How to Activate Your Digital Growth Engine
How can you use Digital IQ to create competitive advantage? Consider these practices:
1. Diagnose your company. First, capture your own personal sense of where your company stands, for example, with the online assessment at pwc.to/YourDIQ. Then, retake the assessment with your business and IT leadership team. Look for gaps: For example, you may find, as one large industrial company did, that you are far ahead in managing cybersecurity and data analytics â€” but surprisingly behind in the way you communicate and develop your shared digital vision.
2. Conduct a digital strategy workshop. Bring together key leaders from around the enterprise to look at the results of your diagnosis, and to discuss the next wave of digital investments. Use the same workshop to raise awareness of other relevant issues, such as lack of coordination in your technology spending.
3. Start a digital dialogue. Use technology â€” video, internal social media, and mobile â€” to engage large numbers of employees about the digital strategy and ways to implement it.
4. Develop a disruption strategy. Look for customers who are not served by your current offerings. Take on the challenge of using digital technology to create a spin-off that meets the needs of these customers or matches their price point. If Clayton Christensen is right, this spin-off approach could grow one day to challenge your main business.
5. Expand your ecosystem. Digital innovation is emerging from places your organization may not frequent, such as startup incubators, university labs, open source projects, and â€œmakerâ€ communities. Build new relationships with these sources of knowledge to keep your ideas and skills fresh and flowing.
6. Shake up your leadership. Create or reshuffle your organizational roles so that the CIO, CMO, head of operations, and even CFO are aligned to the digital needs of your company. If need be, put a CDO (or equivalent) in place to tie all your initiatives together.