Focus on developing digitally-driven innovative business models/customer facing functions
Focus on developing digitally-driven innovative business models and customer-facing
Integrate digital features into existing core products and services to offer additional value to customers and differentiate from competitors. Overcome revenue growth caps in the chemicals industry by monetizing PaaS, which offers attractive opportunities to improve competitiveness, develop closer and enduring relationships with customers and exit the trap of commoditization. Continue to cut costs and optimize manufacturing operations with new technologies and extend the digital transformation to lower costs in marketing, sales and customer service.
Identify/leverage digital applications and technologies
Identify and leverage digital applications and technologies that can develop or
enhance the capabilities needed to gain a competitive advantage and to manage
the business in a leaner, more agile and customer-focused way.
Decide whether to make or buy new capabilities, which capabilities are available internally, and which capabilities need to be developed through partnerships and other arrangements.
Integrate digital technologies, applications and initiatives
Integrate digital technologies, applications and initiatives into the overall strategic
thrust of the organization.
For technologies and applications already implemented, determine whether they add value to new business models, products and services. If they do, pull them out of their silos and spread them throughout the company to further enhance capabilities and customer offerings. Don’t allow new digital initiatives to be designed and isolated into individual business units without transparency on them and lessons learned being shared.
Create a broad digital ecosystem
Create a broad digital ecosystem by combining supplier and customer interactions
and information into a single network.
Use this network as the basis of efficiency improvements (both operationally and customer-focused), new product launches, product and service innovation and speedier time to market.
Align the corporate culture
Align the corporate culture to make it focused on a digital future.
Make sure that innovation is welcomed and encouraged and that failure is acceptable in the service of achieving process and product improvements. Comprehensive HR programs, new learning formats and culture change management workshops should be designed and supported, to arm employees with the skills necessary to innovate.