Every industry in our economy will see one-third of its top 20 companies seriously disrupted by new entrants, and transformed incumbents who will deliver new offerings using technology to become digital innovation companies.
At least that’s what IDC predicts in a report according to this CIO.com article.
Companies are adopting innovative technologies to either stay ahead of the competition, enter new markets, or knock traditional business leaders off their perch.
What’s going on?
IDC calls it the Third Platform. Others call it the SMAC Stack. We’ve said that Every Business is Digital. Whatever you decide to call it, you know that a sea change is happening to business over the next 5-10 years at the intersection of business strategy and technology.
We wanted to talk about digital innovation (and we’re holding an invitation-only conference about it in Cancun), but we want to approach the topic differently.
Instead of looking at the theoretical underpinnings of digital innovation, we wanted to take a practical approach to help you become a digital innovation company, and share best practices our own consultants would walk you through when planning your innovation strategy.
Gather all your business stake-holders through a series of internal brainstorming and planning sessions to map out your new digital direction. This process is not the time to be formal or realistic. Don’t limit yourself. This is your chance to really think creatively about how you’d like to transform your business with technology.
What new business models can your company create using technology?
Now it’s time to come down from the stratosphere and face reality. Where are your strengths? What are your weaknesses? How far do you really have to go to get to your ideal situation?
To perform an assessment, you should cover these three areas:
You could do this internally, but you’ll get much better results hiring a third party to perform this task for you (you could even go through our complimentary pre-assessment to get the process started).
Implementing your shiny new digital business model and technology is very exciting, but before charging forward please proceed with caution.
Your road to becoming new, transformed, digital enterprise is ultimately a very unique, personal experience. There are no cookie-cutter solutions.
But there are processes to ensure success and make your dreams of becoming a digital innovator a profitable reality.
And after your brainstorming, goal-setting, internal assessment, roadmap creation and implementation steps, is your IT department ready for the fast-growth that’s sure to come?
In our next post we’ll show you how to keep up with your company’s growth, if and when you hit pay dirt.