Chapter 13 - Digital strategy: Governance and elements of digital strategies Flashcards
What abilities must the ELT demonstrate to survive digital disruption?
Inspirational leadership
Competitive edge
Establishing a strategic direction
Influence external parties
Collaboration
Business Judgement
Execution
Building talent
What new revenue model have become evident from the possiblities that technology presents?
Transaction
Capacity leasing
Licensing
Subscirption
Commission
Advertising
Trading
Donations
Subsidies
What are the key drivers of a digital revolution?
Mobile and internet penetration
Connected devices
Data analytics and the clous
User interfaces
Global accessibility
Increased urbanisation
What factors drive customer demands in the digital era?
Contextualised interactions
Seamless experience across channels
Anytime, anywhere
Great service
Self-service
Transparency
Peer review and advocacy
How can we avoid a fall out of favour which leads to a reversal of the organisations competitive advantage?
Design thinking
Experiental pilots
Prototyping
Brand atomization
What is design thinking?
Designing many experiences for one customer
What are experiental pilots?
Monitor how customers behave and gain an appreciation of their reaction to new experiences
What are the 3 areas of metric of digital traction?
Scale - number of people who show interest in product
Active usage - frequency with which a user interacts with organisation
Enagement - degree to which user has engaged with organisation
What metrics measure the financial impact of attracting and keeping customers, and assessing whether the organisation is being profitable in such dealings?
Cost to acquire a typical customers
Lifetime value of typical customer
How does an organisation become an employer of choice in the digital era?
Formulate a long-term working strategy for millenials
Work with staff to formulate company values together
Empower the workforce
Build workspaces that attract digital talent
Create policies that support collaboration and knowledge sharing tools
What is included in making in house training a critical activity within a talent management programme?
Develop required competencies within the workforce
Mine your own organisation for hidden talent
Bring new skills into the organisation
What six key roles should a CEO fulfil in the digital age?
Creater of vision and mission
Strategic planner
Driver of information based business models
Enabler of the shift to on demand operating models
Innovation promoter
Operational excellence driver
What factors distinguish a digital culture from others?
Having a strong mission statement an clear sense of purpose
Lean business structures, with small, cross-functional teams
Diverse workforce with good digital skills
What four key areas should leaders focus on to move towards a digital culture?
Communication
Journey management
Make changes visible
Continuous change monitoring
