By creating a collaborative and learning-oriented culture, you’ll attract and retain the talent, needed to keep your digital game strong.
This is an exclusive article series conducted by the Editor Team of CIO News with Sanjeev Joshi, Senior Director at Wissen Technology.
Let’s face it, the digital world is moving at lightning speed. If your company wants to stay ahead of the curve, you need to boost your digital quotient (DQ)—that’s your ability to leverage technology effectively.
What is the digital quotient? A digital quotient is an attribute of an individual, team, product, or organization based on its digital maturity to provide a complete edge towards efficiency, lead time, sophistication, automation, digitization, market leadership, creating disruption, etc.
Based on DQ, organizations can be broadly categorized as a. leaders; b. performers, c. laggards. Well integrated IT systems, streamlined process value chain, high degree of automation, sophisticated remote servicing, and enhanced customer delight are the deciding factors for DQ.
How to gauge where your organization is? Here are some traits:
- Leaders have completely disrupted the competition with more than 50% market share and high customer stickiness.
- Performers have industry-based best practices with 20 to 50% of the market and are struggling to retain existing customers.
- Laggards are always in catch-up mode with their peers, with less than 20% market share and no customer stickiness.
The good news? Here are ten battle-tested strategies to help you transform your organization into a digital powerhouse. To make it more precise, we have tried to provide various examples of the use cases, organization, technology, etc. to substantiate the need for measurement of the digital quotient by CIO’s.
1. Craft a rock-solid digital strategy:
Think of your digital strategy as your roadmap to success. It should be clear, concise, and tightly woven into your overall business plan. Here’s what you need to consider:
- Opportunities and Threats: What exciting new digital possibilities are out there? What challenges might you face in the digital landscape? AI, block chain, quantum computing, IOT, augmented reality, ML, data, cloud, and ERP are the accelerators to reach a higher digital quotient.
- Disruption speed and scale: How quickly is the digital world is changing? How big of an impact will it have? You can challenge the industry leader by completely disrupting the way entire industry is working. For e.g. with the evolution of drones and RCAVs (Remote Controlled Ariel Vehicles), we have seen how defense companies have disrupted and created new markets.
- The Perfect Response: How can you seize those opportunities and navigate the roadblocks?
2. Invest in the Right Digital Tools:
Your digital strategy is only as good as the tools you use to execute it. Think of having the latest high-capacity gadgets and apps to keep pace with your fast-paced, mobile-first customers. Your invested IT landscape—ERP systems, cloud platforms, analytics systems, etc.—enables you to see how exponentially you can grow with digitization. Now a days, some CIO’s go out of the box to develop and invest in a complete home-grown IT system that is designed on completely hi-tech and most automated processes, not mapped by any existing IT Product.
Amazon’s winning formula
Take a peek at how Amazon, the e-commerce giant, absolutely crushes it in the digital world. Their secret sauce? A laser focuses on two key ingredients:
- Modular IT Platforms: These are like building blocks that can be easily adapted and scaled to meet changing needs.
- Agile Technology Delivery: This means being able to develop and launch new features and services quickly to keep up with customer demands.
By investing in a robust IT infrastructure that can bend with the times, Amazon delivers a seamless shopping experience across all devices, no matter what. Plus, their agile approach lets them roll out new features in a flash, keeping them on top of trends and customer needs.
But wait, there’s more! Amazon’s investment in cloud computing with Amazon Web Services (AWS) wasn’t just good for them; it became a game-changer for the whole world. This perfect alignment of digital tools with their overall strategy has kept them at the forefront of e-commerce innovation, allowing them to adapt and stay on top of their game.
3. Unleash the Power of Data
In today’s digital world, data is king. By harnessing the power of both structured (cleanly organized) and unstructured (textual) data, you can predict customer behaviour and tailor interactions that resonate. Think of it as building products with built-in “lead indicators”—these early warning signs set you apart from the competition.
Netflix: The Data Whisperer
Let’s take Netflix, the king of streaming. They don’t just throw content out there and hope for the best. They analyse a mountain of data on user interactions, viewing habits, and content preferences. As a CIO, you need to bring ‘treasure from trash’. This intelligence allows them to predict what you’ll love to watch and personalize your experience with spot-on recommendations.
Remember the hit show “House of Cards”? That wasn’t a lucky guess. Netflix analysed the data to see an appetite for political dramas and content featuring Kevin Spacey. Voila! “House of Cards” was born, perfectly aligned with what viewers craved, and became a runaway success.
But data isn’t just about entertainment. Netflix uses hundreds of “lead indicators” like viewing trends, engagement, and subscriber feedback to make smart choices about content production, acquisitions, and recommendation algorithms. By letting data guide their decisions, they consistently deliver content that keeps subscribers happy and sets them miles ahead of traditional TV.
4. Connect with your customers on a deeper level.
It’s not enough to just have customers; you need to build relationships with them. Here’s where technologies like apps, personalization, and social media come in. They help you connect on a deeper level and create truly enriching user experiences. Let’s progress this point with an example of Swiggy.
Swiggy: The Food Delivery Rock Star
Swiggy, the Indian food delivery giant, is a master of customer connection. They leverage a user-friendly mobile app, data-driven personalization, and strategic social media engagement, all powered by the cloud.
Their app makes ordering food a breeze—browse menus, track deliveries, and leave feedback—all in one place. This app-centric approach creates a direct and convenient connection with customers, making the whole process smooth and enjoyable.
Swiggy doesn’t stop there. They use data to personalize recommendations, suggesting restaurants and dishes you’ll love based on your preferences and past orders. This personal touch builds stronger connections, leading to repeat business and happy customers.
Social media is another key ingredient in Swiggy’s recipe for success. They actively engage with customers on platforms like Twitter, Facebook, and Instagram. This allows them to interact directly with users, answer questions, share updates, and run fun promotions. By using social media strategically, Swiggy has fostered a strong community around their brand, encouraging conversation and building lasting relationships.
Don’t forget the cloud! Swiggy utilizes cloud-based services to ensure their platform is always scalable, reliable, and seamlessly connected. This robust infrastructure allows them to handle a massive volume of orders and maintain a responsive delivery network, offering top-notch service throughout India.
By focusing on customer connection, Swiggy has carved out a winning position in the competitive Indian food delivery market.
5. Automate for Efficiency and Happy Customers
Imagine well-oiled processes that run smoothly, improve cost performance, and keep customers happy. That’s the power of process automation. It’s about streamlining existing processes and optimizing them for the future, even factoring in potential limitations.
Pfizer: Saving Lives Through Automation
Pfizer, the global pharmaceutical giant, is a champion of process automation. They’ve integrated automation technologies and innovative strategies into their operations to streamline processes and deliver life-saving medications to patients faster. This not only improves efficiency but also ensures regulatory compliance throughout the drug development lifecycle. Car manufacturers like Toyota, Honda, Volkswagen, etc. have also pioneered automation.
6. Embrace a hybrid IT approach.
Imagine having a high-powered race car for lightning-fast results alongside a sturdy truck built for stability. That’s the beauty of a hybrid IT approach. It combines cutting-edge technology for rapid innovation with a reliable, proven infrastructure for smooth operation.
Many organizations are embracing multiple ERP systems, multiple cloud systems, Data pipelines, multiple CRM system & complex Data science using multiple BI/BO tools to enhance digital quotient & leverage best features each IT component has to offer.
Think of it as the best of both worlds: speed and agility meeting stability and resilience.
7. Digitize Everything (But We Mean Everything!)
No digital rock should be left unturned! Here’s where you break down your business processes into the tiniest details and digitize them all. This ensures everything runs smoothly and efficiently. To achieve this, leverage powerful tools like requirement engineering techniques and sophisticated business process management software.
Tesla has invested in the digitization of car manufacturing by completely robotizing their car manufacturing units, like painting, body welding, etc.
8. Foster a Culture of Speed and Agility
The digital world moves fast, and you need to be able to keep pace. Here’s where fostering a fast, agile culture comes in. Think “test and learn”—experiment, adapt, and improve rapidly. DevOps, continuous delivery, and agile methodologies are your friends. They automate processes and encourage rapid decision-making, allowing you to roll out new features and updates in a flash.
Look at Spotify, the music streaming giant. They use DevOps to deploy new features and updates at breakneck speed. By automating testing and integrating everything seamlessly, they can release changes quickly and frequently, keeping users happy and staying ahead of the curve.
9. Think Outside the Box: Collaborate and Innovate
Don’t go it alone! Build strong connections with a wider network of partners—customers, tech providers, and suppliers—and tap into their expertise. Think of it as a giant brain trust for innovation. As a CIO, you should strategically plan and enhance collaboration with your IT products, ISPs, cloud partners, consultants, vendors, and end customers.
Airbus, the aerospace leader, is a master of collaboration. They work closely with airlines and aircraft operators to understand their needs, gather feedback, and co-create solutions that meet the evolving demands of the aviation industry. This close collaboration ensures Airbus delivers aircraft and services that truly resonate with customers.
10. Embrace Risk: It Can Be Your Ally
Don’t be afraid to take calculated risks and be bold! Sometimes, disruption is the key to success. This means recognizing potential game-changers in your market and acting decisively.
Think of Airbnb. They disrupted the entire hospitality industry by creating a platform for people to rent out their homes to travellers. This peer-to-peer approach transformed how people book lodging and created a whole new market. Traditional hotels had to adapt or risk being left behind.
The last tip: build a strong digital talent pipeline.
Attract and nurture the best digital minds! Offer competitive incentives, clear career paths, and continuous learning opportunities. Remember, digital skills matter more than industry knowledge in today’s world. By creating a collaborative and learning-oriented culture, you’ll attract and retain the talent needed to keep your digital game strong.
Mantra for creating your Digital Legacy is “The best way to predict the future is to invent it.“
By implementing the above ten strategies, you can transform your organization into a digital powerhouse, ready to thrive in the ever-evolving digital landscape! Remember pace of digital disruption will be exponential in coming decade, be ready & put your best foot forward.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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