Turning technology into digital to flourish - Part 1


Turning technology into digital to flourish.



I guess we all agree to the fact that digital technology is making new kinds of innovations possible.  Having owned an online store ,Afrinica Style, I know that it is the very same digital tools that enabled me to create products and the distribution channel at a blink of an eye.  I must admit, digital capabilities helped me to improve visibility of my small business.  According to Westernman, Bonnet and McAffe in their book Leading Digital, emphasize the fact that innovation arises in different parts of the company as managers constantly seek new ways to improve.  They also introduced a concept of digital mastery.



Digital masters are organisations that pursue technology to drive their business forward, they use technology to differentiate themselves or do to better than their competitors.  They use technology to transform the way they do business and to gain huge benefits.  The advantages are apparent in the financials, they are more profitable that their peers.  FNB is SA is good example.

These companies excel in two critical dimensions:
·         Building digital capabilities, the what of technology.  They know how to invest in digital opportunities.  The size of the investment is not as important as the reason and impact.  Digital masters see technology as a way they do business – their customer engagements, internal operations, and even business models.  To these companies, new technologies such as social media, mobility, and analytics are not goals to attain or signal to send to customers.  These technologies are tools to get closer to customers, empower their employees, and transform their business processes.  Gaining true digital leadership also requires leadership.
·         Leading change – leadership capabilities.  This is not just a buzz word, but a lever that turns technology into transformation.  It is steered through top-down leadership; setting the direction, building momentum, and ensuring that the company follows through.

Digital masters have overcome the difficulties that challenge their competitors, they know how and where to invest, and their leaders are committed to guiding the company powerfully into the future.
 
What am I saying?

To take your company forward in the digital era, the focus should be on building your digital and leadership capabilities.  Excelling in both may lead to higher financial performance for the firm.  Strong digital capabilities make new digital initiatives easier and less risky, while providing revenue leverage than can create new cash. Meanwhile, strong leadership creates synergies that free up money for investment, while engaging employees to identify new opportunities.


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