To reach the high level of digital business maturity, an organization of today or the future needs to take initiatives to create the new paradigm shift, be run in a digital way to unleash their full potential.
How the business initiative develops compelling business cases in today’s business reality, can business leaders work against all odds, deal with lots of resistance or change inertia, continue making appropriate adjustments to build a strong business initiatives portfolio for achieving high performance results with quality and consistency?
Innovation initiatives: Digital is the age of innovation, innovations often happen at the intersection of people and technology; business and customers. Organizational management can take initiatives to discover more hotspots of innovation. Instead of being rigidly grouped around a specific function or organization, innovation initiatives usually are cross-functional efforts, especially the large-scale innovations that require mass collaboration across the business system. Statistically, innovation management has a very low success rate. The management needs to check the very purpose behind initiatives, as well as the effectiveness of methodology and practices by asking: how the innovation initiative differentiates the organization from its major competitors? Can their processes do what they promise? Innovation shouldn’t be serendipitous, focusing on customers' needs should be an easier path to seed and grow the innovation fruit.
In many cases, innovation in today’s digital world has become increasingly complex in nature, it’s usually a collaborative effort that takes seamless people, process, and technology alignment. Without a clear vision, leaders often miss the big picture and become complacent or comfortable with the status quo. Only initiatives that support the achievement of clearly-defined objectives should be implemented. For the large scale of business initiatives, it’s important to establish a cross-functional team to involve multifaceted management, space and time are made to scope, plan, and execute in a structural way, and improve innovation initiative success rate. Sometimes, when one business area has a new product that can be used by another, business leaders can connect the dots to come up with new innovative solutions. The science of innovation is to manage innovation life cycle and execute in a systematic manner that provides sustained competitive advantages.
Information initiatives: Information is the most invaluable business asset. The power of information is to empower the business with real-time insight across the organization in ways never possible before. In a business scope, there are some of the important bits and bytes of information needed to forecast emerging trends, the business growth opportunities that need to be captured, or the risks that should be prevented timely. However, there are all the bells, hype and whistles for information management initiatives. It doesn’t mean every business must pour huge amounts of resources into information initiatives. Without planning and prioritizing well, information analytics initiatives might fall by the wayside because they are not perceived to have an impact on the business as a whole.
It is perhaps the time for reassessing the way data analytics works to respect and accommodate the data-driven approach. Organizations are looking at new initiatives to increase revenue growth and improve efficiency. To predict and respond to the emergent business properties and make data more “visible” for shareholders, linking information initiatives management to multiple business domains within the enterprise and their business partners for improving business effectiveness and efficiency. The management needs to assess the information initiatives effort through asking: Do you have reports from different sources that don't match? Do you waste time running multiple apps or business processes that have substantially the same data domain but different data repositories? Do you have to combine this data somehow to get meaningful reports? Etc. In practice, real-time Information Management involves the use of technologies and processes of capturing, developing, sharing, and effectively using organizational information timely, with the aim of optimizing the business value that is generated.
Initiatives with ecosystem impact: Recognize and prioritize initiatives that take a comprehensive, anticipatory, and design approach to radically advance human well-being and the health of business ecosystems: Organizations need to take great opportunities for solving crucial problems by assigning their resources and time carefully and solving problems that really matter coherently. Great business initiatives should be viewed as an "opportunity" for solving the most crucial problems or the chains of problems effectively. It’s important to highlight the value of having a good understanding of current and future capabilities, develop and improve the overall organizational competency, link the power of inclusion to key business initiatives and team effectiveness.
A formal business requirements initiative performing enterprise mission and stakeholder needs in-depth analysis. To manage a balanced business initiatives portfolio, a formal business requirement initiatives checklist includes such as enterprise mission and stakeholder needs analysis, enterprise system requirement development and management, talent, skillset, business capability requirement, etc.The tough choices always need to be made - when should you reap the quick win, when shall you focus on long-term growth. Enterprise success is dependent upon few core and differentiating business capabilities.
All business initiatives should achieve some business result directly or indirectly. The bulk of information, methods, and approaches involved as well as the complexity of processes encountered speaks in favor of the scientific approach for business initiative management. To reach the high level of digital business maturity, an organization of today or the future needs to take initiatives to create the new paradigm shift, be run in a digital way to unleash their full potential.
Innovation initiatives: Digital is the age of innovation, innovations often happen at the intersection of people and technology; business and customers. Organizational management can take initiatives to discover more hotspots of innovation. Instead of being rigidly grouped around a specific function or organization, innovation initiatives usually are cross-functional efforts, especially the large-scale innovations that require mass collaboration across the business system. Statistically, innovation management has a very low success rate. The management needs to check the very purpose behind initiatives, as well as the effectiveness of methodology and practices by asking: how the innovation initiative differentiates the organization from its major competitors? Can their processes do what they promise? Innovation shouldn’t be serendipitous, focusing on customers' needs should be an easier path to seed and grow the innovation fruit.
In many cases, innovation in today’s digital world has become increasingly complex in nature, it’s usually a collaborative effort that takes seamless people, process, and technology alignment. Without a clear vision, leaders often miss the big picture and become complacent or comfortable with the status quo. Only initiatives that support the achievement of clearly-defined objectives should be implemented. For the large scale of business initiatives, it’s important to establish a cross-functional team to involve multifaceted management, space and time are made to scope, plan, and execute in a structural way, and improve innovation initiative success rate. Sometimes, when one business area has a new product that can be used by another, business leaders can connect the dots to come up with new innovative solutions. The science of innovation is to manage innovation life cycle and execute in a systematic manner that provides sustained competitive advantages.
It is perhaps the time for reassessing the way data analytics works to respect and accommodate the data-driven approach. Organizations are looking at new initiatives to increase revenue growth and improve efficiency. To predict and respond to the emergent business properties and make data more “visible” for shareholders, linking information initiatives management to multiple business domains within the enterprise and their business partners for improving business effectiveness and efficiency. The management needs to assess the information initiatives effort through asking: Do you have reports from different sources that don't match? Do you waste time running multiple apps or business processes that have substantially the same data domain but different data repositories? Do you have to combine this data somehow to get meaningful reports? Etc. In practice, real-time Information Management involves the use of technologies and processes of capturing, developing, sharing, and effectively using organizational information timely, with the aim of optimizing the business value that is generated.
Initiatives with ecosystem impact: Recognize and prioritize initiatives that take a comprehensive, anticipatory, and design approach to radically advance human well-being and the health of business ecosystems: Organizations need to take great opportunities for solving crucial problems by assigning their resources and time carefully and solving problems that really matter coherently. Great business initiatives should be viewed as an "opportunity" for solving the most crucial problems or the chains of problems effectively. It’s important to highlight the value of having a good understanding of current and future capabilities, develop and improve the overall organizational competency, link the power of inclusion to key business initiatives and team effectiveness.
All business initiatives should achieve some business result directly or indirectly. The bulk of information, methods, and approaches involved as well as the complexity of processes encountered speaks in favor of the scientific approach for business initiative management. To reach the high level of digital business maturity, an organization of today or the future needs to take initiatives to create the new paradigm shift, be run in a digital way to unleash their full potential.
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