2m2x - 2 Minutes 2 Transformation

Episode: 2 The 4 Levels of Digital Maturity

Transcript:

Hi and welcome to the second episode of 2m2x our weekly video series sponsored by Informulate.

First things first let's define the phrase digital transformation. What does it mean? Is it a process or a one-time thing? How do I know when I get there and where can I buy one digital transformation grande with new monetization sprinkles?

Let's clear that up. Digital transformation is a journey. It's not something you achieve and are done. It is the continuous improvement of your business model and how you leverage technology.

With that in mind we can probably look at that journey in four levels level. One is adoption, which is simply the use of off-the-shelf digital tools like CM’s CRM’s, the tactical use of mobile. It's the ground floor of maturity if you will. Well i suppose you could have a level zero where you don't have an email or a cell phone. Wait, how are you watching this again?

Anyway, moving on to level two, which is enablement this is where the business is actively extending and integrating software to find efficiencies. Think of custom applications, analytics, integration between standalone applications that's level two.

Level three is process transformation. This is where the business is not only digitizing its core processes but is transforming them to create competitive advantages.

Level four is business model transformation. This is when the business is looking at technology not just as a way to help the business but as the business itself. They're changing core aspects of their business model and actively cannibalizing their legacy business while creating new digital assets. This is the top of the maturity levels but again it is not a stopping point.

Businesses here are actively managing a three horizon model of immediate, midterm and long-term objectives. They're placing bets on small data-driven experiments right now to de-risk big changes in the future and it all must be centered around the customer experience and relationship.

So how do you make that journey? Do you have to take one level at a time or can you skip a step? Stay tuned to hear from top executives in well-known companies and we've got our first three leaders scheduled already who are they check back next week to find out.