As we discussed in Part One, a digital enterprise is defined by its ability to leverage technology to seek new levels of competitive advantage and profitability. There are several telltale signs that an organization has successfully executed their digital strategy to become a modern digital business.
5 Signs of a Digital Enterprise:1. Open Minded
Digital companies are constantly experimenting with new ideas, processes, technology, and solutions. They take risks and see failure as a necessary learning experience for innovation and long term success. This mindset allows the company (no matter the size) to be quick and nimble, empowering them to easily pivot to stay ahead of market trends.
The company leaders articulate the value of digital technologies to the business and lead by example. No, I’m not saying they can code, but they do actively engage and learn new technology like social media – and employees notice.
2. Future Focused
The main focus is on their company’s strategic vision, not technology. They are pursuing digital transformation opportunities to help them achieve long term goals, not to be seen as a trendy company. When strategizing, they start with the future and then conceptualize the steps to get there.
A digital company breaks down the silos within their organization to allow important business information to be shared throughout the enterprise. There are no walls between IT and business. Everyone in the company participates in the advancement of technology, leaving no one behind.
Data is the fuel for the digital enterprise. In order to perform well, these companies need clean and reliable information to fuel their enterprise.
So how do these companies create and maintain trustworthy information? By kickstarting a Data Governance program consisting of a governing body, a long term plan, and a defined set of rules, standards, procedures, and policies. This ensures the information is created and understood the same way across the whole organization.
No End State
One important point is that as of now, there isn’t a clear picture of a digital enterprise. No company has reached the end-state and therefore there isn’t a hard and fast list of digital traits for an organization. Think of it more as a continuing maturity curve, rather than a “is” or “isn’t” categorization.
Now that you have a better understanding of where your organization might fall on the digital maturity scale, are you ready to launch digital transformation efforts? In Part 3: Best Examples of Digital Transformation, we’ll summarize a few of our favorite real-life digital transformation stories.
Read Part One: What is a Digital Enterprise?
Read Part Three: Real Life Examples of Digital Transformation (coming soon!)