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Ted talk April 20

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Describes how organizations can learn from digital titans to create an effective digital strategy.

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Ted talk April 20

  1. 1. Digital Strategy: Learning from the Digital Titans Prof. Bala Iyer @BalaIyer April 22, 2017
  2. 2. Changing of the Guard • Most theories and concepts taught today come from studying companies in the auto industry • Entering the age of digital titans
  3. 3. Software is eating the world • .. we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy [Andreessen] • Every company is a software company - ecosystem • Software + Sensors + Connectivity  Transformation
  4. 4. Data Explosion! • Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. • Trapped treasure trove
  5. 5. Digital Strategy • Is an action plan that uses ecosystems, technology and information to augment organizational/individual performance to achieve business goals. • Delivering smart, adaptable and personalized products and services using digital technologies • Create novel, personalized digital experiences
  6. 6. Here come the Digital Titans • Multi-billion dollar companies operating as platform-based business models • Have mastered the art and science of managing the digital technologies • Mastered the data asset and taken it into different domains • Multi-purpose platforms with wide applicability
  7. 7. Incumbents in every industry feel the threat
  8. 8. Digital Titans are Commoditizing the incumbents Hardware Software Services User Conversational Commerce
  9. 9. What have the Digital Titans taught us? 1. Embrace the Digital Customer 2. Create digital replicas 3. Track consumption ecosystem 4. Learn from Agile experiments with APIs 5. Use digital engines 6. Implement dynamic decision architectures 7. Orchestrate an ecosystem
  10. 10. 1. Who is a digital customer? • A digital customer is one who consumes smart products, or products that have in-built sensors, information processing and connectivity capabilities. In doing so, the digital customer generates information upon product use, and enables third party access to that information [HBR, 2014]. • When effectively served, these digital customers add to novel informational assets with regard to how products are consumed or used.
  11. 11. 2. What is a digital replica? • Digital representation of physical assets owned by a company along with its current state. The current state and environmental information is provided by sensors that are embedded on the physical assets. • Digital replicas allow companies to provide real-time monitoring, predictive maintenance and other outcome based services. • The digital thread provides the connection logic between the conceptual design, production scheme and the actual usage of a product or service.
  12. 12. 3. Pay attention to the Consumption Ecosystem • When using a product, consumers connect a product with other products and services to deliver unique value that meets their needs. Such inter-connectivity is referred to as consumption ecosystem • User-driven innovation and APIs facilitate such connections
  13. 13. 4. Learn from agile experiments (APIs) • Innovation requires two things: the ability to try a lot of experiments, and not having to live with the collateral damage of failed experiments.
  14. 14. 5. Use digital engines • Cloud computing (AWS) • AI-as-a-service • Core assets-as-a-service • Explainability • Smart digital assistants • Learning objects
  15. 15. 6. Implement dynamic decision architectures Where do you place decision rights? • When do you service a car? • Determine best route? • Where to stop for gas? Centralized, decentralized or distributed Products that learn and adapt while in-use
  16. 16. 7. Be Part of an Ecosystem From resource control to resource orchestration • Platform • Integrator • Component provider • Orchestrator Interlocking Ecosystems Amazon in healthcare, entertainment, retail and infrastructure
  17. 17. Major considerations • Data Privacy • Ethics of data use • Security • Bias in algorithms
  18. 18. What can you do? • Learn from the titans • Create own list of lessons • Learn how to learn • Create a digital identity • Become a digital innovator 18 Become Digital Innovators