Unveiling Digital Business Opportunities
In today’s business world there is an unlimited opportunity to grow revenue, profit, cash, and market share. Digital business growth can enable all of these outcomes, however, for many companies achieving them is impeded by difficulty in pivoting from the current complex business and technology operations environment towards a true agile digital business model.
There are three areas of fundamental aspects to leverage in transitioning from a traditional focus on business and technology to a digital business construct.
1. Simplification is the process to reevaluate the current business and technology with the intent to make the existing operations efficient and inherently flexible. This is the foundation to enable the enterprise to more easily create new digital products and businesses for growth.
2. Focus on small steps to create an environment where the business and technology are committed and aligned on an approach to address specific business needs. Avoid a big bang mindset, rather emphasize collaboration for an end-to-end approach to achieve business outcomes.
3. A simple business digital platform (BDP) to help businesses and technology in their collaboration and iteration of data from various sources for effective decision making and predictive analysis, with speed and without disrupting current business operations.
CEOs Driving Unified Business-Tech Collaboration for Growth & Innovation
The CEO and senior leaders play a pivotal role in communicating and instilling a culture of collaboration across the organization. Prioritization for every initiative must be tied to business growth driven by simplification and dedicated teams to implement solutions. The digital business roadmap should be designed so that initiatives will not disrupt current business operations or the end customer. It is also crucial to create a single source of truth across every business function of the organization, enabling better planning and proactiveness, deeper business intelligence, and creating new business models based on insights gleaned from customer needs.
Large enterprises are struggling with the issues arising out of a lack of collaboration between business and technology which can impact the current business. Many of them are struggling, not having a productive engineering environment where business and technology can collaborate with a product approach (assets). They need a simple BDP in the cloud which can leverage the current technology assets, including platforms, to bring consistent engineering of products across the enterprise at scale. Other benefits of an agile end-to-end engineering environment are speed, reusability of assets, faster product launches, security, and compliance.
Mid-size companies are challenged with where to start and how to address several pain points affecting the current business as well as not having clear visibility into day-to-day challenges. They also have a perception that digital business implementation is very expensive, lengthy, and disruptive to the current business. They need to take the following steps to bring outcomes at speed, without requiring a large investment or disrupting current business.
1. Focus on the current business pain points and solve them by simplifying and collaborating through engineering teams. This can be achieved with a strategic business partner who is a catalyst to bring practitioners and engineering teams together with a simple BDP in the cloud
2. Place an emphasis on digitalization and creating a single source of truth across each individual business function and eventually across all business functions. This will help to bring teams with the right culture of collaboration and problem solving together without the worry of attracting additional talent. It also avoids a high upfront investment in technology. The key focus is to solve current pain points and create new opportunities for growth with speed.
End-to-End Practitioners: Key to Digital Business Success
Another key element of digital business is the use of practitioners who take an end-to-end perspective and understand both the business and technology components. They are adept at simplifying processes across business and technology empowering agile engineering teams to achieve business outcomes. Companies underestimate the importance and success driven by collaboration by an end-to-end approach to creating new products at speed. It is no longer just a technology issue, it is all about the adherence to simplification, collaboration, and consistency.
At Altimetrik, we are helping many large enterprises and mid-size companies with this approach of practitioners, engineering teams, and a BDP. Practitioners help to simplify while business and technology teams collaborate to efficiently create digital products from ideation to launch. BDP is very flexible and creates an environment to institutionalize product development at scale with speed. This is a specific business outcome-focused process that avoids the big bang approach, and it accelerates digital business growth in a consistent manner.