Digital Transformation: Transforming Business Models
Digital Transformation: Transforming Business Models A third, and perhaps the most noteworthy aspect of an organization’s digital transformation, is the transformation of it’s business model. The digital world has allowed, and oftentimes necessitates, the complete reformation of the way a business makes money and goes to market. Capgemini Consulting and MIT offer two notable ways this occurs. Digitally-modified Businesses (i.e. sustaining innovations) A digitally modified business is one that adopts technologies or innovations that add to their current product or...
Read MoreDigital Transformation: Our World is Evolving, Is Your Company?
Digital Transformation: Our World is Evolving, Is Your Company? Just out of curiosity… What was the first thing you did today? You just stepped into line at the DMV, what do you do? How has your job changed over the past 10 years? Or if you haven’t been in the workforce that long, did your job even exist a decade or two in the past? And finally, last time you made a purchase for a Christmas gift, how did you decide what to buy and where to buy it? No doubt, technology has changed the way we live. We are constantly connected, always being advertised to and last year’s “ways of working”...
Read MoreLeadership Series: Strategy
Leadership Series: Strategy Today we’re going to discuss a leadership topic of great importance—strategy. We’ll talk about the “What” and“Why” of strategy and how to apply it to your life and business. But first, a quote from legendary Japanese swordsman Miyamoto Musashi: “Perception is strong and sight weak. In strategy it is important to see distant things as if they were close and to take a distanced view of close things.” What is strategy? Michael D. Watkins, Chairman of Genesis Advisers, in his HBR article, Demystifying Strategy: The What, Who, How, and Why, defines...
Read MoreMarket Disruption and How to Confront It
Market Disruption and How to Confront It So you’ve owned your business for five, ten maybe twenty years and things are going along just fine. Then suddenly a new way of doing things comes along. The internet, mobile devices, a new type of forklift that’s ten times lighter, but just as strong as yours—whatever it may be—and now things have changed. People don’t want to come to your office for an initial consultation, they want to pick you from your website, and now they want the work done twice as fast for the same cost. Welcome to the world of disruptive technologies—new developments...
Read MoreSWOT Analysis
When your car starts to make funny noises and quits running well, what do you do? You either stop to do a check-up or you take it to a mechanic. But what about when your business is struggling and you’re not meeting your goals? That’s where SWOT analysis comes in. SWOT analysis is a method used to understand the strengths, opportunities, weaknesses, and threats of a company and provides both a high level and in depth look at internal and external factors; a sort of business “check-up.” Investopedia says: “The method of SWOT analysis is to take the information from an environmental...
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