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How business can manga the digital world

posted Jan 21, 2018, 3:12 PM by David Khorram   [ updated Jan 21, 2018, 3:17 PM by Rafael Hernandez ]

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Main point to considerImage
  • Digital transformation and competence are a continuous journey that changes the way businesses operate, respond to market trends & forces and engage with clients
  • Reaching digital maturity is a collaborative business and employees exercise that uses technology as an enabler
  • The new digital culture leads to customer experience, deploys agile methodologies and leverages analytics to evaluate success 
Steps:

 Lead with Customer Experience 1st

  • Before you roll out any digital initiative, do keep in mind that everything an organization does must ultimately address an existing customer need, challenge or frustration. 
  • Focus on what your customers prefer, and how you can improve their experience. 
  • Your digital success will predominantly be dependent on this single factor. 
  • This can be as much an art as it is a science and it will serve as the key to maximizing your digital Return on Investment (ROI).
Accelerate  & Fail Fast, Learn Fast and Succeed Faster

  • Although digital investments can increase your profitability quickly, as cited by more than 55 percent of CEOs polled by Gartner,² you may not be as successful as others in the first few attempts.
  • It is imperative that you treat your digital investments like you do any other, like a series of experiments. 
  • You can almost never completely de-risk digital projects.
  •  Any failures encountered can serve as learnings for subsequent initiatives. Instead of spending extended periods of time perfecting a solution, use agile methodologies to prototype solutions quickly and then refine them over time.

Cultivate a Digital Culture

  • They say: “Culture eats strategy for breakfast, lunch, and dinner.” A recent report³ by Altimeter lists company culture as one of the top challenges faced by organizations embracing digital transformation. 
  • Digital initiatives are usually owned by specific departments, resulting in competing priorities when enforced on other teams that do not have a ‘digital first’ mindset.
  • In order to overcome this, establish a core team that liaises effectively with all departments to roll out digital programs. Your entire workforce must be sensitized and trained on all aspects of a digital enterprise, including customer centricity, agility, innovation and aligned goals.
  • A workforce with a culture that is open to change and innovation will naturally increase your chances of ‘first time right’ in the context of digital transformation. 
  • And, don’t forget to recognize and reward intrapreneurial employees willing to take calculated risks and drive forth change.

The Right Metrics

  • What cannot be measured cannot be managed or improved. This, of course, applies to digital investments and the associated ROI as well. You must maintain an enterprise-wide perspective on digital investments, and constantly monitor their impact on business. Each digital experiment must be tracked using a specific, pre-determined set of metrics, including both quantitative and qualitative parameters. 
  • Do deploy an analytics engine to model the change in probability caused by the digital action. 
  • This will play a crucial role in improving the probability of your digital programs’ success even before you invest in them.


Build a Partnership Model that Works for You


  • As you focus on overhauling your business model to become more digitally driven, partnering with the right technology and solution providers will become critical. 
  • However, you would also want your existing operations and technology landscape to be able to support any such partnerships. 
  • To optimize this experience, look for platforms that naturally support integrations with most of your business systems or those that extend or create customized integrations. 
  • Also, determine whether to build or buy and select suitable partner models for implementations using metrics like the total cost of ownership and cost of change.

How to take advantage of Volatility, uncertainty, complexity, and ambiguity world

posted Jan 20, 2018, 1:43 PM by David Khorram   [ updated Jan 20, 2018, 5:50 PM by Rafael Hernandez ]


Digital transformation is underway but is the talent function is not to the speed. This is the reason many of us feel we can not catch up or  4 A's of technology ( automation, analytics, artificial intelligence, and augmentation ) is surpassed us. 

There are clearly many interruptive events that are impacting us on daily basis and we just feel their symptoms such as " Volatility, uncertainty, complexity, and ambiguity".


Following are some of the events;
  1. Rapid changes in our ecosystems ( Weather, Air, Ocean....etc.) causing flooding, drought, fire, tornados, hurricanes
  2. Rapid acceleration and changes in technology ( automation, analytics, artificial intelligence, and augmentation)
  3. Rapid deployment of human knowledge and communication connectivity through internet
  4. Rapid growth of human populations and needs 

The rapid technological change means we face a very real digital competence gap in the coming years—a period in which technological capabilities accelerate so swiftly that talent and knowledge can’t keep up

The competence gap will create friction, slowing realization of the benefits of digital transformation. Small business and Enterprise-level digital business disruption will displace 50 plus percent of incumbent businesses & companies in the next five years, according to the Global Center for Digital Business Transformation.

Digital transformation is being accelerated by the explosive growth of data and connected devices. By 2025, we will live in a world with 80 billion connected devices, increasing actionable data almost ten-fold. Yet, the digital business transformation is not just about automation and business model disruption; our organizations require the right knowledge, skills and experience to drive transformation and sustain advantages.

Virtually every sector is experiencing radical change. In the coming decade, the 4 A’s of technology  (automation, analytics, artificial intelligence, and augmentation) will require new knowledge and skills to drive business value

No longer is it sufficient for digital know-hows to reside in IT, engineering and R&D. Now executives, managers, and front-line businesses & employees need to understand how technology changes the business model and need to be able to move fast to capture value. Forward-looking talent and learning leaders are now hiring and developing digital competence across the enterprise.

This article highlights findings from ongoing research and interviews with chief talent, learning and technology leaders across the globe. What emerges from this dialogue is a picture of talent and learning organizations in flux and insights into how to support the changing business models and competence needs across the enterprise. Talent organizations surveyed demonstrate a wide range of response to digital change, from well-formulated, comprehensive strategies for bridging the gap to no appreciable plan in place.







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Defining Digital Competence

It’s a VUCA world: volatility, uncertainty, complexity and ambiguity. The proliferation of information and communication technologies, globalization and accelerated change have contributed to the VUCA state of our world. The “VUCA world” is the context in which the digital transformation of business occurs. Having VUCA-capable leaders is correlated to financial performance, yet in a Conference Board Global Leadership Forecast, less than two-thirds of leaders said they were confident in their ability to meet VUCA challenges. The skills required for the assembly line of the Industrial Revolution are giving way to innovation, collaboration, problem-solving and communication.

In Dancing with Robots, Frank Levy and Richard Murnane examine the structural economic changes brought about by technology. They argue that the future of work will focus on three human activities:
  • Solving unstructured problems
  • Working with new information
  • Carrying out non-routine manual tasks
The bulk of the rest of the work will be done by computers or offshore labor. Digital-era business requires flexibility, innovation, collaboration and personal responsibility. Employees are expected to adapt to and thrive in a VUCA world. In this context, digital competence is more than simply computer, software or data related skills. As the 4 A’s of technology take center stage, industry requires a holistic framework for digital competence that reflects the systematic, strategic, innovative and collaborative skills required to transform business models.

Searching for a digital competence framework reveals significant public sector economic and education policy works, but little of that has been translated for industry. Two notable models have been promulgated: DIGCOMP: A Framework for Developing and Understanding Digital Competence in Europe and the World Economic Forum’s New Vision for Education: Unlocking the Potential of Technology. Based on these reference frameworks and the ongoing research and input of industry leaders, a cluster of adaptive skills and abilities emerge that begin to inform digital competence for the industry. The industry framework centers on seven critical abilities:
  • Comprehend and Engage the Digital Environment
  • Effectively Create and Consume Digital Information
  • Communicate Effectively
  • Collaborate with Diverse Stakeholders
  • Innovate Rapidly/Agile
  • Think Critically/Solve Problems
  • Maintain Cybersecurity

Closing the Digital Competence Gap

At the World Economic Forum in Davos, Switzerland, earlier this year a CEO panel all agreed that technological change brought by AI would create more jobs than it would eliminate. Fortune quoted Dow CEO Andrew Liveris as saying, “There will be more employment, just different.” But they acknowledged two serious societal challenges: 
  • First, educating and training workers to take advantage of the change; and 
  • Second, assuring the benefits of productivity gains are widely shared.

Building digital competence requirements across the employee talent life cycle is the most fundamental strategic challenge ahead. Talent and learning leaders must articulate and constantly reinforce the vision for transformation. Inertia in organizations and cultures will slow progress and occasionally make the quest seem Quixotic, but the external realities of digital transformation will ultimately prevail.


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