5 Strategic Options for Successful Lean Digital Transformation of Business

It’s a question of strategy — not technology

strategy There are more ways to lead a company into the digital age than most people think. Five basic strategies lay the grounds for digitalization: optimization, organic growth,fundamentally new offerings, fundamentally new customer segments, fundamentally new business.

Deciding carefully which fits exactly with your business maximizes the probability of success. The US, Europe and China seem to have reached different levels of digitalization. European industries may appear behind in comparison with the USA and China. Nevertheless, the situation in Europe is not as bad as it might seem if we look at it from a strategic point of view. The question is which strategy is applied, not which technology. Any figure on technological issues, i.e. low usage of big data analysis and AI, are irrelevant as long as it is unclear which value and benefit can be created for the chosen strategy.

Technology itself is not a stand-alone success factor. Only by applying technologies such as big data to improve or create products and services, and thus a digital yield, will it turn into a success rather than a cost factor. This requires a distinct strategy.

Read the full article on medium.