Week 3 Flashcards
What is digital transformation
• Digital transformation is “a process that aims to improve an entity by triggering significant changes to its properties through combinations of information, computing, communication, and connectivity technologies” (Vial, 2019).
Critical Facts about Digital Transformation
- Digital Transformation ISN’T really about Technology
- The role of strategy (governance) vs. technology
- Taking Risks becomes a cultural norm for digital transformation
- The digital agenda is led from the top.
Explain digital transformation strategy
- A digital transformation strategy is a blueprint that supports companies in governing the transformations that arise owing to the integration of digital technologies, as well as in their operations after (for) a transformation. à Matt, Hess & Benlian (2015)
- It is also mentioned as digital strategy.
What are the 4 key decisions for a digital transformation strategy?
Use of technologies
Changes in value creation dimension
Structural changes dimension
Financial aspects dimension
What are the strategic questions of use of technologies?
- how significant is your firm’s IT to achieve strategic goals?
- How ambitious is your firm’s approach to new digital technologies?
What are the strategic questions of changes in value creation dimension?
How digital is your interface to the customer?
How will you create revenue from future business operations?
What will your future business scope be?
What are the strategic questions of Structural changes dimensions
Who is in charge of digital transformation endeavor?
Do you plan to integrate new operations into existing structures or create separate entities?
What types of operational changes do you expect?
Do you need to acquire new competencies? If so, how do you plan to acquire them?
What are the financial aspects dimension?
How strong is the financial pressure on your current core business?
How will you finance the digital transformation endeavor?
