Excellence in the Digital Economy: A Blueprint for Success
It might be hard to imagine in today’s already digitally-powered business environment, but technology is poised to deliver a radically new system of commerce. In fact, IDC predicts that by 2020, 50% of the Global 2000 will see much of their business depend on their ability to create digitally-enhanced products, services, and experiences. This expansion of Digital Transformation at a macroeconomic scale signals a new, digital economy.
In this new economy, enterprises will be measured by their ability to hit and exceed a whole new set of demanding performance benchmarks enabled by 3rd Platform technologies and powerful Innovation Accelerators. Global leaders’ Digital Transformation efforts will no longer just be “projects” or “initiatives”, but will instead be core to what they produce and how they operate. Success will only be gained by enterprises that can adapt and become true “digital natives”, instilling the right behaviors in employees and executives, and empowering them with the right tools to deliver ever-more impressive experiences to customers.
So how can business leaders help enterprises successfully navigate the emerging digital economy? Use this blueprint to learn how to better identify the tools, technologies, and strategies necessary to build a digitally native enterprise.
Download the IDC Whitepaper "Excellence in the Digital Economy: A Blueprint for Success"
Bi-Modal CIOs Made Redundant by Digital Enterprise
As technology disruption continues to impact the business landscape, the distinction between digitization and digitalization grows clearer.
Digitization was once the onus of businesses at the very beginning of the IT revolution when the prerogative was simply to migrate analog to digital, while automation sought to expedite work processes and streamline results. Since then, technology has played a more active hand in shaping business strategy; it seeks, in fact, to transform it.
Conversely, digital transformation (DX) of the enterprise digital technologies, are integrated with organizational, operational, and business model innovations, which bring to light new ways to operate and new revenue streams. While there is no one-size fits-all approach to digital transformation, there exists a set of conditions that must be met for in order for businesses transitioning to digitalization to remain viable.
In the DX Economy (DxE), a CIO’s role must necessarily evolve: protecting business' viability while fully exploring the potential of technology as a change agent emerge as two major, inter-linked challenges. While several schools of thought have emerged suggesting the best, balanced path forward to digital transformation, few are as misaligned with digital transformation as bi-modal (BM) or two-speed IT.
BM IT erroneously and counter-productively asserts that technology must be kept in silos, and that while one practice is focused on delivering IT services, maintaining stability and efficiency, the other takes on more experimental approach to deliver innovation. This approach naively promises a low-risk way to try out new ideas and new IT business processes whilst keeping the proverbial lights on.
In understanding the demands of true digital transformation, it must be stated that continuous innovation needs to be scaled to the rest of the organization; cross-departmental integration and agility is now the biggest currency by which IT departments are now benchmarked. Bi-modal IT by its very nature erodes this currency; to keep transformation in silos is to impede it. High-performing organizations need not trade off agility in favor of what's safe, disjointed and low-risk.
True innovation, characteristic of digitalization and the DxE, calls for sweeping change in leadership models; every CIO must take action to ensure the IT organization is the go-to partner in the digital transformation of the business. The CIO must set the pace for digital transformation, without placing limits on what can be transformed, how this happens and who is involved. Bi-modal IT at best only partially captures the need for closer collaboration between IT innovation and IT operations, but it misses out on a critical component for success: the ability to continuously integrate change and business transformation without disrupting business performance across multiple departments with multiple stakeholders.
With so many priorities requiring balance, CIOs are facing a crisis of leadership. By employing a framework such as IDC’s Leading in Three Dimensions, an IT leader can begin rationally balancing diverse priorities, while still priming the organization for innovation. L3D offers essential guidance for CIOs, helping CIOs partner with and educate the business on a DX journey. L3D treats the delivery of DX-added business value as a continuous process of linking three critical IT leadership dimensions: innovation, integration and incorporation.
- Innovate — Partner with the business to create digital innovations.
- Integrate — Transition new technologies into stable business services.
- Incorporate — Evolve existing technology platforms continuously by infusing new skills, techniques, and culture.
IDC has predicted that by 2017, 60% of companies with a DX strategy will deem it too important a responsibility for any one functional area and create an independent corporate executive position to oversee the implementation of DX across the entire organization. The CIO is naturally a top candidate in today’s marketplace to assume this position. However, by choosing to go bi-modal, a CIO begins to “self-limit” by acknowledging that his or her role is that of an outdated participant responsible for keeping the lights on, not an acting enterprise-wide orchestrator of change. In this critical period of change, IT leaders must equip themselves to effectively change the mindset from digitization to digitalization (and DX) or find themselves made redundant as the new economy moves on without them.
3 Ways to Architect Digital Transformation (DX) Within Your Organization
Technology is transforming every element of how business is conducted today; in order to succeed, enterprises need to focus on strategic areas to create digital transformation (DX). Where should your business start? Here are 3 places DX-minded enterprises should focus on.
Join IDC at the JW Marriott Singapore for the DX Summit!
The Digital Transformation Summit and Awards recognizes and celebrates the organizations leading DX in the Asia/Pacific region. These organizations have demonstrated their ability to collaborate within their organizations and with their ecosystems, to develop innovative solutions that have helped them to accelerate growth in the DX economy.
This year, the regional Summit and Awards will be held at the Grand Ballroom, JW Marriott Hotel Singapore South Beach on October 25. Join us at the DX Summit to hear from past and present country winners as they discuss the drivers for DX, the challenges they encountered along the way, and how they overcame them to become digital trailblazers.
Country winners from the 12 countries participating in this year's program will vie for the top accolades at the regional DX Summit. The Summit will close with the DX Awards gala night where IDC Asia/Pacific will reveal the best of the best in the region.
To nominate a project or a DX executive, visit our nomination site: https://www.idcdxawards.com/nomination-main/
IDC Opens Nominations for DX Awards 2018
IDC Asia/Pacific announced today that the search for this year’s top digital trailblazers for the region is underway. Running on its second year, IDC’s Digital Transformation Awards (IDC DXa), is looking for the best digital transformation initiatives that will join the 10 projects awarded last year. IDC DXa honors the achievements of organizations that have successfully planned and executed the digital transformation (DX) of one or multiple areas of their business through the application of digital and disruptive technologies within Asia/Pacific.
“2018 is the year of acceleration where the organizations slow to digitalize their offerings and adopt a digital-native operating model will find themselves competing for a smaller and smaller piece of the economy. This journey of transformation into a Digital Native Enterprise will be undertaken by those who are determined to win and lead in the DX economy. During this journey, organizations will be characterized by close collaboration, intense innovation, and accelerated pace, as they fast-track themselves into one of the market leaders,” says Sandra Ng, Group Vice President of ICT Practice, IDC Asia/Pacific.
There are eight (8) award categories to vie in the IDC DX competition at the regional level and seven (7) at the country level.
This year’s award categories are Digital Disruptor of the Year; Digital Transformer of the Year; DX Leader (previously L3D Mastery); Omni-Experience Innovator; Talent Accelerator; Information Visionary, and Operating Model Master (previously Operational Transformation).
Furthermore, a Digital Trailblazer will be selected from one of the regional winners. This award category acknowledges the outstanding achievement among the regional winners across all categories for their excellence in the execution of their nominated project, experiences, data transformation, operations, and the workforce/workplace. This category is not open for nomination, and all regional winners would automatically qualify for this category.
To nominate a project or a DX executive, visit our nomination site: https://www.idcdxawards.com/nomination/
IDC Digital Transformation Summit
The IDC Digital Transformation Summit recognizes and celebrates organizations leading DX in the Asia/Pacific. The winners of each country's Digital Transformation Awards will be announced at their respective DX Summit.
Following its successful launch in Singapore in 2017, the IDC Digital Transformation Summit will be held in 9 additional cities this year:
- Kuala Lumpur, Malaysia, August 14
- Manila, Philippines, August 16
- New Delhi, India, August 22
- Bangkok, Thailand, August 22
- Jakarta, Indonesia, August 30
- Seoul, South Korea, September 4
- Hong Kong, Hong Kong, September 6
- Taipei, Taiwan, September 13
- Beijing, China, October 19
- Singapore, Singapore, October 24 and 25
All country winners will be invited to attend the DX Summit in Singapore, where they will compete for the top awards in the region.
The DX Summit provides a venue for past and present country winners to discuss their digital transformation journeys - their drivers for DX, their challenges, and their successes. The DX Summit will the end with the DX Awards gala night in Singapore, where IDC will reveal Asia/Pacific's DX Awards regional winners.
IDC DX Awards 2018 - Sandra Ng, GVP, calls for nominations from Asia Pacific's digital visionaries
Learn about our search for Asia's best digital transformation projects. Sandra Ng invites you to join the 2018 run of IDC Digital Transformation Awards!
Changes in the IDC Digital Transformation Awards Categories
IDC continues to recognize Asia/Pacific's digital trailblazers with the IDC Digital Transformation Awards. Similar to last year's program, organizations can nominate their DX projects in seven (7) categories. However, organizations must note some changes made to the Awards categories:
- DX Leader (previously L3D Mastery). For 2018, this category will now instead recognize the key executive(s) within the organization that sets and executes their DX initiatives.
- Omni-Experience Innovator (previously Omni-Experience Innovation)
- Talent Accelerator (previously Talent Acceleration)
- Operating Model Master (previously Operational Transformation)
No changes have been made to Digital Transformer, Digital Disruptor, and Information Visionary.
Country winners will be invited to participate, attend, and network with fellow DX Awards winners and regional thought leaders at the culminating DX Summit and Regional DX Awards ceremony in Singapore on October 24 to 25 2018. Regional winners for each of the seven categories will be selected from the country winners. Among the regional winners, a winner will be determined for the Digital Trailblazer award.