Digital Transformation is done step by step according to MIT
Posted: Thu Dec 05, 2024 6:53 am
Currently, 95% of start-ups already have digital business plans and a good part of the more traditional companies are trying to catch up, with 38% of them already having a digital business strategy.
But perhaps most relevant is the fact that strategies that prioritize digital can increase revenue generation by between 23% and 35%, according to the recent report “ 2018 State of Digital Business Transformation ” by the consulting firm IDG.
There is no doubt that digital transformation is no longer a fad, but a necessity for any business. The point is that digital transformation is not a mere succession of isolated events within an organization. It is the result of a well-thought-out strategy implemented step by step.
Recently, MIT has published a new book called “ What’s Your Digital Business Model? ” , which addresses the keys to a successful digital transformation. Given the brilliance and clarity with which this institution presents its approaches, I think it is appropriate to present this roadmap and thus help leaders and managers who want to take a step forward in the digitalization of their business.
business model
Analysis of your company's digital threats and opportunities
In recent years, many organizations have embarked on a digitalization process, simply because it was “ the right thing to do .”
This has led them to adopt a multitude of inefficient measures, which did not resolve the real threats to the business, nor take advantage of real opportunities. The result has been a kind of “ digital makeover ” that is totally ineffective. Every business is different and, therefore, its digital priorities must also be different.
One of the first steps to identify digital threats and opportunities is to learn about the latest developments in the sector. You can read the article What is happening in digital marketing right now?
Choosing the ideal digital model for the future of your company
Digitalisation is not a business model in itself, but merely a tool. Each company must analyse its sector and value proposition, its customer base, market developments and the aforementioned threats and opportunities, in order to choose or create its own digital business model.
Amazon is probably one of the most iconic examples of this approach to digitalisation. The company has adapted and enriched its business model over time. Gone are the days when it was limited to selling books over the Internet.
amazon-business-mode
Today, it has become a giant in the entertainment products and services consumer sector. However, it is also one of the biggest players in the field of business services, through advertising, hosting and Artificial Intelligence solutions.
You too can carry out this adaptation process with your own company.
ShowerThinking, for example, has been evolving for more than a decade to become an enabler of the digital transformation of its clients with Marketing Intelligence and Salesforce solutions, but rest assured that we will continue to progress based on market needs.
Identifying your company's digital competitive advantages
If your company already has digital assets, it should do everything possible to channel them to facilitate its transition to the next business model.
Digital resources are often underused by organizations due to a lack of focus, when they could be the key to accelerated digitalization. For example, ShowerThinking has grown and moved through the digital ecosystem in a natural way, constantly leveraging its previous infrastructure. Social Media gave way to Inbound Marketing, and this in turn, enabled our consolidation as an agent of digital transformation and Marketing Intelligence.
competitive advantage
Some key questions that can help you identify competitive advantages are as follows:
What are your organization's competitive advantages?
Do you have a lot of information content?
Can you deliver a great customer experience?
Do you have a CRM platform?
Are you able to attract digital talent more oman phone number library easily than your competition?
Determining the mobile and Internet of Things connectivity strategy
The mobile Internet and the Internet of Things (IoT) are the new “ Wild West .”
A “Blue Ocean” that tends to equalize opportunities for all market players, and favors those that demonstrate greater adaptability. Thanks to the amount of information collected through mobile Internet and IoT, as well as new predictive analysis algorithms using Artificial Intelligence, Big Data has taken an unprecedented evolutionary leap.
Recommended reading: The inevitable role of the data analyst in your marketing department
Acquiring the capabilities to reinvent the business
Needless to say, digital transformation requires the acquisition of a number of resources, both in terms of talent and technical infrastructure.
Here are some articles that may serve as inspiration:
Main digital marketing tools
Main sellers of Artificial Intelligence applied to marketing and sales
Developing the digital leadership needed
Finally, as a leader within your organization, you must take responsibility for evangelizing and guiding the digitalization process. In the absence of this leadership, the company will lack a uniform vision of the destination it wants to reach, and each department will progress along different paths. This only creates friction, inefficient use of resources, and ultimately, rejection of digitalization.
Take on digital leadership within your company, define the strategy to follow and put into practice the steps recommended by MIT . I would be delighted to hear about your progress.
But perhaps most relevant is the fact that strategies that prioritize digital can increase revenue generation by between 23% and 35%, according to the recent report “ 2018 State of Digital Business Transformation ” by the consulting firm IDG.
There is no doubt that digital transformation is no longer a fad, but a necessity for any business. The point is that digital transformation is not a mere succession of isolated events within an organization. It is the result of a well-thought-out strategy implemented step by step.
Recently, MIT has published a new book called “ What’s Your Digital Business Model? ” , which addresses the keys to a successful digital transformation. Given the brilliance and clarity with which this institution presents its approaches, I think it is appropriate to present this roadmap and thus help leaders and managers who want to take a step forward in the digitalization of their business.
business model
Analysis of your company's digital threats and opportunities
In recent years, many organizations have embarked on a digitalization process, simply because it was “ the right thing to do .”
This has led them to adopt a multitude of inefficient measures, which did not resolve the real threats to the business, nor take advantage of real opportunities. The result has been a kind of “ digital makeover ” that is totally ineffective. Every business is different and, therefore, its digital priorities must also be different.
One of the first steps to identify digital threats and opportunities is to learn about the latest developments in the sector. You can read the article What is happening in digital marketing right now?
Choosing the ideal digital model for the future of your company
Digitalisation is not a business model in itself, but merely a tool. Each company must analyse its sector and value proposition, its customer base, market developments and the aforementioned threats and opportunities, in order to choose or create its own digital business model.
Amazon is probably one of the most iconic examples of this approach to digitalisation. The company has adapted and enriched its business model over time. Gone are the days when it was limited to selling books over the Internet.
amazon-business-mode
Today, it has become a giant in the entertainment products and services consumer sector. However, it is also one of the biggest players in the field of business services, through advertising, hosting and Artificial Intelligence solutions.
You too can carry out this adaptation process with your own company.
ShowerThinking, for example, has been evolving for more than a decade to become an enabler of the digital transformation of its clients with Marketing Intelligence and Salesforce solutions, but rest assured that we will continue to progress based on market needs.
Identifying your company's digital competitive advantages
If your company already has digital assets, it should do everything possible to channel them to facilitate its transition to the next business model.
Digital resources are often underused by organizations due to a lack of focus, when they could be the key to accelerated digitalization. For example, ShowerThinking has grown and moved through the digital ecosystem in a natural way, constantly leveraging its previous infrastructure. Social Media gave way to Inbound Marketing, and this in turn, enabled our consolidation as an agent of digital transformation and Marketing Intelligence.
competitive advantage
Some key questions that can help you identify competitive advantages are as follows:
What are your organization's competitive advantages?
Do you have a lot of information content?
Can you deliver a great customer experience?
Do you have a CRM platform?
Are you able to attract digital talent more oman phone number library easily than your competition?
Determining the mobile and Internet of Things connectivity strategy
The mobile Internet and the Internet of Things (IoT) are the new “ Wild West .”
A “Blue Ocean” that tends to equalize opportunities for all market players, and favors those that demonstrate greater adaptability. Thanks to the amount of information collected through mobile Internet and IoT, as well as new predictive analysis algorithms using Artificial Intelligence, Big Data has taken an unprecedented evolutionary leap.
Recommended reading: The inevitable role of the data analyst in your marketing department
Acquiring the capabilities to reinvent the business
Needless to say, digital transformation requires the acquisition of a number of resources, both in terms of talent and technical infrastructure.
Here are some articles that may serve as inspiration:
Main digital marketing tools
Main sellers of Artificial Intelligence applied to marketing and sales
Developing the digital leadership needed
Finally, as a leader within your organization, you must take responsibility for evangelizing and guiding the digitalization process. In the absence of this leadership, the company will lack a uniform vision of the destination it wants to reach, and each department will progress along different paths. This only creates friction, inefficient use of resources, and ultimately, rejection of digitalization.
Take on digital leadership within your company, define the strategy to follow and put into practice the steps recommended by MIT . I would be delighted to hear about your progress.