We all talk about it, but few understand it!
And the proof point: List the successful companies that have digitally transformed! Not too many, I am sure!
The Key Start-Up Insight
One of the most potent tools a start-up has is the ability to refine and adapt themselves around a deeper product-market. They continually respond to market insights to make their products more relevant to their market and different from their competition.
These start-ups have digital transformation built into them. This is how they disrupt your market.
So what does that mean to you, and how do you emulate the foundational principles?
1. Modernise your IT Architecture
The root of digital transformation is in modernising your IT architecture. This needs to enable you to leverage the power of AI and place it at the heart of your business model.
This is a huge job!
To rebuild and modernise your IT stack, you use what my co-founder, Prinavan, calls the Super Ops framework. This comprises your data ops, software ops, cloud ops and machine learning ops.
By doing this, you build product flexibility within your technical stack.
2. Structuring Agility at The heart of your Business
A start-up has agility built into it. It responds to changes in market insights and market demands. The product market fit is continually redefined until a home-run is scored.
But our legacy business structures are designed for bureaucracy and as functional departments. The net result is an organisation governed by politics and the inability to understand the customer.
You must design for agility to become agile, which means rebuilding your business architecture.
3. Redesigning The Way You Work
To become agile means changing the way you think. You need to redesign your culture and rebuild the way you work.
And how you work is a cultural process, not a functional one!
You need to see change differently and structure how you work to embrace change’s power and transformative nature.
This is a leadership issue.