Digital businesses think about technology in different, fundamentally new ways. Going digital is an enabling tool for a business’s critical needs, a source of innovation for increasing future revenue and also prevents business disruptions.
A lack of digital business competence is predicted to cause 25% businesses to fall in competitive rankings. So to ensure your digital strategy turns out to be are fruitful, we have jotted down a few steps.
Steps for career success
- The right mindset
The expansion of IT operations is not the only goal of a Digital business. A Digital business leader must think about technology in a fundamentally different way than in the past. It is not just an enabler to be applied to the present business and IT operations, but also a source of innovation and opportunity for the future.
It is a more futuristic model and focuses mainly on creative disruption and new business models to gain competitive advantage. In the context of digital business, there is a business moment, which is a brief everyday moment in time.
A business moment sets in an array of events and actions involving a network of people, businesses and things that span across multiple industries and multiple ecosystems. They provide specific opportunities, and the mark of a healthy digital business is the ability to spot them. The opportunities include the following:
- They compel enterprises to rethink their role in a value stream.
- They demonstrate a wide variety of possibilities and help companies envision and design new businesses that integrate people, businesses and things.
2. The right leaders in Career
The rapidly-changing digital scenario is exposing gaps in its leadership. This is common with regard to front office disciplines (related to the customer experience) and head-office disciplines (related to enterprise strategy). Three types of digital business leaders have emerged to fill these leadership gaps:
- The digital strategist
- The digital marketing leader
- The digital business unit leader
These roles are not titles and usually a chief digital officer (CDO) is used for each of them. They are likely to be in the scenario for the next 5 to 10 years, but in reality are just interim positions. This is because digital will become a part of everything soon, making a single, separate role dedicated to digital initiatives unsuitable.
3. A digital business centre of excellence
Creating a digital business Center of Excellence (COE) provides input, advice and opportunities for a conjoined formation of a digital strategy. The advice, innovations and capabilities needed for execution can also be conjured. The following points must be applied:
- Access digital opportunities
- Examine strengths and weaknesses
- Modify the digital strategy
- Identify new technologies and how they might pose a potential threat.
As a business leader, you should engage people across the enterprise and from outside the enterprise and industry, such as current and potential users. Recognized and unrecognized thinkers, both associated with and orthogonal to the focus of your enterprise’s main vision should also be covered.
4. Formulate a Digital Strategy to respond to career opportunities and threats
The following five areas must be covered once the need for a digital business has been realized:
- New digitally enabled business models afford new sources of revenue and disruptive competitive advantage, but only for a short period of time.
- In an increasingly digital world, products and services can be virtual, with no physical presence.
- Information, and its effective use, has become a strategic asset and a competitive advantage to the digital businesses best able to exploit it.
- In the digital enterprise, mobile devices and bring your own device (BYOD) are becoming more commonplace, cloud computing and cloud-based services of all kinds are proliferating, and data of all types is exploding.
- A successful digital business strategy depends highly on understanding customers’ preferences for channels, the segmentation, and the possibilities associated with each instance.
5. Effectuate new digital business capabilities
It is expected that digital business expertise will spread around businesses within two or three years. But, many enterprises acknowledge that their workforce is unprepared and inadequate. They will need to explore the kind of disciplines needed to drive digital business initiatives.
The recruitment practices will have to be changed as traditional ones would not suffice. Launching of boot camps and other learning programs about digital business across all areas of the business would be seen as necessary. The enterprises should mine informal networks by applying digital business and digital technologies to the distribution of work and look at piloting new channels for finding, building and acquiring digital business capabilities.
Digital business is changing the way organizations use and think about technology, moving technology supporting businesses to the top tier in innovation, revenue and market growth.
New and upcoming businesses, as well as the old experienced players, should realize this and consider digital business not an IT program but a lingua franca. Before you start on the digital career journey, just equip yourself with the myths behind digital business.
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