This digital transformation blog post series concludes here with Part IV—the Business Model and how organizations are changing. Click here read Part I, click here to read Part II, or click here to read Part III.
First, we explored digital transformation and the State of the Union; then the Customer Experience; then Operational Processes. And they all feed into the big picture—the Business Model and how it has been changing for so many organizations.
DT and the Business Model
From changing the business itself, to new business launches, to expanding one’s reach, the components of a transformed business model include those key touchpoints. For example, digitally enhancing a product or service, or transitioning physical experiences to digital ones are key components of a digitally modified business. Also, anything from developing new digital products to reshaping organizational boundaries are examples of new digital business launches. And integrating the enterprise, redistributing decision authority and leveraging shared digital services are all examples of digital globalization1.
Consider how we can now deposit a check with a mobile-device photo whereas we used to physically go to a bank or ATM or mailbox. Or how we’d walk from store aisle to store aisle searching for a jar of honey, but now omni-channel marketing tells us which aisle the product is in (while doing advance shopping online—before we even get to the store). That’s a digitally modified business function, for sure.
A variety of electronic signature capabilities have changed the way we submit our tax returns or even close on the purchase of a home. In fact, DocuSign itself is not just a convenience offering developed by the IRS or the National Association of Realtors, but it is in fact a new digital business on its own.
And, of course, cloud-based medical records allow us to see multiple providers with less hassle and have them be more informed, sooner. The fact that we can keep our health in check or benefit from emergency care anywhere in the world when we’re traveling—because of those records—is an example of digital globalization.
We all benefit from these business model transformations, and we may by now even take them for granted. But none of them came easily. Data scientists and software engineers had to be upskilled and reskilled to make it happen—becoming more savvy with digital concepts such as Agile Software Development, Cloud Native Development, Data Science Core Skills and Technology Architecture to name just a few.
Where Is Your Digital Bandwagon Going?
There are many destinations and many detours on the digital transformation journey, and each one is unique for each organization. That’s why a roadmap helps us get to where we need to go and can point us to the essential stops along the way, including the Customer Experience, Operational Processes and now the Business Model.
Have you examined your business model as well as what other companies have done, like the examples outlined in this four-part blog post series? And with that, at what level are the software engineering and data science skill sets in your organization? In this age of digital transformation, now is the time to examine where you are and where you need to be. Galvanize offers the upskilling, reskilling, and training programs to meet those needs. Learn more about Galvanize’s corporate training solutions by filling out our form below!
Request Info
Learn more about our corporate training programs.
SOURCE
1MIT Sloan School of Management and Capgemini Consulting,, “Digital Transformation: A Roadmap for Billion Dollar Organizations,” Study and Analysis,, https://www.capgemini.com/us-en/resources/digital-transformation-a-road-map-for-billion-dollar-organizations/, Nov 17, 2011.
