Wednesday, January 1, 2020

New Year Prediction and Trendsetting Initiatives of IT-Led Digital Transformation

To survive the fierce competition and thrive with the long-term business advantage involve planning, action, adjustment, and speed.

It’s the beginning of the New Year, Could it also be the end of the beginning for digital transformation? Business leaders today must ask themselves and others varying thought-provoking questions such as: What are your vision and prediction for the upcoming new year? What role will your business play and which trendsetting initiatives should you take to make a leap of digital transformation?

It is the perfect time for top business management evaluating how fast organizations can ride learning curves, foresee and apply emerging trends to win the competitive advantage.

Catalyzing business model transformation: Organizations large or small are stepping into the deep, deep digital new normal. The emerging digital trends bring significant opportunities for businesses to pursue growth opportunities and unlock performance through the methodical examination of alternative ways to solve business problems or reinvent business models.

 Information Technology changes so fast, IT has been used more and more around the globe for recharging business models and revenue-generating initiatives. In fact, trending emerging technology is a critical skill for contemporary digital leaders to help them foresee the future clearly and perceive “the art of possible” The essence of a business model is some source of value that represents a competitive advantage. Business model reinvention needs to be based on core organizational competencies either through providing value-added products/services/solutions to current customers or exploring the new customer need.

Continuing organizational process optimization and business capability building: A "business process" evokes the notion of inputs, manage known from flowing. The process brings clarity around the rhyme and reason for business transformation. Business processes underpin organizational capabilities that enable strategic communication and execution.

To unleash organizational potential, it’s crucial to continue optimizing organizational processes and build business competencies, which may evolve and move from the fundamental level to the differentiated level between categories based on the technology evolution, business drivers, as well as the business model evolution, etc. This happens when an organization can close the process gaps and decide to differentiate by taking an existing capability to the next level and build differentiated business competency.

Innovating culture as a key:
Culture as collective mindsets and attitude is one of the most invisible but critical success factors of the business. And, if you get the culture right, then people feel they have the freedom to try and even to fail. Cultural change in an organization begins with the involvement of the top management and their commitment to change. Creating and maintaining the right corporate culture is in itself an organizational competency. Culture can powerfully reinforce the competitive advantage a generic strategy seeks to achieve if it is an appropriate one, such as the culture of learning or innovation.

Thus, keep innovating the organizational culture and tie innovations and the innovative culture to the organization's strategy. Design a recognition system and high visibility for all positive contributions to innovation will help in creating a culture of innovation. Develop the right culture through change management or more sophisticated and comprehensive incentives and reward structures, if necessary, then everything else can be connected.

Broadening and deepening the pervasive hyperconnected digital ecosystem: Digital organization is like the switch connected to the dynamic ecosystem which keeps evolving and expanding. Forward-thinking companies across the vertical sectors claim they are in the information technology business. And they are self-adaptive systems which are able to re-configure their own structures and change their own behavior patterns by adapting to environmental changes and managing risks effectively.

They can broaden and deepen the pervasive hyperconnected digital ecosystem and treat customers, channel partners, suppliers, and industry ecosystem participants as active agents who can communicate, participate, negotiate, and cooperate with each other to reinvent a super-conscious business. To effectively respond to the new dynamic, the organization needs to awaken the ecosystem consciousness to become highly responsive and innovative.

Groom world-class leaders and amplify leadership impact: We live in a world where change is the new norm, while there are many components of leadership, one of the most important ones for grooming the world-class leadership is the ability to adapt, model and influence positive change. The challenge to build a world-class leadership is about how to fill blindspots, bridge insight gaps and make a leap of digital transformation. 

World-class leaders with their finger on the pulse of technological advancement or information insight can predict and set trends, provide many ideas on how new technology and abundant information can create fresh new opportunities, renovate business models for upcoming organizational expansion and build a reputable global brand. They can capture the leadership insight based on the updated global view that looks at problems or issues in such a way that a solution emerges through a collaboratively interdisciplinary and multicultural approach. They can also leverage the hybrid leadership style such as “pushing & pulling,” “listening & telling,” “asking & answering,” etc, focus on understanding, convincing, persuasion, and collaboration at the global scope.

The New Year's Day is the perfect time to reflect and resolute, perceive and predict. To survive the fierce competition and thrive with the long-term business advantage involve planning, action, adjustment, and speed. Digital leaders should advocate future trends, inspire their vision, propose new ideas, advocate strategies, generate conviction and enthusiasm for the future of the business.


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