Digital Transformation: It’s Now or Never…
MIT’s Business Lab Podcast — with Kanarick, EY’s global chief transformation architect for consulting — highlights the urgency to take advantage of the current momentum that exists with respect to digital transformation.
Digital Transformation & Customer Centricity
In a world of shifting values/in a world that trades off digital principles or imperatives…
It’s NOT about predicting/ID’ing what’s next (leave that for those that show good track records with their bets)…
It IS about getting ready for what’s next…
Getting ready for what’s next = equipping your organization…
- In part a function of tech…
- But FAR more a function of the “application of humanity” & the “orientation towards value-creation”…
If you can get those (two) things right, you can take advantage of digital transformation..
What is the “application of humanity”?
- An enormous focus on customer centricity.
- Prior biz/mental model: “How do I get the consumer to buy more of what I’m selling?”
- New biz/mental model: “How do I make more of what the customer wants to buy?” (requires cross-organization/horizontal collaboration — easy to say, harder to do)
- What does that person/customer want/need in their life? That might be understood on Monday and changed by Thursday…
The Digital Transformation Imperative Is Now
EY/Kanarick is of the opinion that the (digital transformation) growth rate sustains out to the end of 2023, then levels off…
(Implying) you have another 2–3 years to really take your share of the opportunity— and if you don’t you’ll probably miss the chance to do so…
Most EY clients see this in existential terms: There’s the recognition there’s no guarantee that their company is going to exist in quite the same way in a couple of years — they can’t predict the amount of change — other than to know there will be a significant amount of change, and they need to take advantage of the current momentum…
“There are decades where nothing happens; and there are weeks where decades happen.” ~Vladimir Ilyich Lenin
Commitment to Transform
EY suggests that “(digital) transformation realized” equates to:
- Humans at the Center
- Innovation at Scale
- Technology at Speed
Innovation at Scale:
- Clients need to test viability before “tripping down”.
- ID a series of small things that you can test and learn from. Develop confidence and momentum through this approach.
- Learn how to test, prototype, get to MVP, rollout. Build-out the “innovation muscle”.
Mitigate Risks:
Transformation comes with risks. Organizations and teams have to learn how to mitigate risk. (How might we fail? FMEA models? What are the boundaries? Escalation needs?)
Why do you have breaks on a car? No, it’s not to stop/slow down. Breaks are there to give you the confidence to go faster.
Transform & Innovate with Axioned
Axioned is excited to be a part of the digital transformation journey for several clients.
We support the design and build of POCs, MVPs, v1s, etc. We support engagements that involve incremental “test and learn” deliverables that build the “confidence and momentum” teams and clients need, in order to move mountains. (And yes, we take inspiration from the EYs of the world.)
For further information contact us or schedule a time to meet.
