Definitions

Question 1

Digital Transformation

Answer 1

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.

Question 2

Product

Answer 2

A configuration of an organization’s resources, designed to offer value for a customer

Question 3

Resource

Answer 3

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.

Question 4

Service

Answer 4

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.

Question 5

Digital Strategy

Answer 5

A business strategy that is based all or in part on using digital technology to achieve its goals and purpose.

Question 6

Value

Answer 6

The percevied benefits, usefullness, and importance of something.

Question 7

Customer Journey

Answer 7

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.

Question 8

Innovation

Answer 8

The adoption of a novel technology or way of working that has led to the significant improvement of an organization, product or service.

Question 9

Organizational agility

Answer 9

The ability of an organization to move and adapt quickly, flexibly and decisivley in response to events in the internal or external environment.

Question 10

Organizational resilience

Answer 10

The ability for an organization to anticipate, prepare for, respond to, and overcome adverse events in the internal or external environment.

Question 11

Absorptive capacity

Answer 11

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.

Question 12

Sustainability

Answer 12

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.

Question 13

Employee fulfilment

Answer 13

The feeling that people have when their work aligns with their instrinic motivation and provides them with a sense of purpose.

Question 14

Portfolio

Answer 14

A collection of assets into which an organization chooses to invest its resources in order to receive the best return.

Question 15

Metric

Answer 15

A measurement or calculation that is monitored or reported for management and improvement.

Question 16

Indicator

Answer 16

A metric that is used to assess and manage something.

Question 17

Key performance Indicator (KPI)

Answer 17

An important metric that is used to evaluate the success in meeting an objective.

Question 18

Performance

Answer 18

A measure of what is achieved or delivered by a system, person, team, practice, or Service.

Question 19

Objective and key results (OKR)

Answer 19

A framework for defining and tracking objectives and their outcomes.

Question 20

VUCA

Answer 20

Volatility, Uncertainity, Complexity, Ambiguity

Question 21

Discontinuous innovation

Answer 21

An innovation that completely replaces what came before.

Question 22

Innovation

Answer 22

The adoption of a novel technology or way of working that has led to significant improvement of an organization, product, or service.

Question 23

Risk

Answer 23

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.

Question 24

Disruption risks

Answer 24

Risks that can disrupt the organization’s operating or business model.

Question 25

Innovation risks

Answer 25

Risk introduced by the the organization’s innovations.

Question 26

Cybersecurity risks

Answer 26

Risks of exposure or loss for an organization resulting from a cyber-attack or data breach.

Question 27

Engagement risks

Answer 27

Risks that orginate from an organization’s stakeholders, including its suppliers and partners, consumers and employees.