(Originally published elsewhere in 2019) This post follows on from my previous review of WEF DTI Digital Transformation themes post on Digital Transformation opportunities and themes. The DTI assessment[1] from May 2018 noted a number of advanced technologies which would impact businesses, through enabling new capabilities and ultimately driving new value to customers and other stakeholders. This post touches lightly on one of the themes from the DTI assessment, and how it may further impact business and society.
Themes
The DTI notes that the following are key themes that have emerged from the analysis of digital transformation across 13 industries (health, retail, professional services amongst others):
- Maximizing return on digital - the topic of this post.
- Digital Consumption
- Digital Enterprise
- Platform Economy
- Societal Implications
- Unlocking Digital Value to Society
I will post on each of these themes aspects I find particularly insightful over a number of posts.
Maximizing return on digital
Investing in new technologies..
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..creates new efficiencies, through modernising, improving or streamlining business processes and optimizing use and cost of assets and resources.
Here I see value as follows. Technology such as cloud and AI can be used to improve value stream stages, and other efficiencies in business process redesign to make optimal use of technology in streamlined operations and reduction of costs.
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..enhances customer experiences,
Here I see the value delivered through omnichannel, new channels, enhanced process, product and solution value propositions which focus on delighting the customer and meeting high expectations of tailored service offerings. Think of cloud and how netflix delivers TV and film to any device, form factor and with video quality and an experience to suit the form factor.
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..builds new business models.
Investing in new business models is difficult and where faster moving startups excel, but finding new technologies to improve the channel, value proposition or delivery through technology providing, for example a platform as a key asset helps to drive revenue and open or expand customer segments. I plan on writing something up regarding the Business Model Canvas as another blog entry. The book “Business Model Generation” was so useful to me in understanding this area, and I hope to continue learning more.
DTI notes that Compound Annual Growth Rate for business spend on new technologies could rise 13% to $2.4 trillion through to 2020! Growth areas include 3D printing, robotics and IoT, and decreases likely in the mobile / social space.
DTI notes that some key enablers are required, such as building ecosystems of partners and suppliers, technology infrastructure build-out, agile and digital leadership, strong data access and management and forward thinking.
It is incredible to think how Digital Transformation can benefit customers and business, and how technology can assist in realizing these outcomes! In my next post I’ll discuss one the other themes listed in the Digital Transformation Initiation report - Digital Consumption.
[1] http://reports.weforum.org/digital-transformation/
Originally published elsewhere on 31 March, 2019.
22+ years experience in solving business problems and maximising opportunities through technology in a variety of industries, public and private sector internationally. I founded architectFWD™ to provide knowledge and trusted advice in the areas of strategy, technology, cloud and digital to enable organisations to become Digital Leaders.