Digital transformation continues to be a buzz phrase in technology spheres, digital business transformation will be its action plan in enterprise
THE first three hours of a trip from Laoag to Manila were spent finishing up the hardbound “Digital Business Transformation” by Nigel Vaz. The last three chapters were particularly interesting because it offers a practical and holistic approach enabled by digital technology and a unique set of capabilities.
Nigel Vaz, is the CEO of Publicis Sapient–a consultancy business whose aim is bring enterprises painlessly into the digital world.
In an interview with CNBC which I watched (via YouTube at the Kilometer-63 milestone to Sampaloc, Manila which was about the last hour of my nine-hour trip,) said that computers helped him overcome his ‘dyspraxia’ a not-so-rare condition where the affected person has difficulty performing fine motor skills.
That realization also gave him the vision of how technology can change the world to make life for the common man, easier.
This is a book review, not a spoiler, but read Chapter 12 first then go back to Chapter 1 down. It’s like watching a Star Wars prequel. This chapter brings together what could be called the climax to the book, if this were a fictional novel. But it isn’t. Vaz expertly brings the reader the ways technology fundamentally redefines the concept of business and how or what kinds of transformations need to happen to thrive not just survive in the digital age.
Not just digital transformation
Defeating the common misconception that “digital transformation” is synonymous with technological change alone, Vaz introduces the idea that digital business transformation is, in essence, business transformation optimized for the digital era. Rather than superficially digitizing certain aspects of a business or introducing limited digital initiatives as temporary fixes, this book emphasizes the imperative of becoming digital at the core.
Vaz, drawing from his extensive experience in partnering with established businesses, introduces the concept of “digital business transformation” (DBT) as a profound departure from merely digitizing segments of a business or adding digital revenues as temporary solutions. Instead, DBT calls for a fundamental shift, becoming digital at the core to establish and maintain customer relevance, sustain competitive advantage, and safeguard against competitive risks.
Holistic not segmented
Digital business transformation is a holistic approach that transcends surface-level changes. It entails a profound shift in the way organizations think, organize, operate, and behave. It’s about constructing a comprehensive, extensive, and profound digital moat that safeguards a company’s relevance and competitive edge. In essence, it enables organizations to thrive in an environment where consumer expectations are continually elevated by disruptive technologies and innovative companies.
The central challenge addressed by digital business transformation is the ever-widening chasm between what consumers expect and what traditional business models can deliver. As consumers become accustomed to seamless, tech-enabled experiences across industries–from products and services to manufacturing and marketing–the pressure on organizations to adapt and meet these expectations intensifies. Digital business transformation serves as the bridge that enables businesses to align with these evolving consumer demands.
It’s important to recognize that digital business transformation isn’t just a destination; it’s a dynamic and ongoing journey. It compels organizations to not only reimagine their strategies but also swiftly actualize new ways of operating to meet and exceed consumer expectations. Importantly, the precise meaning and execution of digital business transformation can vary from one organization to another, as it necessitates tailoring approaches and tools to address unique challenges and opportunities within each business.
Ultimately, digital business transformation isn’t just a strategic choice; it’s an imperative for survival. In a world where the business landscape is continually reshaped by disruptive forces, embracing digital business transformation can spell the difference between an organization thriving in the next five years and one struggling to remain relevant.
Speed doesn’t just means fast
At the heart of Vaz’s framework lie the SPEED capabilities, which define the essence of a digital company.
SPEED is an acronym representing five critical dimensions of digital transformation: Strategy: Developing and testing hypotheses about priority value pools. Product: Evolving products and services at pace and scale. Experience: Enabling value for customers through exceptional experiences. Engineering: Delivering on promises with speed and scalability. Data: Validating hypotheses and uncovering insights for constant iteration.
Vaz goes further by introducing the D-3 Model, a strategic approach that prompts businesses to ask the fundamental question, “Where to play?” The model offers three distinct strategies: Defend: Focus on serving existing markets and audiences while safeguarding your current position. Differentiate: Advance your digital capabilities to enter new markets and audiences, setting yourself apart from competitors. Disrupt: Create entirely new markets and audiences through innovative business models and ventures.
To win in the ever-evolving digital landscape, Vaz presents three transformation models: Evolve: Choose this path to incrementally transform toward a more effective future model, adapting existing structures and practices. Attack: Launch new propositions that generate entirely new revenue streams, embracing bold changes and innovation. Jump: Create a new shell onto which the existing business can migrate, making a profound leap into a new digital paradigm.
Digital Business Transformation is more than just a guidebook; it’s a call to action.
Nigel Vaz’s profound insights challenge traditional thinking, encouraging readers to embrace change and uncertainty as they journey into the digital future. It is highly recommended for business leaders, entrepreneurs, and anyone seeking not only to survive but to thrive in an era defined by digital disruption. Vaz’s practical wisdom and innovative approach make this an indispensable resource for those ready to chart a course toward digital excellence.
I think the book is available on Amazon. I got mine hand delivered to me. Which is in
