The digital economy is changing everything a business touches: supply chains, HR operations, the customer experience, and everything else in between. More importantly, it is calling for deep organizational, internal changes – including those that will impact the C-suite.
As companies focus more on transforming digitally, there’s a new seat in the executive boardroom: The chief digital officer (CDO). In fact, the Economist Intelligence Unit reports that the community of chief digital officers has doubled over the past year worldwide – from 1,000 in 2014 to an expected 2,000 by the end of 2015.
However, the question still remains: Does adding a chief digital officer to the executive ranks mean the rise of digital washing? Or will it create a significant shift needed to compete in the digital economy?
#SAPDigitalChat recap: What’s on the CDO’s mind?
During a TweetChat hosted by Jonathan Becher, head of SAP Digital and SAP’s CDO, and Sean Cornwell, CDO of Travelex, engaged in a conversation, along with over 200 participants, on the theme “What’s on the CDO’s Mind?” The lively exchange included “digitalists” from all levels within businesses of all sizes and from a range of industries, as well as others interested in this hot topic.
Some sage advice emerged on how businesses can make a real impact in the digital economy:
- Why digital transformation is the new business mandate: Going digital is a response to changing customer demand – and a core part of addressing customer needs is to put digital initiatives front and center.
- The three elements to a successful digital transformation: These are new customer experiences, new business models, and new value-creation models.
- The role of the chief digital officer: The CDO mindset is not just about a digital vision, but also recommending a path to get there.
- The biggest challenge to digital transformation: You must simplify and defeat complexity to accelerate growth along with your customers.
- The most common misconception about going digital: Don’t confuse digital with e-commerce – you can digitize a business without ever building a website.
Interested in seeing the entire conversation about the role of the CDO and how to embrace true digital transformation? Scroll through the TweetChat recap below.
Hyperconnectivity is reinventing the world economy. Learn more about how this is transforming the way we work and live in The Digital Economy Infographic.