Digital Businesses use technologies to generate values in business models, customer experiences, and inner capabilities which reinforce their core operations.
Future of Business!
Welcoming the New World of Enterprise IT
Digital’s new corporate practices,
- Better client engagement
- Quick delivery of digital products
- A sound, secure technological & information framework
Foundation Building
A new era of digitalization is specialized in enduring, far-reaching business model changes in most sectors of the economy entangled with leadership and technology.99% of top performers say IT is crucial to business model change.
The tactics from the 2019 CIO Agenda report,
- Analyze perspectives with over 3,000 peers
- Grasp from top-performing organizations.
6- key Points For Successful Transformation
6 Stages of Transformation
1) The rules of digitalization have changed
Digital businesses extended a tipping point as firms scale their digital capabilities. Digitalization and growth are the top priorities.
How should CIOs respond?
Strengthen the firm’s capabilities in
- Volume
- Scope
- Agility
33% of organizations have reached digital scale ( 17% in 2018).
2) Business model change is inevitable
As a result of digital drivers, firms are turning their focus from what they sell to how they sell. Customer expectations and brands are the common external drivers of the business strategy change.
How should CIOs respond?
- Stay active in conversations about strategic planning & inculcate IT abilities in the business plan.
The business model has changed or is changing, 49 % of respondents report.
3) The consumer is at the center
Digital offers ways to get your audience involved to provide a superior consumer lifetime experience and cost management. Though private and non-profit organizations successfully or unsuccessfully engage consumers, these activities are critical for growth.
How should CIOs respond?
- Measuring the engagement of customers.
4) With consumer engagement comes reward and risk
Consumers are central to business and it is critical for success to protect their data. Most of the surveyed CIOs agree that the threat of cybersecurity will continue to increase and it is leading the charts on the disruptive deployment of technology as there is less agreement on cybersecurity.
How should CIOs respond?
- Train Board and senior management on how to think about cybersecurity risk and be more responsive
5)Product-centric approach is better
For the digitalization of business models, flexibility is critical. To achieve success, firms need to move to continuous integration & delivery from project-based episodical delivery.
How should CIOs respond?
- Determine the technical obstacles to product centricity and engage collectively
55% of organizations report they are moving from project to product delivery.
6) A digital transformation is a rebalancing act
As a digital endeavor, both private and public sectors transform their business models into
- Improve, update IT processes by providing innovative products for a change.
How should CIOs respond?
- Find ways to redistribute investments in potentially interrupting technologies among businesses that consume 71% of the budget.