I recently spoke to a financial services company about digital disruption in the banking sector. I was able to speak with some confidence about Zopa that is a would be disruptor for both savings and borrowing as I signed up for them in the early days of their business. Recently I’ve signed up for eToro to try what could be a major disruptor in personal investments. Read more ›
This week I watched a webinar. I don’t really want to tell you about it though.
Sometimes we come across something that is so amazing that we just have to tell others. We Tweet about it, email co-workers, and tell our families. There’s no holding back the passion. Because the content is remarkably funny, interesting, tasty or valuable, we want others to share it. Read more ›
CIOs are destined to play a pivotal leadership role in the transformation of business to a digital business. The nature of business is changing and, in turn, the technology investment priorities of the past must change. The report – Unleash Your Digital Business – describes the dynamic ecosystems of value that drive customer behaviors and transform the linear value chain into a dynamic network supported by open APIs. CIOs must partner with CMOs to drive the business transformation needed to become a digital business. To survive, your business will need to embrace digital customer experiences within ecosystems of value, and digital operational excellence to drive the agility and innovation required to survive and thrive in the age of the customer.
Figure 7 Dynamic Ecosystems of Value
Digital Is More Than A Bolt-on Strategy
Bolt-on digital is like painting go-fast stripes on a car; it doesn’t change the underlying business. To become a digital business requires fundamental enterprise transformation; something CIOs are accustomed to leading and shaping. The partnership with the CMO must be extended to create operational excellence through digital technology, augmenting customer value with digital products and services and driving rapid innovation across the business.
Dynamic Ecosystems Of Value Drive The Ability To Win Serve and Retain Customers
Access to digital technology in moments of needs provide customers and employees to create dynamic ecosystems of value. Ecosystems of value will change the business landscape. Companies must learn to support customer ecosystems and to build their own ecosystems through APIs. Technology management must align technology investment to these ecosystems of value in order to win, serve and retain customers – what Forrester calls Business Technology.
Digital Customer Experience Requires Data Integration
Without integration of data across the business, and in particular data analytics, digital customer experience will fail to meet rising customer expectations. And digital experiences expose underlying data holes quickly – resulting in sub-par experiences for customers. Building digital as a marketing add-on to the business will act as an anchor, slowing the business down in the long run and opening up opportunities for more nimble and integrated digital disruptors.
Trusted Machines Will Scale Digital Experiences
Companies will use trusted machines to scale digital customer experiences. Technology management must learn to create and harness trusted machines in order to drive future customer value at scale.
Digital Operational Excellence Requires A Shift In Technology Investment
The majority of change requests coming to IT involve improving operational efficiency. These requests soak up scarce technology management resources and funds while producing very little in the way of improvement in customer experience. CIOs must help CEOs and other executives apply technology investments to optimize customer experience and at the same time simplify the underlying technology portfolio in support of generic business capabilities.
If you’d like to learn more, you can download a free abstract of the report here. And if you want to help drive your business toward digital transformation, I encourage you to attend one of the two Forums in May (Orlando) and June (London) where I’ll be delivering a keynote featuring the findings and recommendations from our research.
This was a guest post by Nigel Fenwick of Forrester. Nigel Fenwick is VP and Principal Analyst at Forrester serving CIOs. This blog post has been syndicated with the permission of Forrester and first appeared on Nigel Fenwick’s blog here.
Last week I released a blog post and spoke at the Planning Forum’s annual conference. In both settings I challenged the audience to break down silos to improve the customer experience. A tough challenge. Read more ›
Many businesses consider using open source software as a means of keeping software license fees low. The selection of Drupal instead of Adobe CQ or Sitecore makes eminent sense if you’re primary intention is to keep the cost base low. Traditionally, the downside of open source was lack of commercial protection, professional support and a lack of roadmap. How things are changing. Read more ›
Frameworks, models, charts and matrices. I love ’em!
This classic framework is a great place to start when organising teams around a digital strategy. It’s taken from Peter Scholtes’ The Leader’s Handbook. The framework defines the components of an organisational design that is focussed on an core vision or purpose.
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Digital is a catalyst for business improvement and innovation based around technology, a mind-set and a methodology which remove physical limitations in reaching and serving customers. Read more ›
October has been a month of change. After just over two years at Capgemini I decided to make the move to join CACI as their Head of Digital Consulting. Given that I’m quite outspoken about digital marketing and business I think it’s worth highlighting what it was that attracted me to this new the new role and organisation. Read more ›
With the first draft of my dissertation completed I’m finding that I now have time to read what I choose to read. I’d expected the MBA program to tire me of reading, but it’s quite the opposite. Over the last two years I’ve gradually built up this list of books that I plan on reading over the next few weeks. Having been asked by a colleague what these were I thought I’d share it here:
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There is a theory established by Clayton Christiansen that demonstrates how disruptive innovations not only enter markets but how they can topple or seriously wound incumbent businesses. Disrupters achieve this by creating new markets or by creating new low cost options targeted at consumer’s with low requirements.
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