When a media conglomerate's business was slammed by a powerful new entrant, they wanted advice on the best way to compete – a stand-alone innovation unit or transforming the existing business? We helped them to hit the pause button and look at digital from every angle across their business: not as a project with a start and end point, but as a continuous way of working.
By creating a vision of how they thought the future was likely to unfold (no easy task in these uncertain times), the business created a context for digital and everything that followed. They set up a stand-alone company, acquired others to start new revenue streams, launched customer initiatives and drove down costs through careful automation.
In essence, we worked with them to go beyond “doing digital” and to invest in being digital.
What does it mean to be digital?
There's no way to change every part of your business – systems, business model, distribution, culture, etc – all at the same time. So you need to marry up purpose and digital to develop robust set of priorities.
Some of the most successful digital businesses we've seen:
- Are led by purpose and data in decision making, not technology
- Focus on customer outcomes and improving customer experience
- Continuously experiment and test
- Demonstrate high levels of automation and agility
The challenge isn't to fail fast. Companies have become adept at generating great ideas and rolling out pilots. Where we see less success is in scaling the best ideas into something that makes a real impact on the business.