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Road to Digital Transformation

Digital Transformation

Digital Transformation from a buzz word to business as usual

 

Digital Transformation is the reality which businesses have already accepted the relevance, now they are implementing it at various levels. Business is a success and function of different process coming together. In the digital era business transformation is the new normal. Data is the fuel.

However, it is easy saying than done practically. Impossible is nothing but it is coming together of intent and technology. Digital Transformation has different layers to it, which companies are reinventing, implementing, investing and innovating by using new world technology. Innovation is the name of the game. Innovation is not inventing something new as in a new service offering or product , but innovation of business model, revenue model, supply chain, and of course the culture of the company.

Digital Transformation is digital corporate culture in progress!  (In a BCG study of 40 digital transformations, companies that focused on culture were 5x more likely to achieve breakthrough performance than companies that neglected culture.)

The different technologies that drives the value chain of Digital Transformation is below:

  • IT and Infrastructure
  • Digital Marketing
  • Big data and Analytics
  • Mobile application
  • Customer Relationship
  • Data and cyber Security
  • Cloud computing
  • Project Management

Digital Transformation changes the Business strategy, Business goals and process, strengthens the way brands market, and it creates new demand for human resource skills. Coming together of all of these is a new economy, a digital economy.

Digital Transformation requires a fully focused strategy to achieve it, without tinkering the core business vision. Startups are in better position to walk the digital road map day one.  Big organization are investing on new strategies to transform the inevitable.

Market size –  Global digital transformation market is expected to grow from US$ 445.4 Bn in 2017 to US$ 2,279.4 Bn by 2025 at a CAGR of 24.3% between 2018 and 2025 ( Source: pr newswire)

 

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Startup founders should do it like Bohemian Rhapsody

Bohemian Rhapsody

Rock star inspiration

Rock stars are always a source of inspiration of impact and creative story. There is a story behind the success of any rock band. Just as there is a story of passion and creativity behind every startup.

One of the noted conversations / quotes from the film Bohemian Rhapsody below:

John Reid: So, tell me. What makes Queen any different from all of the other wannabe rock stars I meet?

Freddie Mercury: Tell you what it is, Mr. Reid. Now we’re four misfits who don’t belong together, we’re playing for the other misfits. They’re the outcasts, right at the back of the room. We’re pretty sure they don’t belong either. We belong to them.

Analyze to know

Let’s relate the conversation between John Reid and Freddie Mercury as a sales or startup pitch in-front of potential venture or angel investor. Let us consider John as an investor asking startup founder (Freddie) about the company to get the first impression of the company (brand), product and the team the founder is representing.

Freddie as in the founder of the startup opens with a remarkable pitch about the team member who he thinks unique value preposition and differentiates from other brands (differentiates Queen from other rock stars). He describes his team, co-founders as unique in their own categories and departments, and each of the co-founders have nothing common when it comes to skill or experience. Simply put, it is an advantage for the startup. Each of the team member brings something unique on the table. Freddie furthers his point and articulates that each one belongs to the world of rock music, which are loved by people of different taste (not regulars). His team is a misfit to fit any genre. He and his founding team is committed to consumer of rock songs who don’t fit regular taste of music. 

The pitch to John was visionary, which shows commitment to his passion of music. Like any other passionate startup founders should. Startup is made of team, vision and the right culture. The culture of success is created by the team day one.