Digital by Design: 7 Key dimensions of a Successful Digital Transformation Strategy
- Leadership & Organisational Culture in Digital Era
- Employee Engagement & Retention in Digital Business Models
- Industry Partnerships & Digital Value Chains
- Disruptive Technologies & Exponential Growth
- Data Science & Quantum Leap in Strategic Foresight
- Cyber Security
- Cyber Law
In this introductory serie the 7 key dimensions are briefly explained. There are 7 key questions to ask while developing a Digital Transformation Strategy.
Digital transformation initiatives are the top priority for todays CEOs and CIOs around the globe. Accelerating adoption of disruptive Information Communication Services and Technologies is widely recognized as one of the most critical drivers for future business success.
Will your business exist in the next 10 years?
According to a research over the next 10 years, 40 % of the companies indexed as Standard & Poor’s 500 will have ceased to exist unless, they keep up with emerging digital economies. Consequently, most business leaders believe the digital economy will have a major impact on their industries, but only a few have a comprehensive digital transformation strategy in place and execute it. Digital Transformation is no longer a choice but an imperative for business success.
What operational and strategic capabilities are required to build and deliver on demand “Customer Experience” while maintaining enterprise agility , speed and security in today’s hyper connected world?
Innovative technologies are changing the world around us in a fast pace. The increasing speed of digitization of organizations and robotization of industries have social and economic implications for our key sectors such as Finance, Transport, Retail, Healthcare and Professional Services.With emerging technologies, such as Fintech and Blockchain the future banking services will be integrated in the Internet of Things. Autonomous technologies will transform our transportation sectors. On demand 3D printing, will revolutionize our retail systems and Artificial Intelligence will disrupt our Professional Services.
The increasing pace of all those technological advancements and disruptive innovations have great impact on businesses and people’s professional and private lives. The most significant cases in digital transformation emerge in today’s lean start-ups. However, changing from an existing successful business model to a new digital business model is extremely difficult.
How can you lead your business to the future with Digital Transformation?
Leadership & Organisational Culture in Digital Era
Do you have a “winning” leadership team and an enabling culture in place?
Digital Transformation is not only about technology. It is 90% about people. Whether those people are your customers, your employees, your business partners or those who lead your organization. Therefore, successful digital transformation necessitates a strong leadership team capable of effectively and efficiently translating strategic vision for digital change by enabling an innovative organizational culture based on value creation, trust and reliability. Moreover, the leadership team must design an organizational culture to empower a resilient workforce, enforce secure IT systems and integrate high level of enterprise interoperability.
Employee Engagement & Retention in Digital Business Models
What is your return on employee engagement?
In any organization, employees are the most valuable assets. Therefore, employees must be educated and informed about the use of emerging technologies and their use of customer data from an early age. Furthermore, changes in customer’s buying behaviours, attitudes, and expectations also force companies to rethink how to attract, treat, and retain their employees.
In order to achieve higher employee retention and engagement, an organization should invest in “transformational change” which enables employees to live their digital lives at work with transparency, authenticity, personal engagement, and, above all, contemporary corporate hierarchy and political models.
Industry Partnerships & Digital Value Chains
Do you have “in depth” understanding of your industry’s digital trends?
The digital ecosystem involves multiple key players who contribute to the value chain of any given business. The tremendous opportunities and challenges of digital transformation can only be mastered co-operatively together with customers and industry partners from diverse regions and industries. Therefore, the process of crafting digital business models and understanding the economics of these models requires cross industry collaboration, in-depth understanding of the key digital market trends and how these trends impact your customer’s experience and decisions.
Disruptive Technologies & Exponential Growth
Are you effectively exploiting the emerging technologies such as: Fintech, Blockchain, IoT, Big Data,
Advanced Analytics, Artificial Intelligence and Cloud Computing?
Customers nowadays expect to have access to everything all the time from any device anywhere in the world for all kinds of purposes. Furthermore, they expect every organization to deliver products and services on demand and with a seamless user experience that offers intuitive interfaces, around-the-clock availability, real-time fulfilment and high quality.
Organizations should take into consideration that digital platforms and technologies are evolving at an exponential, rather than linear speed. No matter which current trend a company picks up on today, the foundations of it will be the cloud, supercomputing and artificial intelligence. Therefore, businesses must go far beyond simply automating existing processes. Furthermore, to meet the increased customer expectations, they must reinvent entire business processes, using cutting edge digital technologies. They should invest in enterprise interoperability as a cornerstone to be “consumer centric”.
Data Science & Quantum Leap in Strategic Foresight
How is your data guiding your decision-making?
We are living in the era of Big Data. It is predicted that by the year 2021, more than 50 billion devices will be connected to one another, from smartphones to cars to industrial appliances.
This will generate an exponential amount of data to be stored and processed. Moreover, all this data is going to be the most important resource for building, maintaining and securing our digital societies. The relatively new idea that data itself has intrinsic business value is forcing corporate IT departments to rethink many long held beliefs about data management.
Information and Communication Technologies (ICT) conventionally focused on the processes around managing data, rather than on data itself. The notion that data has value that it is, in fact, the new oil for radical innovation is having a seismic impact on how we perceive ICT. We are witnessing radical expansion and integration of digital devices, networking, data storage, and computation systems. Data generation and consumption is becoming a main part of people’s daily life especially with the pervasive availability and usage of Internet technology and applications. Therefore, it is essential to understand the drivers of digital transformation, including the role of big data and advanced data analytics.
What is your “Return On Cyber Security” (ROCS)?
Placing firewalls around IT systems is not enough. Digitization increases the risks of consumers and companies falling victim to evolving cyberattacks. From critical infrastructures, to processes, to data, to people, cybersecurity touches everything an organization is doing. Cyber security refers to the group of technologies, processes and practices employed to protect the digital world as well as organization and its assets from cyberattacks, damage or unauthorized access.
The continuous availability and security of our information and critical infrastructures is therefore a “shared responsibility” that we all must embrace to keep our societies and our nations secure. Consequently, a multidisciplinary cybersecurity team is indispensable to fully understand the different aspects of the threat actors and attack surface. §Moreover, a shared responsibility requires a cross industry collaboration with unified information sharing based on common practices, procedures and policies build upon trust.
In summary: digitalization must meet the essential requirements of integrative cybersecurity, reliability and quality covering everything from the security of data, processes and networks to the security of datacentres, infrastructures, applications and devices.
Are you using Policies, Regulations and Legislations for as “being compliant” or to “add business value”?
Cyber law is one of the newest areas of the legal system. Cyber law provides legal protections to peoples using the internet and affiliated technologies. This includes both businesses and everyday citizens. Understanding cyber law is of the utmost importance to anyone who uses the digital technologies. Cyber Law has also been referred to as the "law of the internet." It is a domain covering many areas of law and regulations. Some leading topics include internet access and usage, privacy, freedom of expression, and jurisdiction.
Depending on your industry and geographical location certain laws and data protection regulations may apply to your digital transformation initiative. The interplay with policy, regulation and legislation is there to enforce transparency, reliability and privacy of customer data. In Europe there are two main directives to consider when planning for a digital transformation:
· Network and Information Security Directive (NISD)
· General Data Protection Regulation (GDPR)
Do you want to know more about how I can help your organisation succeed with digital transformation? or Do you have any questions please do not hesitate to Contact me!
About Sheraz Ali, M.B.A
Mr Sheraz Ali is an award-winning serial entrepreneur and digital transformation advisor to businesses and federal governments. With over 9+ years of experience in diverse management and consulting roles in the fields of Information & Technology Services, Business Consulting, Financial Services, Cyber Security and Risk Management, he helps enterprises to innovate and excel in highly competitive and rapidly changing business environments.
He supports businesses and federal governments with their digital transformation so that they effectively and efficiently can innovate and build disruptive products and services by integrating the power of emerging technologies such as: Fintech, Blockchain, IoT, Big Data, Advanced Analytics, Artificial Intelligence and Cloud Computing.
For more information please Contact Mr. Sheraz Ali