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Crucial Steps to Build Viable Digital Business

Digitalization of business processes is a more radical manufacturing revolution than previous technology-driven transformation. Chief information officers with their thorough understanding technology and information, are able to develop a successful digital business.
be-in-the-loop - Crucial Steps to Build Viable Digital Business

Digitalization of business processes is a more radical manufacturing revolution than previous technology-driven transformation. Chief information officers with their thorough understanding technology and information, are able to develop a successful digital business.

Gartner, a research and advisory company has outlined key steps that will enable business leaders to launch a viable digital enterprise.

be-in-the-loop - Crucial Steps to Build Viable Digital Business

Right Business Moment

Digital business leaders must think about technology in a fundamentally different way than in the past. It is not an enabler to be applied to what the business wants to do but a source of innovation and opportunity for what the business could do. 

As digital business continues to mature, the pipeline of opportunities that will evolve will take on the characteristics of what Gartner calls a “business moment,” defined as “transient opportunities exploited dynamically.” Business moment is a brief everyday moment in time and the catalyst that sets in motion a series of events and actions involving a network of people, businesses and things that span or cross multiple industries and multiple ecosystems. 

be-in-the-loop - Crucial Steps to Build Viable Digital Business

Business moments illustrate a wide variety of possibilities and players and help companies envision and design new businesses that integrate people, businesses and things. The hallmark of a digital business will be the ability to spot these opportunities, however fleeting.

Digital business center of excellence

Launch a digital business center of excellence (COE) to provide input, advice and opportunities for the collaborative formation of a digital strategy and the collaborative advice, innovations and capabilities needed for execution.

Examine your strengths, weaknesses and potential opportunities and identify new technologies and how they might pose a potential threat. Assessing opportunities and especially threats start with identifying what you have not yet thought about.

Right Leaders

The digital space is exposing gaps in digital leadership. Three types of digital business leader have emerged to fill these leadership gaps:

  • The digital strategist
  • The digital marketing leader
  • The digital business unit leader
be-in-the-loop - Crucial Steps to Build Viable Digital Business

While three discrete roles are optimal, one person could play multiple roles, and the people fulfilling these roles could also have other responsibilities.

These roles are likely to be around for the next five to 10 years, but are really just interim positions. This is because digital will simply become a part of the way we do everything soon, making a single, separate role dedicated to digital initiatives inappropriate, if not impossible. 

Create New Digital Business Capabilities

Traditional recruitment practices will not suffice. Instead, organizations should consider launching boot camps and other learning programs about digital business across all areas of the business. They should mine informal networks and investigate “work mashups” by applying digital business and digital technologies to the distribution of work and look at piloting new channels for finding, building and acquiring digital business capabilities.

Develop Digital Business Skills

Digital business is not an IT program but an enterprise mindset. While digital business has roots in digital technology, it is ultimately about business. Decision making will be owned, operated and potentially influenced by the relationship between CIOs and business leaders.

As digital business picks up speed, CIOs, HR executives and other business leaders must reimagine their quest for talent, emphasizing new approaches that accelerate and widen access to talented people while minimizing the bottlenecks of traditional serial processes.

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