Digital transformation could mean massive competitive advantage using state-of-the-art IT tools. But it could also mean destruction of a company’s business model.
Seen in that way, Digital transformation brings an opportunity for extraordinary focus in new thinking—both in operational excellence as well as in innovation—to envision and to implement digital disruptions.
In a recently published article entitled, “Bringing the Four Degrees of Digital Transformation to Life,” author and expert, Mark Osborn, asks: can we demystify digital transformation?
“It’s a question worth pondering given that digital transformation is a high priority in all industries, and yet many still view it as an abstract concept,” he writes, adding, “Using digital transformation to disturb the status quo involves redefining an existing business process or adopting a new process to change how you compete.”
Our environment is evolving at an unprecedented pace. In the past, a change took place over the course of years; now, it happens within months, weeks, or days. Change is coming in a way that no one can ignore.
So how can your business evolve at this unprecedented rate?
Below are Osborn’s four degrees of digital transformation:
Differentiate: Small investments can make big impacts
When companies use digital transformation to differentiate, they’re combining innovative uses of technology with minor financial investments to change their competitive stance.
Disturb: Create a new way to compete
Using digital transformation to disturb the status quo involves redefining an existing business process or adopting a new process to change how you compete.
Displace: Create new opportunities
A number of companies are using digital transformation to redefine both themselves and the categories in which they compete. Under Armour is a great example. With the era of wearable technology approaching, the company made strategic investments in fitness-tracking technologies. In doing so, Under Armour transformed itself from an apparel and footwear company into a health and wellness company.
Disrupt: Change the game
Companies can also use digital transformation to create an entirely new approach to doing business and forever change what competition looks like in their industry.
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