As the world applies mobility and internet of things (IoT) or engages in social network, it opens up new avenues of value creation for the stakeholders. Discussed as digital shift, these technologies have transformed the world, interconnecting everything digitally and opening up interesting possibilities. Businesses are keenly following this and figuring out what opportunity does the digital world presents, what’s the change in their competitive landscape.
MITSloan’s article on Digital Transformation identifies nine areas that requires transformation. They are customer understanding, top line growth, customer touch points, process digitization, worker enablement, performance management, digitally modified businesses, new digital businesses, digital globalization, and a strong emphasis on leadership to drive this in an enterprise.
Recently, I was pulled into a conversation involving stakeholders from IT business exchanging ideas on representing the enterprise’s existing value chain in a digital world. The following representation over the Porter’s chain is a good illustration capturing the reality.