for others still it represents an entirely new way of doing business. None of these definitions isnecessarily incorrect. But such diverse perspective often trip up leadership teams because they reflect a lack of alignment and common vision about where the business needs to go. This often results in piecemeal initiatives or misguided efforts that lead to missed opportunities, sluggish performance or false starts.

Even as CEOs push forward with their digital agendas its worth pausing to clarify vocabulary and sharpen language.Business leaders must have a clear and common understanding of exactly what digital means to them and as a result  what it means to their business for deeper look at how companies can develop meaningfully digital strategies and drive business performance

Its tempting to look for simple definitions but to be meaningful and sustainable we believe that digital should be seen less as a thing and more a way of doing things. To help make this definition more concrete we have broken it down into three attributes: creating value at new frontiers of the business world creating value in the processes that execute a vision of customers experiences and building foundational capabilities that support the entire structure.

Creating value at new frontier

Being digital requires being open to reexamining your entire way of doing business and understanding where the new frontiers of value are.For some companies capturing new frontiers may be about devedloping entirely new business in adjacent categories; for others it may be about identifying and going after new value pools in existing sectors.

Unlocking value from emerging growth sectors requires a commitment to understanding the implications of developments in  the marketplace and evaluating how they may present opportunities or threats. The internet of things for example  is starting to open opportunities for disrupters to use unprecedented levels of data  precision to identify flaws in existing value chains. In the automotive industry , cars connected to the outside world have expanded the frontiers for self navigation and in car entertainment. In the logistics industry the use of sensors big data and analytics has enabled companies to improve the efficiency of their supply chain operations.

At the same time being digital means being closely attuned to how customer decisions journeys are evolving in the broadest sense. That means understanding how customers behaviors and expectations are developing  inside your business as well as outside your sector which is crucial to getting a head of trends that can deliver or destroy value.

Creating value in core businesses

Digital’s next element is rethinking how to use new capabilities to improve how customers are served. This is grounded in an obsession with undersgtanding each step of customers purchasing journey regardless of channel  and thinking about how digital capabilities can design and deliver the best possible experience across all parts.

                                       BY ALPHONCE  BHOKE  BAPRM  42527