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WHY IT MATTERS: Digital Transformation
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Curated by
Farid Mheir
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As digital technology erodes profit and revenue growth, why aren’t companies responding with bold strategies?
Farid Mheir's insight:
WHY IT MATTERS: I often will recommend BOLD moves for digital strategies of my clients: automate entire departments, move everything to the cloud, go mobile-first, go AI-first, etc. It is disappointing to see them take more timid approaches: keep on-premise systems and slowly move to cloud, stay away from ecommerce so as not to deal with logistics issues, build a "store of the future" with a few screens and survey kiosks, etc. 
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Many of the companies I work with are undergoing some form of a “Digital Transformation” to ensure they stay competitive and relevant into the future. These big, transformational changes are very hard and require far more than an investment in new technologies. They require a clear and solid strategy for how technology can be used to transform the business and provide better customer experiences, a culture that embraces change and collaborates heavily, and the technology capabilities to execute the strategy quickly and efficiently. Otherwise, these digital transformation initiatives will end up just like the failed ERP projects of the past we’ve all heard about or been a part of.
Farid Mheir's insight:
WHY IT MATTERS: a reminder that digital transformation is not only about technology...
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Innovation is critical for established companies to stay relevant in the face of disruption. Here's our list of corporate innovation labs.
Farid Mheir's insight:
WHY IT MATTERS: everyone asks how they change do digital transformation. For one thing, setting up an independent lab can be a good place to start.
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In the 2018 Digital Business Report, MIT SMR and Deloitte find that digitally maturing organizations encourage distributed leadership and a healthy appetite for experimentation.
Farid Mheir's insight:
WHY IT MATTERS: digital transformation allows companies to mature in their use of digital in the organization. This MIT research survey provides an interactive tool to compare yourself against others in your industry.
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Blockchain disruptive nature is derived from its ability to transform almost any process, from basic documentation to settling complex contracts across geographies.
Farid Mheir's insight:
WHY IT MATTERS: we focus on the financial use cases of the blockchain. However there are many more - and potentially more important - use cases for blockchain outside payment and financial transactions. They must be considered careful by anymore preparing a digital strategy today. Also: - more recent infographics (2018): https://www.reddit.com/r/CryptoCurrency/comments/7y2zld/infographic_use_cases_for_blockchain/ - another list: https://www.experfy.com/blog/blockchain-use-cases-that-have-potential-to-disrupt-society - other financial use cases explained: https://hackernoon.com/popular-use-cases-of-blockchain-technology-you-need-to-know-df4e1905d373 - slideshare presentation: https://www.slideshare.net/IBTSMG/blockchain-use-cases-75417476
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From
hbr
Augmented reality technologies promise to transform how we learn, make decisions, and interact with the physical world. In this package we explain what AR is, how its applications are evolving, and why it’s so important.
Farid Mheir's insight:
WHY IT MATTERS: AR is one of those technologies that have been discussed for so many years and that will explode into the scene with a plethora of consumer and business applications in the coming years. An overnight success story that has been 10 years in the making (if not more). This paper helps managers see business applications for this technology. What makes it so compelling in the fact that mobile devices (2B+ and counting) all have support for this technology builtin. Just checkout the video I made using my Google Pixel 2 phone camera this morning. It just works! https://www.facebook.com/fmheir/posts/10155798075150309 And Apple iOS users have the equivalent.
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The most anticipated slide deck of the year is here. Key takeaways:
Farid Mheir's insight:
WHY THIS IS IMPORTANT This is an annual bag of goodies. Highlight #1: retail stores are closing at record pace while Amazon opens stores. This is such a huge trend because it transforms stores from a mini-warehouse into something else: a destination for experience, service, and training. Think Apple store with the highest sales per square foot, genius bar, classes and a showroom. Amazon has pushed its Amazon GO, no lines, no registers concept and it is rolling it out slowly. This is just the beginning...
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The technical potential for automation differs dramatically across sectors and activities.
Farid Mheir's insight:
WHY THIS IS IMPORTANT We all work so we should all be aware of this trend. For those of us that create strategy for others, this is essential to consider as an underlying trend.
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From
qz
So far, 3D printing has not quite lived up to expectations. Skeptics are abandoning the idea of a future when you'll be able to 3D print just about anything in your living room, and MakerBot, the only relatively well-known maker of 3D printers, has stopped producing its own printers, outsourcing the work to China. Industrial use, rather than personal, ha
Farid Mheir's insight:
A short article on the use of 3D printing in fashion, with lots of links to follow for more details.
WHY THIS IS IMPORTANT Technology permeates every industry and changes basic assumptions and business models. We often think this is limited to low margin commodity products but it looks like specialized, niched industries can benefit too. Look at your industry and ask, where can I apply 3D printing, eCommerce, augmented reality, connected objects, etc. in my company to revolutionize the way I design, fabricate, distribute, market, sell, support.
Think of everything because everything is on the table and open for digital transformation.
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Curated by Farid Mheir
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WHY IT MATTERS:Â a beautiful illustration of the circular economy and the multiple options to consider before the landfill.