One of the major driving factors behind the digital transformation our world is going through is the internet. At first it was a way to exchange information and emails, today it is a platform for global innovation and customer engagement. It gives us access to amazing minds and capabilities and through it we can bring together processes, applications, data, and resources faster and more effectively than at any other time in history it is also leveled the playing field, it's a platform that's open to anyone whether you're a high school kid with a great idea or a global enterprise with hundreds of thousands of employees. Today the Internet has become a highly evolved platform for communication not only for people but also for the systems products and devices that are connected to it.
How has communication technology evolved over the history? First it was the cave paintings, then it was signal fires and drums that allowed us to communicate simple messages and warnings, then it was the telegraph, then the phone, then came the radio, next the television, today we have the world wide web. Each of those innovations, each of the changes in communication technology forever changed our society, our lives and our industries. As access to the internet grows, changes are forced upon us and our industries.
Norton predicts that there will be over 21 billion IoT devices connected to the internet by 2025, this will include cars. This promises to blur the boundary between our physical and digital worlds.
The question to you is…
How will you leverage the Internet and its capabilities and global reach to find new ways to design products, engage and support customers and configure operational systems that make your company a vibrant interoperable part of that digital future?
These are the technologies that may already be impacting your customers and your company today.
Each of these technologies is a powerful change agent and these technologies and the Internet that enabled them are creating digital ecosystems that are even more powerful. These digital ecosystems enable you and your customers as well as their customers and others to facilitate and achieve business and personal outcomes in ways we never dreamed up before. These digital ecosystems are continually evolving as the technology they are composed of is innovated and because they are changing what your customers value and what you must do to compete for their business understanding them is critical to the development of a successful digital strategy.
In the not-too-distant future we are going to expect all our cars to drive themselves with a kind of connected intelligence that we have not seen before. With the rise of intelligent infrastructures on the Internet of things, sensors and devices and the rise of artificial intelligence we will expect the products in our homes offices and factories to support and interact with us with the same kind of intelligence.Your visionary customers are acutely aware of these changes and the ecosystem surrounding them and just as you are doing, they are in the process of developing their digital strategy. Understanding them and the strategies they are going to pursue is another key part of developing a successful digital strategy for your company
As incoming technologies, new customer experiences and new business models enter the market they are eroding the value of existing products and systems and products. In product management that phenomena is called the S curve, it represents the life cycle of a product and how it is impacted by new technology and capabilities.
As new products based on new technologies enter the market it takes them a little time to gain traction, at a certain point the products and systems based on older technology become obsolete as products based on newer technologies replace them. The S curve dynamic impacts not only your products and services but your marketing systems operational systems as well.
Your digital strategy needs to anticipate those incoming S curves and move your company to them before your ability to compete is eroded. Given those market forces it is no wonder CEOs across the world are pushing their companies to embrace and move forward with digital technologies, our guess is your company shares some of these same priorities, those priorities include.
Digital technology plays a key role in the 4 priorities mentioned above. Digital transformation is reshaping most industries.
Value Chain - Competitive advantage
A Value chain breaks a company down into the processes by which it creates value, those include things like manufacturing, supply chain management, product development, marketing, purchasing and more. Extend that to other organizations and you have an industry value chain. Each of those processes are supported by several jobs. In a status quo-oriented market those processes and jobs in that industry value chain remain static but as we all know digital transformation is dramatically reshaping those value chains, they are eliminating costs and risk and time as well as frustration for some jobs and they are adding new capabilities speed and performance to others. They are also disrupting companies that have not moved quickly enough and they are enabling the formation of new companies have adopted the new technologies and through them have brought breakthrough capabilities to the ecosystems in industry value chains that they support.
Most corporate executives believe that digital technologies will disrupt their existing business model soon. One of their biggest concerns is that know that they do not have the digital skills to address it. This is one of the most important things Digital transformation programs need to address.
To get started with Digital Transformation, these are some of the questions your digital leadership team can start with.
How technologies and digital ecosystems are shaping your industry and your customers?
How will they impact the competitiveness of your product's marketing and operational system?
When will those begin to significantly impact you if they are not already?
What new business and technical skills will you need to compete as that digital future unfolds?
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