The speed of digitalization will continue to increase as consumers and business networks in multiple industries demand answers in real time. In order to be successful in the rapidly changing digital economy, you need to tackle digital transformation properly.
How can you do this? Well, according to the SAP eBook, The Digital Economy: Reinventing the Business World, it is possible only if it is part of your business agenda. You need to be straight with yourself: Do you have the right corporate agenda, and does it even involve digital? If not, your leadership team should consider reimagining your company with business outcomes and customers at the center of your vision.
Reimagine your business
- Reimagine business models. Most companies will only change business models if a competitor makes a move, or if a new disruptor changes the rules of the game. Don’t wait for that to happen! Drive competitive advantage by expanding beyond traditional industry boundaries and transforming from an asset-based company to a service-based or outcome-based business. See how one company transformed its business model to sell air-as-a-service.
- Reimagine business processes. Any process can and eventually will be modernized and digitalized. Why not start now? Change or eliminate fundamental business processes with digital technology by optimizing the supply chain, consolidating financial and business planning, and engaging with customers in new ways. You may want to consider Design Thinking as a key approach to the reimagining phase.
- Reimagine work. Enable your workforce, customers, partners, and supply chain with the right information and digital tools designed for quick action. Use interactive technology to improve user experiences, or eliminate some work altogether by digitizing manual steps. The SAP Digital Economy eBook shows all of these measures have the potential to improve productivity and profitability.
Mastering digital transformation
Many companies are just starting to explore all of the seemingly endless possibilities of the networked economy. Digital ecosystems will continue to expand as the Internet of Things drives the need for more interconnectedness between organizations and industries. Companies that successfully evolve with digital transformation and drive significantly higher levels of profit, productivity, and performance are called “Digital Masters” in the eBook, Leading Digital by Capgemini Consulting.
What makes these companies excel is having a combination of two things:
- Effective digital capabilities
- Effective leadership that sets a clear vision and executes on it
Are you bold enough to be an effective leader in today’s constantly evolving digital landscape? Your company can be added to the “Digital Master” ranks if you take appropriate action to get there.
For an in-depth look at how the digital era is affecting organizations worldwide, download the SAP eBook, The Digital Economy: Reinventing the Business World.
Discover the multiple factors driving digital transformation in the SAP eBook, Digital Disruption: How Digital Technology is Transforming Our World.
For a closer look at one industry in the midst of digital transformation, download the SAP eBook, Connected Care: The Digital Pulse of Global Healthcare.