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Digital Transformation > Digital Readiness Level > Flashcards

Digital Readiness Level Flashcards

1
Q

What are the 2 main parts tested in the questionnaire to evaluate the companies preparedness level to digital transformation?

A
  1. Strategic thinking (questions designed to measure the degree to which the organization has adapted its strategic thinking to the digital reality)
  2. Organizational agility (questions designed to measure the organization’s ability to put into practice these new strategic principles and successfully drive change in the business)
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2
Q

The channels for selling to and interacting with customers are changing with digital transformation. True or False. Explain

A

True.
In the past, people used TV and newspapers, and that was the main contact that the companies had with their customers, but nowadays, people are connected through a network and social media, which allows companies to take advantage of those tools to attract new customers and to do marketing on their products.

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3
Q

Describe the traditional marketing contrasting with the new social media marketing.

A

In the traditional marketing, the sequence is find -> convert -> keep, while in the new social media marketing the sequence is the inverse keep -> convert -> find (attract new customers through word-of-mouth)

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4
Q

What is the difference between open and closed innovation?

A

The main difference between open and closed innovation lies in the way the innovation comes about. Companies engaging in closed innovation carry out work in a self-contained innovative environment, whilst those using open innovation methods rely on external knowledge sources for their innovation management strategies

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5
Q

What is closed innovation?

A

Closed innovation is based on the opinion that innovation is down solely to internal staff along every step of the creative process. Initial ideas come from in-house staff, as do the various stages of development, testing and marking. Essentially, the whole thing takes place inside the company. Additionally, all intellectual property rights, technology and machinery belong to the company and remain under its control

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6
Q

What are open innovative companies?

A

Open innovative companies however are concerned with looking beyond their own four walls and increasing their innovative potential by actively and strategically using the world around them. They’re also engaged in combining internal and external ideas, technologies, sales channels and strategies to bring their innovative products to life. All sorts of external influences will be factored into the innovative process, including customers, suppliers, competitors and employees

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7
Q

What are the steps of the data value chain?

A
  1. Data (data from multiple sources): collection of raw data from both internal and external sources. Identify what data to collect and establish a process to do so.
  2. Information (data in usable form): involves cleaning data - identifying and correcting corrupt, inaccurate, or irrelevant data – as well as converting raw data into a format that is usable, integratable and machine readable.
  3. Knowledge (overlay of information sets): datasets can now be analysed and used to uncover trends, patterns and other insights that can enhance decision making.
  4. Shared insight (knowledge + collaboration): the final step of the process is the application of data analytics processes to solve real-world problems and, in a business setting, increase revenue.
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8
Q

Digital business strategy comprises the balance between 3 pillars. What are they?

A
  1. Mind & Machine
  2. Product & Platform
  3. Core & Crowd
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9
Q

Explain the balance needed for Mind and Machine.

A

Rapidly increased and expanding capabilities of machines should be balanced with human minds, as accountants with spreadsheets, engineers with computer-aided design software, and assembly line workers next to robots are all examples of mind-and-machine combinations.

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10
Q

Explain the balance needed for Product and Platform.

A

Platforms can be seen as large and influential young companies that bear little resemble to the established incumbents in their industries yet are deeply disrupting them. The counterparts of platforms are products (goods or services). A ride across town is a product, while Uber is the platform people use to access it.

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11
Q

Explain the balance needed for Core and Crowd.

A

Crowd is the term for the startlingly large amount of human knowledge, expertise, and enthusiasm distributed all over the world and now available, and able to be focused, online. For the crowd, the counterpart is the core: the knowledge, processes, expertise, and capabilities that companies have built up internally and across their supply chains

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12
Q

What are the 3 fundamental truths that should be based on the strategies?

A
  1. “You cannot analyse your way to the future; you need to invent it”.
  2. “Competitive evolution is no longer linear – it is exponential disruptive. Your strategy needs to reflect these dynamics” (It is not true that all companies should adopt disruptive technologies. But disruptive means that we will cut the way of how things are done).
  3. “Ambition for growth is not the problem. Your biggest hurdle may stem from an inability to catalyse the organization into action” (the biggest problem is to convince others to change).
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13
Q

What are the 5 key domains of strategy?

A

CC-DIV
1. Customers
2. Competition
3. Data
4. Innovation
5. Value

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14
Q

Regarding Customers:
From “Customers as mass markets” to (…):

A

Customers as dynamic network

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15
Q

Regarding Customers:
From (…) to “Communications are two-way”:

A

Communications are broadcast to customers

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16
Q

Regarding Customers:
From “Firm is the key influencer” to (…):

A

Customers are the key influencer

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17
Q

Regarding Customers:
From (…) to “Marketing to inspire purchase, loyalty, advocacy”:

A

Marketing to persuade purchase

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18
Q

Regarding Customers:
From “One-way value flows” to (…):

A

Reciprocal value flows

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19
Q

Regarding Customers:
From (…) to “Economics of (customer) value”:

A

Economics of (firm) scale

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20
Q

Today we have a mass-market model. True or False

A

False.

Today, we have a customer network model. Customers are not passive and are not considered in aggregate. The firm is still a central actor in the creation and promotion of goods and services. But the new roles of customers can create a more complex relationship.

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21
Q

What are the phases of the marketing funnel?

A
  1. Awareness (knowledge that a product or company exists)
  2. Consideration (recognition of potential value)
  3. Preference (intent to purchase or choice of a preferred company)
  4. Action (purchase of a product, subscription to a service, voting for a political candidate, etc)
  5. Loyalty
  6. Advocacy (customers are not just loyal; they advocate for the brand and connect the brand to people in their network)
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22
Q

State the differences between the broadcast marketing tools and the customer networks marketing tools.

A

Broadcast: TV, radio, our-of-door -> Direct mail, brochure -> Product test, comparison -> In-store purchase -> Reward points

Customer network: Search, buzz, blogs -> Online research, user reviews -> Social networks, YouTube, local search -> Group discounts, purchase online/in-store/mobile -> “friendling” (FB, Twitter, e-mail, customized up-selling) -> Reviews, links, “likes”, social buzz

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23
Q

What are the phases of the 5-step process for generating new strategic ideas?

A
  1. Objective setting
  2. Customer selection and focusing
  3. Strategy selection
  4. Concept generation
  5. Define impact
24
Q

In the first step of the process for generating new strategic ideas, Objective setting, what is the difference between direct objectives and higher order objectives?

A
  • Direct objectives: the ones we are directly responsible for addressing in the project (example: if we were responsible for developing direct-to-consumer sales for the first time via e-commerce, we might be seeking to drive awareness and product discoverability). Examples: developing new strategies for leveraging customers behaviour in the web; increase response speed; reduce dissatisfaction; turn customer service in a way of gaining insights from the market; increase customers’ awareness; facilitate eWOM.
  • Higher-order objectives: identify what overarching, or higher-order, objectives we are seeking to support through our initiative (objectives that are not solely our responsibility, but our project should support them) (example: we might identify developing richer data sets about customers across all channels as a firm-wide objective that our initiative should support).
25
Q

Describe the second step of the process for generating new strategic ideas, Customer selection and focusing

A

This involves get a clear picture of the customers that we are seeking to address:
- Defining the customer segments: understand what they value and what are their differentiation (some give no feedback and others do, some are early adopters and others do not).
- The unique objectives, value propositions, and barriers to success. Find what are the reasons why each segment want to give time and money to buy the product (this varies across segments).

26
Q

What are the tasks to do in the third step of the process for generating new strategic ideas, Strategy selection?

A

Looking back at the 5 core customer network behaviours and the strategies that derive from them.

27
Q

What are the 5 core customer network strategies? Describe them.

A
  1. Access: customers seek to access digital data, content, and interactions as quickly, easily, and flexibly as possible. So the access strategy for business is to be faster, be easier, be everywhere, and be always on for your customers
  2. Engage: customers seek to engage with digital content that is sensory, interactive, and relevant to their needs. So know our customers and create content that is relevant, compelling, or useful to them; then strategize about how to use this engagement to strengthen your customer relationship
  3. Customize: customers seek to customize their experiences by choosing and modifying a wide assortment of information, products, and services. These strategies include recommendation engines as well as personalized interfaces, products and services, and messages and content
  4. Connect: customers seek to connect with one another by sharing their experiences, ideas, and opinions through text, images, and social links. The connect strategy for business is to become a part of your customers’ conversations. Whether answering customers’ questions, solving their problems, or providing product news, businesses are expected to be present, responsive, and active in social media conversations
  5. Collaborate: as social animals, they are naturally drawn to work together. These strategies include passive contribution, active contribution, crowdfunding, open competitions, and collaborative platforms (for example Wikipedia and Waze navigation app)
28
Q

Describe the fourth step of the process for generating new strategic ideas, Concept generation

A

We start generating specific strategic concepts based on the broad strategies, objectives, and customers you have selected. A concept is a specific, concrete idea for a product, service, communication, experience, or interaction you design for customers. This step also includes production of various types of content about the product (video, short videos, influencers) and definition of VIP channels.

29
Q

Describe the fifth step of the process for generating new strategic ideas, Define impact

A

Go back to step 1 and define how we are going to measure the impact, what could be the KPI. For example, if our objective is to reduce customer attrition, will the strategy we have developed address this? If so, how will we measure its impact?
Examples: attention = time on website (sometimes it is not ours); interaction = click, comment, or embed; conversation index = ration between blog posts and comments + trackbacks; velocity *= distance / time (rate of how fast our message is travelling in a given time); sentiment *= tone, opinion qualitative *= what did they say?; impacts *= what did they do? (influencers).

30
Q

Regarding Competition:
From “Competition within defined industries”, to (…):

A

Competition across fluid industries

31
Q

Regarding Competition:
From (…) to “Blurred distinctions between partners and rivals”:

A

Clear distinctions between partners and rivals

32
Q

Regarding Competition:
From “Competition is a zero-sum game”, to (…):

A

Competitors cooperate in key areas

33
Q

Regarding Competition:
From (…) to “Key assets reside in outside networks”:

A

Key assets are held inside the firm

34
Q

Regarding Competition:
From “Products with unique features and benefits”, to (…):

A

Platforms with partners who exchange value

35
Q

Regarding Competition:
From (…) to “Winner-takes-all due to network effects”:

A

A few dominant competitors per category

36
Q

Regarding Data:
From “Data is expensive to generate in firm” to (…)

A

Data is continuously generated everywhere

37
Q

Regarding Data:
From (…) to “Challenge of data is turning into valuable information”:

A

Challenge of data is storing and managing it

38
Q

Regarding Data:
From “Firms make use only of structured data” to (…):

A

Unstructured data is increasingly usable and valuable

39
Q

Regarding Data:
From (…) to “Value of data is in connecting it across silos”:

A

Data is managed in operational silos

40
Q

Regarding Data:
From “Data is a tool for optimizing processes” to (…):

A

Data is a key intangible asset for value creation

41
Q

What are the 7 laws of information?

A
  1. Information is (infinitely) shareable.
  2. The value of information increases with use.
  3. Information is perishable.
  4. The value of information increases with accuracy.
  5. The value of information increases when combined.
  6. More is not necessarily better.
  7. Information is not depletable.
42
Q

What is innovation?

A

Innovation is any change to a business product, service, or process that adds value. This change can range from an incremental improvement to the creation of something totally new and unprecedented. Innovation is not just about “big bangs”, it is about anything new that has impact

43
Q

Regarding Innovation:
From “Decisions made based on intuition and seniority” to (…):

A

Decisions made based on testing and validating

44
Q

Regarding Innovation:
From (…) to “Testing ideas is cheap, fast, and easy”:

A

Testing ideas is expensive, slow, and difficult

45
Q

Regarding Innovation:
From “Experiments conducted infrequently, by experts” to (…):

A

Experiments conducted constantly, by everyone

46
Q

Regarding Innovation:
From (…) to “Challenge of innovation is to solve the right problem”:

A

Challenge of innovation is to find the right solution

47
Q

Regarding Innovation:
From “Failure is avoided at all cost” to (…):

A

Failures are learned from, early, and cheaply

48
Q

Regarding Innovation:
From (…) to “Focus is on minimum viable prototypes and iteration after launch”:

A

Focus is on “finished” product

49
Q

Regarding value:
From “Value proposition defined by industry” to (…):

A

Value proposition defined by changing customer needs

50
Q

Regarding value:
From (…) to “Uncover the next opportunity for customer value”:

A

Execute your current value proposition

51
Q

Regarding value:
From “Optimize your business model as long as possible” to (…):

A

Evolve before you must, to stay ahead of the curve

52
Q

Regarding value:
From (…) to “Judge change by how it could create your next business”:

A

Judge by how it impacts your current business

53
Q

Regarding value:
From “Market success allows for complacency” to (…):

A

“Only the paranoid survive”

54
Q

CC-DIV is the acronym for the five DT strategies. True or False

A

True

55
Q

The challenge of storing data and manage data is part of DT. True or False

A

True

56
Q

The five DT strategy domains by Rogers are:
a) Customers, Competition, Data, Innovation, Value
b) Value, Business Models, Products, Platform, Suppliers
c) Value, Innovation, Product, Information, Stakeholders
d) Customers, Business Models, Platform, Stakeholders

A

a)

57
Q

A brand is no longer a thing that business create alone, but also a thing that is shaped by customers. True or False

A

True

Digital Transformation (7 decks)

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