> Options for Formulating a Digital Transformation Strategy Main Navigation. AIS Journals 2. To help managers address this challenge more systematically, we describe how three German media companies successfully approached digital transformation. External Sourcing: Firms can hire consulting firms like us or outsourcing firms for their digital capabilities. Some people argue that a digital strategy should be part of a firm’s IT strategy. The goal is to adapt companies to an ideal way of competing in the midst of a digital economy. > "Options for Formulating a Digital Transformation Strategy," To set a reading intention, click through to any list item, and look for the panel on the left hand side: CIOs and other senior executives face the challenge of how to handle the opportunities and risks of digital transformation. Accessibility Statement, Privacy Future Main Business Scope — Focused or Not 7. Florian Wiesbock, TU DarmstadtFollow, CIOs and other senior executives face the challenge of how to handle the opportunities and risks of digital transformation. However, even in these digital times, it would be a mistake to not also plan for digital as its own separate entity. In their Digital Transformation Framework (DTF), the authors structure the digital transformation strategy around four key dimensions: 1. MISQE In this paper, the authors argue that to remain competitive, businesses must “formulate and execute strategies that embrace the implications of digital transformation and drive better operational performance.” As we see in our day to day at PNR and as the authors rightly point out, this is not an easy task and many organizations are unable to keep pace with the digital reality. | FAQ Options for Formulating a Digital Transformation Strategy by Hess, T.; Matt, C.; Benlian, A.; Wiesbock, F. (2016) — MIS Quarterly Executive, Vol. > Alexander Benlian, LMU MunichFollow 5. The revenue creation is highly dependent on the individual firm and the context they are in. 15, №2 pp.103–119 Executive Summary In this paper, the authors argue that to remain competitive, businesses must “formulate and execute strategies that embrace the implications of digital transformation and drive better operational performance.” Business Processes: Operational changes internally at the business processes. Survival in the digital age – A framework for formulating a Digital Transformation Strategy in SME (Full Paper) Johannes Trenkle, Technical University of Munich, Munich, Germany, j.trenkle@tum.de ABSTRACT Many digitally successful companies have established a dedicated digital transformation strategy. 2, Options for Formulating a Digital Transformation Strategy, Christian Matt, LMU MunichFollow 11. Financing of New Digital Activities — Internal or External "Options for Formulating a Digital Transformation Strategy," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 81032, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL). Moderate (Early Adopter): Firms deploy technology solutions at the early stages of their development. CIOs and other senior executives face the challenge of how to handle the opportunities and risks of digital transformation. Digital has become increasingly integrated into who an organization is, what it does and how it grows. Formulate a digital transformation strategy. Digital transformation can be tough, particularly for well-established enterprises.Many businesses have success, but few have undergone a full transformation that prepares them for the future. Hess, Thomas & Matt, Christian & Benlian, Alexander & Wiesböck, Florian, 2016. About Authors/Editors: Hess, T. Matt, C. Benlian, A. Skills: Operational changes may occur because of the new skill sets needed. 15 In the end, they sold most of the assets to focus on their core business. The aim of this paper is to provide insights regarding the state of the art of Digital Transformation, ... an overview of the literature. As a result, a digital transformation strategy becomes more interwoven in a company’s marketing approach. Executive}, year={2016}, volume={15} } Yahoo was well known for doing this kind of acquisition in their shift to mobile. On top of that, digital transformation may look different across industries and business sizes. 2 Research Teaching Publications ... Options for Formulating a Digital Transformation Strategy. However, for most companies, this is not an easy task because of the interactions between many different components of the business. 10. To help managers address this challenge more sys-tematically, we describe how three German media companies successfully approached digital transformation. Enabler: Is IT an enabler of new business opportunities. The authors define digital transformation as “the changes digital technologies can bring about in a company’s business model, which result in changed products or organizational structures or in the automation of processes” with the main benefits of increasing productivity and innovations while also reducing costs. Based on their experiences, we provide a list of 11 strategic questions and possible answers managers can use as guidelines when formulating a digital transformation strategy. Available at: Executive Summary. Changes in culture, leadership, processes, products, organizational structures are always fraught with resistance and require a clear agenda to help align everyone on the coordination, prioritization and implementation efforts of a firm’s transformation efforts. Based on their experiences, we provide a list of 11 strategic questions and possible answers managers can use as guidelines when formulating a digital transformation strategy. Why you need a digital transformation strategy. The digital economy is marked by rapid development, evolution, innovation, and disruption. 15, №2 pp.103–119, Building Blocks of Digital Transformation, Guidelines for Formulating a Digital Transformation Strategy, Adobe transition from a licence model to a SaaS model, General Electric which sold off most parts of GE Capital and decided to focus on the Industrial Internet), Making Fast Strategic Decisions in High-Velocity Environments, Digital innovation strategy: A framework for diagnosing and improving digital product and service innovation, The Positive Impact of Strategic Planning on Small Firm Growth, PNR Podcast Episode 23: Jeremi Lavoie, Managing Director @ car2go Montreal ». 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