Chapter 3 Flashcards
What does a self-assessment of change involve?
A self-assessment of change involves a company assessing its current state and identifying opportunities for improvement through digital transformation.
Self-assesment in digital transformation is composed by two main parts/components that evaluate the level of preparedness of a company for change. Can you name them?
- Strategic Thinking
- Organizational Agility
Why is strategic thinking important in digital transformation?
Strategic thinking is important in digital transformation because it helps a company to align its goals and objectives with its overall business strategy, which can drive long-term success.
How can strategic thinking help to mitigate risks associated to digital transformation
Strategic thinking can help a company to identify potential risks and challenges associated with digital transformation, and develop strategies to mitigate those risks.
What is organizational agility?
Organizational agility refers to an organization’s ability to respond quickly and effectively to changes in the market or business environment.
Why is organizational agility important for self-assement in digital transformation?
It enables a company to adpat and respond to changes in the market and business enviroment as it goes through the transformation process.
How can a company foster organizational agility during digital transformation?
By empowering its employees to make decisions and take risks, creating cross-functional teams to faciliate collaboration and communication and leveraging technology to support agility.
What are the three fundamental truths that serve as a base for companies to reframe their strategy?
Truth 1 - You cannot analyze your way to the future, you need to invent it.
Truth 2 - Competitive evolution is no longer linear: it is exponentially disruptive. Your strategy need to reflect these dynamics.
Truth 3 - Ambition for growth is not the problem. Your biggest hurdle may stem from an inability to catalyse the organization into action.
What are the five key domains of strategy in digital transformation?
- Customers
- Competition
- Innovation
- Data
- Value
What role does the customer domain play in digital transformatio strategy?
The customer domain is essential in digital transformation strategy because it helps a company to understand its customers’ needs, preferences, and behaviors. By leveraging customer insights, companies can design products and services that meet customers’ needs and create a better customer experience.
How does the data domain support digital transformation?
The data domain is critical for digital transformation because it enables a company to gather, analyze, and leverage data to make informed decisions. By using data analytics, companies can gain insights into customer behavior, market trends, and operational efficiency, which can inform digital transformation initiatives.
Why is innovation important for digital transformation?
Innovation is important for digital transformation because it allows a company to create new products and services that meet changing customer needs and preferences. By embracing new technologies and approaches, companies can differentiate themselves from competitors and drive growth.
What role does competition play in digital transformation strategy?
Competition is an important consideration in digital transformation strategy because it helps a company to identify potential threats and opportunities in the market. By understanding competitors’ strengths and weaknesses, companies can adjust their digital transformation initiatives to remain competitive and create value.
How does the value domain support digital transformation?
The value domain is essential for digital transformation because it helps a company to create value for customers, employees, and shareholders. By focusing on creating value, companies can align their digital transformation initiatives with business objectives and ensure that they are driving sustainable growth.
When overlooking the customer domain there is a tool that many comapnies tend to use - “Customer Network Startegy Generator”. What are the five steps involved in this tool?
- Objective Setting
- Customer Selecting & focusing
- Strategy Selection
- Concept Generation
- Define Impact
