wk 5 - digital transformation

Question 1

digital transformation def

Answer 1

Digital transformation is the integration of digital technology into all areas of business, fundamentally changing how you operate and deliver value to customers.

Question 2

benefits of digital transformation

Answer 2

• Improved operational efficiency
  
  • Faster time to market
  • Meeting changing customer expectation
  • Improved new products and services
  • Reduced cost of product
  • Intro of new revenue streams

Question 3

Strategic digital transformation

Answer 3

• High-level transformation direction of an organisation
  
  • May result in process transformation direction of an organisation
  • Require change in business model and value proposition
  • Result in change in organisational structure and culture
  • Organisations may diversify into new markets, add new businesses to products and services
    E.g Amazon diversifying from retail to IT by offering cloud services

Question 4

Business process (type of digital transformation)

Answer 4

Focus on process as Data, analytics machine learning and other tech offer corporations valuable new ways to reinvent processes throughout the corporation - with the goal of lowering costs, reducing cycle times, or increasing quality.

E.g dominoes AnyWare lets customers order from any device. This innovation increased customer convenience so much it overtook pizza hut sales

Question 5

Business model (type of digital transformation)

Answer 5

Use of digital tech to transform traditional business models

Less focus on finite details ( business process) and more aimed at the fundamental budling blocks of how value is delivered in the industry

E.g netflix reinvention of video distribution

Question 6

Domain transformation

Answer 6

New technologies are redefining products and services

E.g Walmart moving into Fintech and amazon expanded into a new market domain with the launch of amazon web services

Question 7

Cultural / organisational transformation

Answer 7

Long term changes to organizational mindsets, processes and talent capabilities for the digital world

Bias towards testing and learning, decentralized decision making and greater reliance on business ecosystems

Question 8

Challenges of digital transformation

Answer 8

• Resistance from customers (B2C)
  
  • IT business alignment - leadership became more involved in IT
  • Long term change in mind

Question 9

define ‘disruption’

Answer 9

‘Disruption’ describes a process whereby a smaller company with fewer resources is able to successfully challenged pre-established businesses

Question 10

3 enablers for disruptions

Answer 10

• Simplifying tech
  
  • Business model innovation
  • Disruptive value network

Question 11

emergent change

Answer 11

• Is only part planned
  
  • Incremental / continuous management
  • Focus on facilitating vs designing for organizational change

Question 12

Digital transformation process in steps

Answer 12

1. understand - goals and objectives
2. Audit - identify risks and opportunities
3. benchmark - compare to others to see where u stand against other firms
4. Plan
5. Manage - manage improvement initiatives to deliver real ROI
6. Report - deliver intelligence and feedback to the board / management

Question 13

Key drivers for digital trans

Answer 13

Lack face-to-face interaction 🡪 The need for virtual interaction and engagement
Pre-Covid technologies do not cover this gap
Supply chain transformation
The need for business sustainability