Orchestrating a Digital Transformation

Many companies make the mistake of asking “How do we change?” when they should first be asking “Can we change?” The pace of the market is accelerating with much shorter cycle times. A great strategy executed too slowly creates little value. Businesses need to embrace agility not as a business buzzword but as a core tenant that allows for faster decision-making with greater risk tolerance. There needs to be a new approach to change management.

Digitizing your old business might involve applying digital technologies to various aspects of the enterprise and introducing digital elements to the customer experience. While these actions may improve business effectiveness, they preserve the current business model and is incremental not transformational.

At a recent FEI Committee on Finance & IT meeting, Deloitte Partner and TM Forum Chairman David Pleasance raised the question: Are you digitizing your old business or creating a new digital business?

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