Driving Digital Strategy A Guide To Reimagining Your Business – Many companies, despite their best efforts, fail to reinvent themselves in the digital age. Sunil Gupta of Harvard, who has worked with leading organizations around the world, offers valuable insights in his recent book Driving Digital Strategy: A Guide to Reimagining Your Business. This post is a summary and analysis of the book.
I really liked the intro. It presents digital transformation success stories at large employers and discusses common pitfalls, such as creating independent digital units that fail to deliver lasting impact, and conducting cost-effective testing or focusing on performance rather than process change. He goes on to introduce four sections of the book, conveniently divided into three chapters. By the end of the introduction, I was interested in reading other books.
Driving Digital Strategy A Guide To Reimagining Your Business
This book begins with a strategic plan and the premise that customers, not products, should define how we define our business. At this point, the reader can already see the central conflict that emerges in this book, that this book is about putting a plan into motion, but digitally can only play part of the whole plan. Rather than remaining exhaustive or focusing solely on digital, the author offers a mix of contemporary research, research papers and explanations centered on the topic of digital strategy. It’s still very useful, but as I read through the twelve chapters, I sometimes found myself missing the digital aspect being discussed. In this sense, the content may have a different name.
Trends & Digital Strategy
The first chapter begins with a long discussion of product development and Amazon services. Another book for me is another study of John Deere, which expanded from farm equipment to farm management companies, adding data collection and analysis useful to farmers. The chapter briefly examines the contributions of Netflix and Uber and returns to Amazon by presenting the three skills that helped Amazon succeed (customer understanding, logistics, and technical resources). He goes on to discuss how complementary and related products can increase engagement, citing India’s Paytm and China’s WeChat, and highlights the value of network effects, pointing out the importance of such a product and supporting network effect in the digital age.
This chapter examines the value of data using the example of Tesla’s self-driving car, and concludes with a brief discussion of when to limit the expansion of the commercial sector by adopting, for example, Apple cars.
The case studies in this chapter are interesting, but most of the discussion focuses on Amazon when reading Amazon’s strategy. Personally, I missed the collection of lessons learned from Amazon and the digital strategy organization. I recently read Brad Stone’s detailed account of the creation and development of Amazon (“The All Store”), and given that, I am not surprised by the analysis of Amazon’s competitive advantage in this chapter. For example, this chapter does not cover the implications of marketing management or the fact that other e-commerce companies use data to accurately predict and prioritize product availability.
Having said that, I appreciate the cross-industry, cross-country case studies (John Deere, WeChat, Nike and Paytm) and agree with his point that it is not defined by traditional company boundaries. Competition, the main thing he would have supported. A little more energy in this department. He didn’t answer her last question about how to avoid overextending.
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This chapter, the longest in the book, focuses on business models, staying the course as it supports the fundamentals of modern business models. He begins by introducing the concept of “converting razors to razors,” which refers to shaving companies that sell razors so they can make a profit from the sale. This theme-based chapter focuses on service-based offerings and includes case studies from
This chapter touches briefly on advertising and social media, as well as broadly on strategic partnerships and hands-on experience. He spends several pages explaining the benefits of a service-based business model, emphasizing that in today’s economy, product differentiation is diminishing, so companies must rely on services for profit and growth.
Overall, I missed digital in this department. For example, in a book on digital, I looked for a discussion of how the expansion of digital publishing caused NIT’s ad revenue to decline and caused music CD sales to decline. I think the Weather Channel is the first good example of redefining the business model in the digital age and basically gave a good account of how he used his wealth and reputation and how he built successful relationships. The chapter covers agility only briefly, although I would argue that agility is an important asset of the digital age and deserves more space. Virtual reality, a new innovation of the digital age, is briefly mentioned but will appear in Chapter Five. Similarly, social marketing is covered briefly, but will be covered in Chapter 9. Overall, I feel that this chapter is not so much about digital awareness as it is about general business model advice. However, the research is interesting in its own right.
This document promotes the concept of creating an open platform/environment as described in this chapter. The chapter begins with an analysis of Gelat, a Norwegian company that is disrupting the printing industry by connecting printers to customers around the world. This new example is another one of the business sponsors (“platforms”) we are familiar with, such as eBay, IOS app stores, Upwork, etc. This chapter describes the advantages and challenges of platforms (such as access to suppliers). , value to customers, easy access, few resources, scalability and support for innovation). The challenge of running a platform is that you lose control over quality, product and delivery. As an interesting contrasting example, Zappos started as a platform and then switched to selling only its own products. The chapter claims that Indian company Flipkart showed the risks of moving to the platform, but the interpretation of the story ends abruptly and does not end.
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The next section looks at companies that have developed platforms in addition to their current product offerings. The news starts with Google’s acquisition of Nest’s smart thermostat product, but most of the discussion in this section is about GE, which recently realized that many of the benefits in the coming years will come from software and research, not from physical improvements and equipment. . That’s why GE has been working hard to develop better methods for collecting and analyzing data from the company’s infrastructure. GE’s efforts in this area are published on its Predik platform.
This chapter briefly focused on the banking sector, where Goldman Sachs surprised the market with the launch of its SIMON product, which helped Goldman increase commitment and takeover by selling competitors’ products (SIMON offers users the ability to assess risk or create one). portfolio).
The remainder of Chapter 3 provides practical advice on implementing the platform, such as advice on achieving critical mass, business support, partner management and governance management. Much of the discussion focused on payment technology. A particularly interesting question is how open it is to create an unaffected platform/development (think Android vs IOS). The final section briefly discusses Facebook governance issues during the 2016 election campaign.
Overall, I thought the book focused well on the theme of this chapter, and Gelato’s story is a wonderful, unexpected example. However, again, I think the chapter is missing the “digital strategy” link. The concept of a generic distribution portal is not obvious, and some of the key points about the support platform may be for brick-and-mortar retail stores, but I’m looking for the digital aspect in this book. For example, in the digital sector, we provide not only the physical infrastructure, but also a data gateway for 3 parties to share their data, including user clickstream data. There are also geopolitical factors to consider, such as the EU GDPR, which affects any business with even a small number of customers in the EU. We need to consider what kind of technology we will make available to users of our platforms (for example, Apple’s iOS store has its own language, while Amazon browsing requires less technical skills). Although most of these are blueprints rather than blueprints, they are examples of topics that can create building materials focused on digital planning.
Reimagining Retail Through Digital Transformation
On a more positive note, I am interested in the examples of GE and Goldman that show the methods these large companies follow in delivering digital products/services/platforms. I also liked the last part of the chapter where he gives practical advice on building a business platform and introduces the issue of open and closed.
The chapter examines the value of complex, crowd-inducing problems, also known as “development.” It begins with the story of NASA discovering a serious problem with the International Space Station. Incredibly, almost half of the more than 2,000 entries were about NASA
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