Leaders of big organizations are efficient in identifying the threats and opportunities of the digital arena. But they tend to lack a common language to assess their specific situation and give them direction ahead.
In this article at the Tech Republic, Alison DeNisco Rayome shares few talk points to help the C-suite executives to build the next-generation enterprise and makes top-performing companies thrive in the digital age.
The author states that her source of information in the article is the new book of Peter Weill, Chairman of the MIT Sloan Center for Information Systems Research, and Stephanie Woerner, a research scientist at the Sloan Center. In their book ‘What’s Your Digital Business Model’, Weill and Woerner collected data from over 1,000 global firms and uncovered a few key reasons why the senior management teams must engage in digital transformation. Here are the talk points:
- Digital Threat & Opportunity: Examine and identify the digital threats and opportunities existing for your organization in the digital arena. It will help you make the right move in towards the right direction.
- Best Business Model for Future: Customers are looking for ways to solve life events like finding and buying a house or car, or booking a trip from end to end. To offer the best digital solution, bring enough opportunity to everyone and extend a win-win situation for all.
- Digital Competitive Advantage: Legacy organizations often have several digital competitive advantages that they may not realize. These opportunities include customers, branches, products, and data. Identify these opportunities to plan your next move.
- Make a Digital Connect: Determine ways to connect customers and systems using technologies like mobile and the Internet of Things (IoT). The opportunity for you is to put customers in control through mobile devices, and maybe IoT, big data, and other technologies. The CIO can play a crucial role here. A customer’s digital device acts as a remote control with most purchasable products.
- Critical Capabilities to Reinvent: Determine your abilities to develop critical efficiencies. It might involve partnering with other organizations. You also need to integrate siloed products to deliver on life event needs and draw more on analytics.
The author further shares that as per the research of Weill and Woerner, the executive committees at top-performing companies spend 44 percent of their time in identifying digital threats and opportunities. Also, at these successful organizations, 51 percent of systems are enabled with APIs for external users—a key part of ramping up innovation. Click on the following link to read the original article: https://www.techrepublic.com/article/6-questions-the-c-suite-must-answer-to-achieve-digital-transformation/