What is Digital Business Transformation?
Digital Business Transformation (or Digital Transformation) is defined as the use of digital technologies to radically improve a company’s performance. However, at present, Digital Business Transformation is not well understood, and many traditional companies struggle to gain transformation effects from new digital technologies.
What is Digital Business Model?
To truly drive value through Digital Business Transformation is to implement a new, successful Digital Business Model. Alternatively, the firm can start its digital journey by experimenting with various digital technologies (to improve its internal operations or customer enhancements) and will thus be better equipped to recognize a new business model (with new service opportunities). One should therefore never underestimate “the power of experimenting”.
What is Digital Masterplan?
All the organizational changes (explained above) will need to be systematically planned and steered. Therefore, Digital Masterplan is required. Digital Masterplan should include parts for both experimenting new and streamlining existing. It should also clarify issues related to decision making and budgeting as part of Digital Governance policies.
Do we really need Digital Masterplan?