Tuesday, March 31, 2020

Raise the Digital IQ of the Organization

 The digital organization with high digital IQ is able to understand the value of information, fine-tune smart processes, develop the intelligent workforce, and achieve measurable business profitability.

With rapid changes, the exponential growth of information and continuous disruptions, the beauty of the digital landscape is the fresh insight of the great architectural design and business ecosystem dynamic.

Organizations today need nothing less than a paradigm shift in their thinking about the fundamentals of how organizations work, as well as how to build an ever-evolving digital organization with high digital IQ - understanding the value of information, fine-tuning smart processes, developing the intelligent workforce, and achieving measurable business profitability.

Provide information accessibility and availability, and drive critical insight: The most powerful and differentiating asset in all of today's businesses is information. Focusing on the information aspect of the role in the context of the business is part of the digital transformation. In a business scope, there are some of the important bits and bytes of information needed to forecast the business growth opportunities or capture customer insight. Organizations with high “digital IQ” can weave information into the very fabric of the business, optimize its usage and achieve its value and full potential.

On the flip side, information is something that can hinder the achievement of strategic objectives, having it unavailable or compromised. The quality of intelligence depends greatly on the quantity of information. The digital information management cycle is concerned with information classification, manipulation, and dissemination evolves managing data, information, knowledge, business insight and foresight smoothly. Data-based forecast precision helps the company capture the rising business opportunities timely or prevent potential risks effortlessly.

Shape intelligent digital workforce enabling intellectual stimulation, trust, and reliability: Today's digital workforce is technology savvy and hyperdiverse new breed, developing a high mature digital workforce won’t happen overnight, organizations today need to redefine themselves in which talent can develop and learn more rapidly than anywhere else. It takes planning, adapting, and innovating, such as the integration of cross-training and knowledge-sharing opportunities, having a plan for succession, enabling intellectual stimulation, trust, and reliability, etc.

Technically, there is no single initiative that will suffice to raise the digital IQ and shape the intelligent workforce overnight, people should adapt themselves and their organization through a collaborative and peer to peer approach. The digital paradigm arises out of new knowledge and the emerging trends to nurture a high mature digital workforce and reinforce the very characteristics of the digital business such as enlightenment and people-centricity.

Build smart processes and improve process intelligence to ensure transparency and visibility: A business process is "smart" when it accommodates controlled excursions away from what would otherwise be a rigid sequence of steps. The smart process needs to have dynamic aspects to it. It is rigorous; it can handle ad-hoc and exceptional matters smoothly and it ‘knows’ enough to be able to handle failures effectively. Smart business processes should actually be born out of a strategy, such as a process for customer services, when applied strategically saves much cost, allowing you to become more competitive to achieve business goals.

Process Intelligence is the information that is extracted from a process about the process; throughput times, bottlenecks, etc. Process intelligence can also mean process governance –the process to manage processes, such as risk control, compliance, monitoring, etc. At the business scope, you create a system around the process, call it a management system which becomes a vehicle for strategy execution.

Strike the right balance between customer-centricity and profitability: The digital evolution means that channels to customers. Without customers, an organization cannot survive and without profitability, an organization cannot grow and thrive. Organizations with high digital IQ have a clear understanding of how customer-centric approaches enhance the business model and extend profitability. Everything from how pricing is affecting close times and support calls to referral business activity triggered by high customer satisfaction, etc.

Exert lots of intelligence, through data-based insight, the businesses know what they are giving the customer is both what they really want and what they are willing to pay for. Try to inspire everybody and fight to make your organization customer-centric, also keep at the profitable trail for the long run. For example, the dominant focus on high-value clients may principally be around the retention and penetration lever, whilst efficiency may be the focus for lower value deciles.

The metrics-wise engagement and measurement of business value generation:
A measurement system is a necessary foundation for improving digital IQ and making continuous improvement. The data-oriented metrics-wise engagement is leading the organization to become much more proactive and intelligent in problem-solving, proposing, as opposed to responding to ideas, accelerating the business speed and improving customer satisfaction.

Measurement systems must be in place as part of overall portfolio management to ensure the value proposed in any business case is actually realized. Metrics can help you get some objective perspectives on what you are trying to manage, but they need to be crafted and interpreted well. The right metrics can be helpful to track progress in business improvement initiatives or digital transformation.

Digital transformation represents a break with the past, having a high level of societal impact. The company management is responsible to achieve the strategic goals by leveraging business resources and overcoming day-to-day uncertainties, raising the digital IQ, with the goals of running a highly intelligent and highly effective digital business.


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