Answer to Question #270523 in Marketing for viju

Question #270523

Explain the four dimensions that determines digital presence of a company, with

relevant examples.

Expert's answer

In this new era of digitalization, one of the numerous buzzwords that can be heard on a regular basis is "digital transformation." 'Transformation,' which entails a major redesign of current systems and practices, almost certainly entails a significant risk. Persuading the fully-loaded supertanker that is the enormous corporation to reverse course appears to be an impossible endeavor - and possibly one that is unneeded. The digital readiness of a corporation is determined by four interconnected dimensions:

People – embracing diversity and developing skills for the future

First and foremost. Companies can't achieve anything if they don't have the appropriate people on board. Companies can only tackle challenges in today's increasingly complicated world by considering them from all perspectives. Diverse teams spanning a wide range of backgrounds provide a variety of perspectives, taking into account various industries, educations, ages, genders, and cultures. In addition to diversity, specific competences will be required in the future. According to studies, these talents include social intelligence (the ability to understand clients), creativity (the ability to solve unstructured problems), and a reasonable level of IT aptitude (without needing to be a programmer). Flexibility, as well as a willingness to take on new duties and think cross-functionally, will be essential.

Organization – Facilitating agility

It is critical to have a workforce with these skills in order for a company to become agile. Agility is achieved through delegating responsibilities and decision-making authority from the top down, allowing a business to respond swiftly to market developments. Organizations are also being encouraged to achieve this cultural transformation by changing demographics and rising globalization.

Culture – Providing the freedom to fail

Not all business efforts will succeed, but each one that fails provides an opportunity to learn. While failure may be intrinsically unsettling for a business, the ability to build an experimental mindset that embraces failure as much as success will be crucial. Individuals must feel free to try things even if they don't think they'll succeed, or to 'fail forward.'

Digital Environment – Building the right ecosystem

No organization, regardless of size, can keep up with all digital advances on its own. It's also tough for businesses to tell the difference between hype and long-term technological development. For these reasons, having a network of partners, such as universities, trade groups, customers, suppliers, and consultants, is critical for any business. Not all predictions will come true, even if they are based on reliable sources. In fact, just as the inventors of computers, the internet, and mobile phones couldn't possibly imagine the entire potential of their technological legacies, we can't forecast the great majority of future advances. What we do know is that, as an industrial revolution, digitization will and has already wrought significant upheaval. The difference this time is that change is occurring at a breakneck pace, and organizations must act quickly to avoid falling behind.

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