Source: Inhouse publication, dltledgers 2021

Digital Transformation is being embraced by companies across most industries, as the role of technology shifts from being a business enabler to a business driver.  

Digital Transformation opportunities includes both 

  1. Operational Improvement and 
  2. Growth Driver initiatives, where the latter is driven largely by improved Customer Experience

Digital Transformation opportunities:

  • Operational improvement can be achieved through new combinations of information, processes, channels, and workforce abilities that leverage new, high-performance business and operating models.  Here are several such examples:

Process Efficiency:

      • Process optimization
      • Reduction of manual effort through automation

Asset Utilization:

      • Reduced production costs
      • Reduced inventory costs

Agility:

      • Adoption of Lean methodologies
      • Better businesses decisions with   use  of predictive analytics

New Business Models:

      • Shift to self service
      • Automated lead nurturing
  • A continuous customer experience – Customers now expect their experiences to be continuous, constant, customized, and cross-channel—the key for us is to deliver a continuous customer experience.

Source: Inhouse publication, dltledgers 2021

CRITICAL MANAGEMENT QUESTIONS

If you are the Chief Digital Officer (CDO), the critical questions to ask are:

    1. How can digital help me to improve financial performance?
    2. Where is the profitability of our products/services threatened by digital e.g. new market entrants with much lower cost structures?
    3. How to better manage business with real-time info?

If you are the Chief Marketing Officer (CMO), the critical questions to ask are:

    1. Does our marketing strategy leverage opportunities of new technologies to improve our digital consumer value proposition?
    2. Are there sufficient insights on how users use digital technologies?
    3. How does digital facilitate customer retention?

If you are the Chief Human Resources Officer (CHRO), the critical questions to ask are:

    1. What new capabilities and organizational structures are required to design and deliver new digital outcomes?
    2. How does digitalization help us attract and keep the best talent?
    3. What will the future of work look like in our organization?

If you are the Chief Executive Officer (CEO), the critical questions to ask are:

    1. What should I do about digital disruptions in my industry?
    2. How does digital help me grow the business, enter new markets or strengthen the position?
    3. How does it threaten my value chain ecosystem of customers, suppliers, business partners?

If you are the Chief Operating Officer (COO), the critical questions to ask are:

    1. How do I use digital to align the organization for increased speed to market and more flexibility?
    2. How to deploy digital solutions to improve process efficiency?
    3. Does digital change the level of vertical and horizontal integration?

If you are the Chief Information Officer (CIO), the critical questions to ask are:

    1. Where does IT help create new business models & opportunities?
    2. Does the IT organization have the capabilities to facilitate innovation and enable the business strategy?
    3. What areas does the company need to invest in in order to be ahead of the technology curve?

If you are the Chief Finance Officer (CFO), the critical questions to ask are:

    1. How can digital help me to improve financial performance?
    2. Where is the profitability of our products/services threatened by digital e.g. new market entrants with much lower costs structures?
    3. How can we have more control with real-time information?

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