Ray Wang of Constellation Research has some great insight about digital transformation. Here are the seven rules:
- Digital disruption is more than just a technology shift. It’s about transforming business models and how organizations engage.
- We move from selling products and services to keeping brand promises.
- We serve 5 generations of customers & workers, by digital proficiency, not by age.
- Data is the foundation of digital business. Every touch point, every click, every digital exhaust is relevant insight.
- If 20 % of your revenue is not an insight stream by 2020, you won’t have a digital biz model.
- You need more than a Chief Digital Officer to infuse digital into your organization. You need a broad bench of Digital CXO’s.
- We must invest in digital artisans.
Lesson Learned From Early Digital Transformation Projects Show New Rules For Digital Business Digital business transformation is one of the hottest board room topics in this year’s strategy planning cycles. Organizations around the world believe that they must begin the transformation process but many remain uncertain how or where to begin. Early efforts to create a Chief Digital Officer role works for media, advertising, and entertainment. Inside other industries, early findings show Chief Information Officers and Chief Technology Officers assuming this role. Regardless of role, digital business transformation requires a broad bench of digitally proficient leaders. Seven rules emerge from Constellation’s latest engagements and interactions with the Digital CXO Research Board members. Lessons learned should serve as a catalyst to move from the discussion phase to the planning phase.