The common point of discussion in the corporate board rooms mostly revolve around transformation.
For we have all realized that if we don’t transform the way we do business, we’re going to be extinct. It’s not about changing the way we do technology but changing the way we do business.
Organizations today, are becoming a part of a larger ecosystem with value chains getting integrated among businesses, enabling themselves to offer end-to-end services to their customers. Organizations are therefore orchestrating a digital ecosystem themselves. This enables them to offer multiple products and services, or put their focus on a niche service that value adds to the customer experience.
To work efficiently within such highly integrated ecosystem, employees have to work together in a way that break down silos and collaborate across various departments. The workforce that is scattered geographically need highly effective collaboration tools to share documents, knowledge, ideas and experiences.
This is possible only by introducing digital business models into your organization. This kind of transformation allows employees to respond quickly and continuously to changes in the market and within the organization. Organizations that design an ecosystem and introduce their standards into the industry value chain tend to become dominant players in global market.
Corporate cultures need to shift towards this digital mindset to provide business with enhanced value. Digital expertise can be brought here to help employees embrace the digital world and help them acquire the required skills and knowledge.
Digital models of business today stretches beyond the organization borders, with companies building products and services, and customers giving opinions and suggestions for co-creating product improvements via online forums. In this way, customers impact product development, benefiting both the business and themselves.
Transforming business models is about finding ways to augment physical with digital and to use digital for sharing content along organizational silos. A firm can stay true to its traditional business, but can use digital to transform a new business growth.
Companies are introducing digital products around traditional products and services. Other firms are changing business models by re-imagining and continuously designing their boundaries through digital.
In any case, digitally transforming your business models, creating new digital business and building digitally-modified business can bring you success only if you put together your best digital capabilities, IT integration and unified data & processes.
