Most organization, when they opt for some kind of a digital transformation, tend to trust their tech guys the most. Those are the folks usually young, and typically having overseen major digital expansions at different places. However, repeated studies and observations have proven that this is not the right track to follow. This is because these digital experts parachuted from some other company, usually lack the connect or the know- how of the said industry to make any real impact. Digital need not always be disruptive. It simply requires a rethink on the present business model, and how these digital tools may be used to benefit the final consumers. Another reason for these digital experts’ failures at eliciting a digital transformation is their over focus on the corporate strategy. They are known to broadcast their strategic vision far too early, only to leave many disappointed over time. Instead, companies must opt to hand over this task to a company insider, even if that person has been reluctant towards the said strategy. This is because he/ she will have a better knowledge on the company, product and the overall industry.

Source:https://hbr.org/2019/08/dont-put-a-digital-expert-in-charge-of-your-digital-transformation?utm_campaign=hbr&utm_source=twitter&utm_medium=social

Uploaded Date:10 August 2019

Newer applications are being used up by companies to rework their business models. At times, this is even leading to a total disruption of their industry itself. One of these new technologies finding a lot of traction now is blockchain. This is true for across the industries such as energy, health care, real estate, aviation, retail, supply chain management and telecommunications, besides others. Blockchain’s biggest success will be in helping entertainment and media companies monetize to the hilt. Magazines and newspapers have been unable to do this in spite of a slew of inexpensive content, but blockchain- driven digital marketing may be able to. A lot of the advertising revenue is now generated via search engines and platforms. The distribution of digital content has also been uneven. There is of course, a lot of hype surrounding blockchain. So, it is time for marketers and media companies to separate the hype from reality.

Source:https://sloanreview.mit.edu/article/blockchain-is-changing-how-media-and-entertainment-companies-compete/

Uploaded Date:23 July 2019

The present business world is one heavily loaded in favour of the platform- based companies. That is why tech companies now need to know how to navigate within those platforms. These platforms may broadly be divided in to three types. There are Core IT companies, business- capability platforms and the customer- journey platforms. The best of these tech firms follow a Mission Control strategy with regards to platforms. So, they make allocation and strategic decisions. Their standards enforce ensure interoperability and speed. They can even coordinate programmes that cut across platforms. For an ideal platform approach to thrive in, the portfolio fitness needs to be assessed at the start. Much effort needs to be made on setting up the initial platform teams. The talent recruitment process must focus on hiring a platform leader, technical members, business members and those with functionary skills. Instead of transforming all at once, a platform- by- platform approach will be better suited. The entire system management needs to be funneled via the executive committee.

Source:ttps://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-platform-play-how-to-operate-like-a-tech-company

Uploaded Date:23 July 2019

Digital transformation is utmost on the minds of several business leaders now. Suites of technologies are competing to be central to this altered corporate strategy. However, experiments have confirmed that more than the technology, it is the company culture that will be crucial. A digital culture is also good for the employees, as it empowers the stakeholders to drive quicker results. It helps in talent recruitment and retention. Those that ignore risk, end up risking the entire transformation strategy. To execute such strategy, companies need to explore external factors, and not just look inside. Delegation has to be prized over control freakishness. Similarly, more than caution, boldness must take over. Team collaboration will always yield the better results over mere individualistic effort. Beyond planning, the team leadership has to be more actionable.

Source:https://www.bcg.com/digital-bcg/how-to-drive-digital-transformation.aspx

Uploaded Date:20 July 2019