The king of the road in 2030 will be Silicon Valley, not Detroit. Intelligent sewers will help improve public health indicators. Agricultural production is like baseball. Both are rich in data and face the challenge of turning this data into insight. These are just some of the statements and predictions recently published at the Economist Innovation Summit. At this summit, CEOs, policy makers and entrepreneurs from Fortune 500 companies gathered to explore opportunities and challenges in managing digital transformation.
What is the core problem? How to promote innovation in today's digital age? Vijay Vaitheeswaran, China's financial director of The Economist, pointed out that the answer is the "innovation" that we take for granted. What does it mean? Simply put, innovation in the 21st century means having the ability to provide value to your stakeholders and to get closer to the point of demand. “Capable capabilities†is key because today we have the ability to sense data from any device, analyze it to provide actionable insight, and act. We have the ability to discern the gap between the status quo and the objective reality under subjective consciousness and then take the necessary actions. And, as venture capitalist JBPritzer puts it: "If you don't act like a technology company, it means you may be out of date, or you will soon be out of history."
You may not always be on the right path, but we can learn a lot from the many failures of each other, which may be more than what we learned from success. What is your greatest wealth? The answer is people. Most executives agree with this: for the effective management of the digital transformation process, it is not technology, but employees. This one is also one of the five most common rumors about digital transformation revealed at the summit. The specific interpretation of these five major rumors is as follows:
· Proverbs #1: Technology is a key factor in managing digital transformation. Not also. In fact, the key lies in people. Technology is an indispensable part of the process, but success or failure lies in the employees. Yes, I am a CTO. I believe that technology has played an important role in the transformation of the workforce in the digital age. By leveraging data-driven information to strengthen the workforce, companies can free up human capital, redirect resources to more valuable positions, and reduce errors, productivity and job satisfaction. Not to mention that technology itself can help companies continue to engage employees in new jobs in an interactive manner. And when all employees express their own ideas and act positively, the process of managing digitization is in progress. People will embrace change and adapt to new ways of working and cooperating.
· Proverbs #2: Customers expect to be different depending on the product or service. Not also. When you are traveling with Didi, whether you are a consumer, a patient or a citizen, the expectations for the services provided by Drip Travel are the same. Therefore, the service expectations set by the best suppliers in various industries have become the norms of their industry. In order to meet these expectations of customers, brands will redouble their efforts to create a lasting, immersive service experience for their customers. A recent study by Zebra Technologies confirms this trend, with research showing that nearly 80% of retailers say they can create customized visits to customers by 2021, as businesses will be able to take advantage of technologies such as micro-positioning. Knowing the time of arrival for a particular customer will lay the foundation for retailers and industries such as financial services and healthcare.
· Proverbs #3: Creative breakthroughs stem from in-depth industry-specific analysis. This is partly true. Executives can find common ground and inspiration in all areas of the industry. In order to avoid doing nothing, executives in any department should review the best case and benchmarks in other areas. “Agricultural production is like baseball, and both have a wealth of data,†says Monsanto CEO Hugh Grant. The challenge is how to turn this data into insight, which is a common challenge in different areas.
Zebra technology provides real-time visibility into corporate assets, people and transactions. For example, as the NFL's official live player tracking solution provider, Zebra technology allows both the tournament organizers and teams to get a real-time view of the game. Imagine the possibility that the director of industrial operations at the warehouse would find out how to apply this real-time operational visibility to the warehouse.
· Proverbs #4: Companies should focus on radical reforms. In fact, only minor improvements in the supply chain can save huge costs and create more green opportunities. For example, 30% of the space inside a trailer is now vacant, meaning that 30% of the space is actually air. Inefficiency in the digital supply chain, which is inefficient from the load density of trailers, can bring significant improvements in profitability and the environment. Using data collected in unloading doors and mobile device and trailer load analysis software, warehouse and dock managers can now view each trailer in real time to ensure that its cargo load reaches its full potential.
· Proverbs #5: You are fighting alone. This is not the case. When a company makes a digital transformation, when a consulting company serves as a supplier to provide advice for the transformation of other companies, when the enterprise managers make investment decisions, they are not alone. And there should be no such feeling. The method, process and strategic participation that strongly embrace open innovation and B2B cooperation are new competitive advantages. One of the economists' expert panelists said: "The 21st century is by no means a good time to become a control freak." This is not about controlling information and secrets, but about comprehensive information about sharing data and leveraging partners and customers.
The popularity of the Internet of Things and the recognition of the idea of ​​everything-as-a-service have triggered a new round of data-driven possibilities. Today, we have the ability to understand the city's livelihood by tracking residents' biochemical waste. At the same time, the process of digital transformation has brought challenges to the present. Who would have thought of Silicon Valley becoming the center of the automotive industry 10 years ago? The winners of this digital age will be those who can see how to bring value closer to the needs and consumption points, adapt the strategy to the appropriate environment, address employee and customer expectations, and act on the data.
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