BONE to be wild!
Video comment from MIT Director Jeanne Ross
Weblink:https://executive.mit.edu/media-video/mit-sloan-executive-education/digital-disruption-transforming-your-company-for-the-digital-economy-with-jeanne-ross/6wq6xqxalge
In the video presentation by Ross, she mentions about how social, mobile and analytics, cloud services and the Internet of Things, known as SMACIT can help business improve business opportunities.
She explains that digital strategy should focus on any of the following strategies: Customer Engagement and Digitized solutions. There must also be ways to make your customers happier than you. This can be accomplished by making a personalized and seamless experience. This can be done by linking our business through:
Service
Product
Capabilities
Companies must be able to be big changers. One example is Nordstrom, from the Online platform to the multichannel platform, they soon migrated into to a seamless experience through various partner apps such a Pinterest and Instagram. Big data analytics can now be obtained from this. This can be done as long as the company has an operational backbone with integration capabilities. Companies can no longer focus on business as usual strategy.
In a poll conducted by Ross with the audience, 61.5% have chosen that both solutions are needed to solve the digital strategies. She clarifies that companies must just focus on one to succeed. You must focus on one strategy and not to do both. Pick which strategy is more important.
This can be supported with your market capabilities from your digital services backbone. She further explains that defining a digital strategy is the easy part; strategy execution is the real challenge. Your digital business strategy must constantly be evolving over time.
In an article by Disruptor daily, it explains the top 10 industries that big data will disrupt. This is something that companies should take note of.
https://www.disruptordaily.com/top-10-industries-big-data-will-disrupt/
Ross also mentioned that for some companies it can just focus on operational excellence as part of their strategy as long as the company continues to scan on their external environment (both B2B and B2C spaces).
Companies should also be focused on where you can get the right talent and pick one and move forward. In the Philippines, with the recent acquisition of Alibaba with Lazada expect more game changers on how payment solutions can be made in the Philippines. For our company, we must think now and define our digital strategy as soon as possible so as not to be left behind by the changes of SMACIT.
Ask for the data and work on it. Be a game changer.