Definitions Flashcards
Digital Transformation
The use of digital technology to enable a significant improvement in the realization of an organization’s objectives that could not feasibly have been achieved by non-digital means.
Product
A configuration of an organization’s resources, designed to offer value for a customer
Resource
A person or other entity that is required for excuting an activity or achieving an objective. Resources may be owned by an organization, or contracted from a 4rd party.
Service
A means of enabling value co-creation by facilitating outcomes that customers want to achieve, without the customer having to manage specific costs and risks.
Digital Strategy
A business strategy that is based all or in part on using digital technology to achieve its goals and purpose.
Value
The percevied benefits, usefullness, and importance of something.
Customer Journey
The complete end-to-end experience that service customers have with one or more service-providers and/or their products through touchpoints and service interactions.
Innovation
The adoption of a novel technology or way of working that has led to the significant improvement of an organization, product or service.
Organizational agility
The ability of an organization to move and adapt quickly, flexibly and decisivley in response to events in the internal or external environment.
Organizational resilience
The ability for an organization to anticipate, prepare for, respond to, and overcome adverse events in the internal or external environment.
Absorptive capacity
An organization’s ability to recognize the value of new information, embed it into an existing knowledge system, and apply it to achieve the intended business outcomes.
Sustainability
A business approach focused on creating long-term value for society and other stakeholders by addressing the risks and opportunities with economic, environmental, and social developments.
Employee fulfilment
The feeling that people have when their work aligns with their instrinic motivation and provides them with a sense of purpose.
Portfolio
A collection of assets into which an organization chooses to invest its resources in order to receive the best return.
Metric
A measurement or calculation that is monitored or reported for management and improvement.
Indicator
A metric that is used to assess and manage something.
Key performance Indicator (KPI)
An important metric that is used to evaluate the success in meeting an objective.
Performance
A measure of what is achieved or delivered by a system, person, team, practice, or Service.
Objective and key results (OKR)
A framework for defining and tracking objectives and their outcomes.
VUCA
Volatility, Uncertainity, Complexity, Ambiguity
Discontinuous innovation
An innovation that completely replaces what came before.
Innovation
The adoption of a novel technology or way of working that has led to significant improvement of an organization, product, or service.
Risk
A possible event that could cause harm or loss, or make it more difficult to achieve objectives. Can also be defined as uncertainity of outcome, and can be used in the context of measuring the probability of postive outcomes as well as negative outcomes.
Disruption risks
Risks that can disrupt the organization’s operating or business model.
Innovation risks
Risk introduced by the the organization’s innovations.
Cybersecurity risks
Risks of exposure or loss for an organization resulting from a cyber-attack or data breach.
Engagement risks
Risks that orginate from an organization’s stakeholders, including its suppliers and partners, consumers and employees.
