| |May 20199CIOReviewLet's take another example of smart houses. Here the company is not just providing you the devices but also services like energy management.So, there are three key elements of `Digitization':1. Being customer fanatic2. Being extremely data driven but not ignoring gut and the intuition3. Challenging the status quo `always'; even to the extent of challenging the complete business modelThere are both good and flip sides of digitization. Good part is that it always puts `Customer' first and hence `Customer' is set to be winner. The flip side is that it is already here; it's no longer a utopian thinking; one doesn't have the option but to adapt or perish. Follow-ing are some of the essentials to adapt Digitization: 1. Tone at the topIt's not just about being mere part of the Strategy deck or CEO's long term vision statement. It needs to be vis-ible in how the CEO including the CXOs showcase digi-tal mindset in every discussion, thoughts and actions. It can't just be a mandate because that will only influence a mindset change but may not drive it. Leaders would need to foster an environment where employees feel safe and encouraged to experiment with their ideas; `Fail fast and fail cheaply' becomes a mantra. 2. Perfection is the enemy of getting `work done'Being comfortable with going live with Minimal Viable product (MVP) and then adjusting it on the fly is the key to win with today's demanding and evolving customer. Lot of inspiration comes from the software industry ­ agile development, MVP thought process, cross func-tional teams working together to create prototypes, to test them and to release them out in a fast manner. In order to create agility, an accelerated loop of Develop ­ Go Live ­ Measure ­ Change is required and to do that it needs an environment of collaboration and understand-ing individual roles.3. Fall in love with ProblemGone are the days wherein meeting will start with some-one pulling out a solution without even going in depth of what needs to be solved. Today is the world of falling in love with the problem and not being solution orient-ed. This will force the organization to be extremely cus-tomer oriented and letting data do most of the talking.4. Old Power vs New PowerIn its book `New Power' Jeremy Heimans explains the difference between `Old Power and New Power'Old power works like a currency. It is held by few. Once gained, it is jealously guarded, and the power-ful have a substantial store of it to spend. It is closed, inaccessible, and leader-driven. It downloads, and it captures.New power is like a current. It is made by many. It is open, participatory, and peer-driven. It uploads, and it distributes. Like water or electricity, it's most forceful when it surges. The goal with new power is not to hoard it but to channelize it.New power gains its force from people's growing ca-pacity--and desire--to go far beyond passive consump-tion of ideas and goods. (Views expressed in the article are of the author only) There are both good and flip sides of digitization. Good part is that it always puts `Customer' first. The flip side is that it is no longer a utopian thinking; one doesn't have the option but to adapt or perish Chandan Khaitan
< Page 8 | Page 10 >