DEVELOP NEW CUSTOMER SEGMENTS
Companies that adopt bold offensive strategies in the face of industry digitization will come out the winners. The primary focus should be on developing new customer segments rather than just defending existing business lines through cost cutting, automation, or service improvements for existing customers.
INTRODUCE NEW BUSINESS MODELS
Bold responses are required. Innovative companies are experimenting with business models intended to disrupt their own legacy strategies. Align Business Strategy with Digital Transformation Initiatives. Stop running faster only to stay in the same place.
REDEFINING THE VALUE CHAIN
Digitization is a multidimensional concept. It can manifest as automation in the supply chain; a new distribution or customer engagement platform; a virtualized or dematerialized product; or a strategic shift from product-based to service-based offerings.
Map how vulnerable you are to digital disruption
The radar of disruption exposes company threats from multiple forms of competitions including established tech firms, new market entrants, nimble competitors, large incumbents and startups.
Customers use the product only partially
Production is inelastic to price
Supply is utilized in a variable or unpredictable way
Fixed or step costs are high
Challenging questions CXOs must answer correctly to lead your company in a successful DX
Digital transformation is an extinction level event. It changes everything about how products are designed, manufactured, sold, delivered, and serviced.
Are my products and services becoming commoditized or obsolete?
Are my new product launches meeting and exceeding expectations?
Is digital reshaping my industry?
Do you know which customer journeys matter?
Are your teams collaborating across functions?
Do you have a culture of experimentation?
Are your budgets tied to progress?
Do you have mechanisms to challenge ideas?
Are your people empowered to act?
Are you coordinating a portfolio of initiatives?
How well do you know where change is occurring?
EpicDX drives successful transformation outcomes
Companies that excel at identifying market opportunities develop a unique point of view—one that’s based not on a synthesis of third-party market research reports and analysts’ perspectives, but on proprietary insights, collaboration with peers across all departments and through regular engagement with customers and sellers.
Because of the game changing potential of digital transformation, an organization’s digital strategy will likely drive the overall business strategy.
Stakeholders from every key business unit should be involved in the discussions that establish the strategy, architecture and operating model for organizing processes, people and technology.
Digital Transformation demands focused attention from all areas of the business in real time working together.