There’s no denying that we are living in a new digital reality. Technology continues to evolve and innovate business, which presents both challenges and opportunities. It is also changing the way we must think about our businesses. Executives in the C Suite have to recognize their power in either encouraging or discouraging team members from engaging in digital transformation.
In the recent webinar, The C-Suite as Catalyst for Digital Transformation, Dr. Vallabh ‘Samba’ Sambamurthy, Albert O. Nicholas Dean at the Wisconsin School of Business outlined six key focus areas the C Suite must pay attention to as a catalyst for transformation.
“Digital transformation requires a willingness to change.”
Dean Sambamurthy
Reimagine Your Business
First, you need to be open to reimaging your business around your customers. Dean Sambamurthy stressed that organizations should not constrain and limit themselves to what they currently do. Executive leaders need to reframe the customer focus. For example, are there segments of customers you don’t currently serve, and what is holding you back from serving them?
In terms of how to reimagine your business with digital transformation, your biggest assets are data and customer knowledge. Use that information as you ask yourself, “What businesses can we be in? What businesses do we want to be in? How will we get there?”
Reimagine Your Ecosystem
Tying into reimagining your business, it’s important to look at your current ecosystem. The concept of industry boundaries is no longer relevant, Dean Sambamurthy pointed out. You no longer are limited to “how it’s always been done.”
Discover the Digital Sweet Spots of Opportunity
Once you’ve considered how your business and ecosystem can transform, you need to explore how technology can help you uncover new “sweet spots” of opportunity. Ask yourself, “How can I use technology to enrich the customer experience? How can technology improve our core operations? What new digital products and services can we offer?”
Create New Digital Business Models
The traditional omnichannel business model still works for many businesses, but the platform model is fast becoming the business model of choice for several companies. The platform model shifts a business from the traditional “make and sell” model to a “connect and sell” model.
Reconnect With Your Customers
The traditional marketing funnel is also changing. Businesses must now pay close attention to the C to C (consumer to consumer) channel. Consumers are talking to each other through social media. Businesses need to use social media listening to reconnect with customers.
Through social media listening you will find out what your customers are telling other customers or asking. You’ll learn what they are saying about your business and products. How is your business responding to negative comments? How are you leveraging the positive comments? How are you engaging with your customers through social? This new digital reality has transformed a business’s social media presence from nice-to-have to need-to-have.
Champion Digital Transformations
As mentioned above, executives are in the unique position to encourage or discourage digital transformation. When it comes to digital transformation, Dean Sambamurthy points out that the hardest part is changing the mindset. The tone is set from the top down. Is the C Suite talking about digital transformation, and how are executives talking about it?
The evolving technology and new digital reality will continue to shape future business strategy, and organizations need to stay ahead of the game. For more advice from Dean Samba on how all levels of the C Suite must be catalysts for digital transformation watch the full webinar recording. If you’d like to ensure your organization’s leaders are well equipped to encourage digital transformation, set up a Discovery Session with our Solutions Advisors.
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