Ford is moving away from car manufacturing and transforming into a mobility company. GE is morphing into the leader of the internet of things. Barclays, expanding beyond traditional banking, is developing platforms to help retail clients better verify and connect with customers at the point of sale. The signs are everywhere: Digital transformation is fast becoming the most important agenda item for CEOs and boardrooms. Digital ecosystems, platforms and technologies create a vast potential across industries in three primary areas that sit between customer and technology infrastructure:
- Digitizing core processes to lower costs and create efficiencies
- Creating better end-to-end customer experiences
- Building new revenue-driving digital businesses.
- Curiosity to explore: While you focus resources on the big ideas, it’s also critical to invest small amounts in trial and error and “what if” experimentation – to enable a culture of curiosity.
- Clarity to focus: A mistake people often make is to say, “We’re going to go and do new and different things.” Focus instead on your strategic moon shots. The things you choose not to do are as important as the things you choose to do.
- Conviction to persevere: There will be challenges, maybe even crises – of identity, commitment, and conflict – along the way. When those things happen, you need a backbone that helps you move in new and different directions.