A number of companies from across industries are amidst a digital transformation of some sort or the other. It will be fair to say that many are struggling at it. So, it is pertinent to look at solutions from within the industry as well as external ones. To resolve this, a summit was organized by the World Economic Forum (WEF) in November to discuss these challenges, and best ways to navigate past them. A four-pronged approach was then devised. The four stages are- digital strategy, business model, enablers and orchestration. At the first stage, the company needs to think digital, starting with answering of three critical questions. The said questions will be around the future of the industry, the company’s role in the imminent future and how a path may be created to veer towards the right direction. Then the business model needs to be addressed. Transformations at this stage must be holistic in nature, dealing with changes in customer experience, digitization in services and new economic models. The enablers need to look at the implementation of the strategy discussed. Changes will be wrought out in the operating model, talent management systems, IT usage plus the thorough examination of data and business analytics tools. At the last stage, all systems incorporated so far need to be aligned to work together as an orchestrated unit.

Source:https://www.weforum.org/agenda/2018/01/how-to-transform-a-company-into-a-digital-enterprise/

Uploaded Date:06 February 2018