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Let’s cut to the chase. Now it’s your turn…..
Every business can be a digital business. B2B service providers, B2C product sellers, construction, real estate, media, telco, sports, tourism, hospo, legal, accounting, grocery, utilities… it doesn’t matter who you work with, sell to, what you produce, where you live, where your customers live…. None. Of. That. Matters.
Every business can be a digital business. In fact, scratch that. Every business MUST be a digital business. We’ve talked many times before why. And as the impact of technology accelerates, so the impact on business accelerates.
We’ve covered several transformation themes over the last few weeks – the rise of the CMO, digital transformation, and then transformation structures. This week I want to bring these together, blending the learnings to paint a picture of the requirements for building a digital business.
There are three clear boxes any company serious about digital transformation needs to tick:
And a leader committed to transformation looks a little like this (take note this is you):
The ability to mobilise a company-wide commitment to change is vital, initially through a clear statement of intent, and then through the actions and deliveries of innovators. I read this report a while ago from API business Apigee. It’s a couple of years old, but I think the headlines still hold true. As an aside… Apigee has just been they’ve just been bought by Google.. so they must be doing something right!
Another thing we’ve talked about in the past is exponential change, powered by the 6Ds (digitisation, deception, disruption, demonetisation, dematerialisation, and democratisation) Companies leading the digital market are riding the exponential wave, dramatically outperforming legacy or linear businesses. They create conditions for transformation and grasp opportunity before competitors start to move. In a recent piece of Accenture research it isn’t surprising to find they also share a number of characteristics.
If you intend to be a market leader and create effective digital transformation in your organisation, it is no longer acceptable or effective to muddle through. Exponential technologies are rendering that approach obsolete. You need to build capability and expertise fast, even if it starts siloed in digital teams – getting started is better than waiting for the golden moment. And remember, the change needs to start at the top – if that’s you (as COM, CDO, or CIO) the onus is on you to grab the bull by the horns and move now, before it’s too late.
This post first appeared here on the Exponential Agency Blog and is reposted with the author’s permission.