You’ve been given a high priority initiative.
You’ve been asked to transform how the company will move forward.
You’ve surveyed how things get done and researched what’s now possible.
You are prepared to adapt and the possibilities seem amazing. Going digital is definitely the way to go.
Transformation however, comes with high expectations – improved efficiency, effectiveness and growth – from all corners.
There’s a huge temptation to focus on profit first – resist the urge!
Tip #3: Learning first. Profit second.
Vijay Govindarajan talks about the need to manage the present, selectively forget the past and create a new future – simultaneously.
You may have discovered the best digital path forward, but that’s not going to help. Continue reading
Digital is pervasive. It has the potential to touch everything we do. It’s not about supporting a multi-channel strategy; it’s about creating an Omni-channel experience.
That means you will need to take a deeper look at the human side – your customers.
Tip #2: Think through the experience
No matter how great your product, offer or service, a poor experience can ruin a promising or profitable relationship.
Your digital strategy has the potential to magnify both the positive and the negative.
Think through the experience up front and ask:
The promise of digital is impressive – improved efficiency, effectiveness and growth. But there’s a risk that last item (growth) could be momentary.
Over the next 3 posts, I’ll share 3 tips to ensure your digital strategy doesn’t stall.
Tip #1: Don’t simply automate an existing process
It’s relatively easy to claim success in the digital world based on efficiency. The cost savings and improved customer satisfaction (based on speed) can be impressive.
But if all you have done is automate an existing process, there’s a high probability you’ve automated some flaws, outdated methods or redundant assumptions.
Step back. Ask a simple question:
Realize this – no matter how great your strategy, it can still fail. A sobering thought considering how much time, money and effort goes in.
An enlightened retailer knew the secret for lasting success would be tied to customer experience. They transformed their strategy putting customer experience as priority #1.
On first pass, the strategy appeared logical. It was a perfectly good strategy executed poorly. After 2 years of declining profit, the strategy was thrown out. Never to be whispered again.
I’m sure you have similar stories. It happens everywhere. So what mistakes could you look out for?
Can agile and risk management co-exist?
That was the question posed by Leo Sadovy at SAS in – Agile risk management – What might that look like?
My immediate thought: “Is there any other way?”
Leo had led a conversation at the International Institute for Analytics. They were discussing how organizations adapt when things don’t go as planned and how risk management may either help or hinder efforts.
Leo’s response was that agile risk management translated into scenario planning and your ability to switch from plan A to B – effectively and efficiently.
Other members of the group weren’t so sure. There was a belief that current operational risk management practices were cumbersome and would hinder the “agile” side of the equation.
Thus the question: Agile risk management – what might that look like?
When the markets collapsed in 2008, what was your strategy to adapt, evolve and succeed?
For many it was a period of cut backs, lay offs and shock. The rationale?
Money is tight, there’s not enough time to try something new, and we simply can’t afford to do anything perceived as risky.
Let me share a simple strategy that can help you adapt, evolve and succeed, in both good times and bad. A strategy that will unlock funds, give you more time to innovate, reduce risk and grow your organization.
Your big idea may sound eloquent and obvious – to you – but what about the market?
The next 4 keys provide a checklist for translating your vision to action.
Key #4 Clarity
Two elements here: Clarity of message & clarity of understanding. Continue reading
Big or small, for profit or not, in any industry or country, there are 8 timeless keys to building a successful business.
The first 3 are about mindset and the ability to come up with great ideas. The next 4 vision. And the 8th passion.
Let’s look at the first 3 Continue reading
Regardless of how good your earnings are this quarter, with declining or no customer equity you won’t have a business for long.
Here are my top tips for understanding and building customer value. Continue reading
No matter how great your innovation or strategy, it all comes down to perceptions. Will people trust what they see, hear or read about you?
Here are my top tips for developing that trust. Continue reading