The seven pillars of building a competitive digital business
by Andy Main, head of Deloitte Digital, and Rob Frazzini, chief transformation officer, Deloitte Digital
Imagine this: A top company has led their industry for decades. They have no clear competitor in sight. They haven’t prioritized efforts to improve their customer experience. With their robust brand and market saturation, who could come up quickly to beat them? Even longstanding industry regulations are on their side. No one is going to catch them overnight, right?
You probably know how that story ends. And if you’re like many executives, you know you need to do something different, but how do you start? Where do you invest your time and resources? And, ultimately, how do you prepare your business for a future that is so full of unknowns?
Staying competitive means never staying the same. It means embracing the disruptive and the game changing. Understanding what to do is challenging, but that doesn’t mean the path is a complete mystery. There are tested approaches that can help lead you to the answer and provide the needed agility in your business to take on the future.
Transformative change happens by starting with a bold vision and aligning your initiatives.
Stop committing random acts of digital
Executives are responsible for setting the vision and enabling transformation to unfold strategically in their organization. The problem is, many make the mistake of focusing on technology first, often working on “digital projects” that don’t tie back to the ambitions of the business. Then executives wonder why those projects fail to deliver the advantage they need to take their company into the future successfully.
Now, don’t get us wrong – digital technologies are critical to success. In fact they are the source of the different thinking that is needed in today’s digital age. Those different ways of thinking fall into six main areas:
Connectivity: How you engage with both internal and external audiences
Automation: How you reduce inefficiencies by automating processes and digitizing infrastructure
New technology: How you employ intelligent devices and interactive technologies to collect real-time relevant data
Experience innovation: How you deliver digital innovations through products, brand experiences, and monetization mechanisms
Data intelligence: How you use data to provide better information and transparency
Security: How you implement practices to protect customers, employees, suppliers and their data
However, these merely enable your ambitions. You can’t start with them. You should start with a bold vision that puts your customer at the center, which completely changes the way your business operates and relates in the world. And this is where digital business transformation really takes off.
How to start real business transformation for the digital age
In our work with hundreds of clients, we’ve landed on the following seven focus areas key to any transformation. When considering transformational efforts, you should consider the impact that effort will have across …read more