We are living in a Digital Age. A robust Digital Transformation Strategy is today’s organization’s corporate armaments in remaining competitive.
Organizations that have excelled in Digital Transformation have one thing in common that distinguish them from the rest: their mastery of the 4 critical Business Ecosystems.
The 4 Critical Business Ecosystems
- Customer Solutions Ecosystem
- Operations Ecosystem
- Technology Ecosystem
- People Ecosystem
To achieve Digital Leadership, we need to master the 4 Business Ecosystems. A Digital Leader’s primary achievement is its ability to orchestrate and integrate the 4 Business Ecosystems. Yet based on the PwC survey in 2018, there are only 10% of the organizations that are Digital Leaders; Digital Leaders who have fully integrated the Customer Solutions, Operations, Technology, and People Ecosystems.
Being a Digital Leader
Digital Leaders view digitization in ways that are far reaching and aggressively innovative.
- Digital Leaders successfully orchestrate and integrate the 4 Business Ecosystem layers.
- Digital Leaders create an organizational environment that takes the greatest advantage of the opportunities from digitization.
- Digital Leaders draw on internal and external partners and platforms to develop the 4 Business Ecosystems.
- Digital Leaders master the art of integration and orchestration
Digital Leaders align their organizations around clear and coherent overall strategy that is made up of a value proposition and distinctive capabilities. While not all Digital Leaders are adept in each of the ecosystem, they advance their capabilities through the 4 Business Ecosystems.
Taking the 6-Step Approach
Mastering and managing the 4 Business Ecosystems requires following a 6-steps approach. The 6-steps approach is a strategic journey towards an effective digital transformation. Taking the step by step approach with deliberate speed will prevent our company from losing the First Mover advantage to competitors.
- Making the internal assessment.
- Defining your ecosystem vision and value proposition.
- Developing the Ecosystem Concept and Strategic Partnership Model
- Setting up an Ecosystem Governance, Investment, and Decision Board.
- Building the ecosystem capabilities.
- Harvesting the value of full ecosystem integration.
The final steps are essential to becoming Digital Leaders as it focuses on strengthening and sustaining the Integrated Business Ecosystem. The 6-step approach is an iterative approach to Digital Transformation Leadership. Essentially, mastering the 6 step approach is short of mastering the 4 Business Ecosystems.
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