Watch out on this space…
In my previous article, I referred to Digital Transformation as the enterprise world catching up with the consumer world from a sophistication stand point. In a nut shell, it is how you take advantage of the technologies consumer world has to realign and transform enterprises to gain competitive advantage.
In this article, I would like to elaborate and define some characteristics of what Digital means for today’s enterprises. In my view, this McKinsey article, captures the highlights. Digital defines a broad range of technologies and applications that enable:
- More efficient automation,
- Better decision making,
- Stronger connectivity with customers and other external stakeholders, and
- More advanced data-driven innovations.
These technologies, together with business process redesign, make possible a new way of working that can fundamentally transform an enterprise. It is worth noting that all of the above four points are interlinked. For instance, data driven innovations could result in the remaining three.
Everyone is talking about Digital. But, what exactly is it?
To put it simple, it is the competition between consumer and enterprise technologies.
The invention of a microprocessor changed it all in 80s. The mere possibility of performing certain critical but repeatable tasks at an unthinkable pace changed it all (e.g., accounting and book keeping). The idea raised the curtain for Information Technology age. But, this did not change much for the business consumers. Businesses became more predictable i.e., business habits were streamlined (e.g., the way you plan for a production batch). Standardization at the cost of responsiveness. Customers did not have much choice too (read customization) as they were technologically less mature than the companies.
Back in early 2000s, with the possibility of internet, a some power was put in the hands of consumers this time. Some businesses such as Amazon took this opportunity and started playing an intermediary between many small scale producers and the consumers. Consumers treated these companies from a convenience, affordability and responsiveness standpoint.
2007 changed it all again. When the first smart phone was released little did people realize it was going to change the very way we interact again.Less than seven years later, Consumer technology was out competing the enterprise technology.
Enterprise technologies are losing in the competition with technologies in the hands of consumers. Consumer expectations are increasing at a pace faster than they could be satisfied. Many of us are frustrated with simple things such as, I can’t find the customer service number for my Telco on their website, huh! Thank god I can google it.
Those companies that can talk to people in the new age tech language are gaining ground. For them missing is the enterprise “sunk investment” baggage. They got the advantage of NOT dealing with organizational inertia (changing organizational habits) and get to simplify business processes to reach to the consumer fast. Lastly, scale comes cheaply now.
All these are pushing the large and old businesses that are operating at a scale to compete with the new startups.Therefore, most businesses want to undergo the digital transformation themselves. They must either match up with the consumer technologies or out compete with them. This to me is coined as Digital transformation.
Welcome to my C World!
After years of procrastinating, I made my wandering mind to sit in a chair and host a website.
Of course, as with anyone else out there, you start with some domain name in mind and finally you end up with something else… I started with iWorld.net (Intelligent world) but ended up with a C world. C denotes a conscious world here, indirectly implying intelligence.
Now, coming to the intent of this site, a virtual home to my mind. My mind has been a hunter gatherer for quite a while. Hunting and gathering ideas and absorbing knowledge from this amazing world. Guess now it is time to settle down and start organizing my “precious” gatherings.
Going forward, I would like to build a “little village” where we can share and reflect back on our learnings.
Thank for your attention
-K
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My C World 