To help managers address this challenge more systematically, we describe how three German media companies successfully approached digital transformation. 15 Based on their experiences, we provide a list of 11 strategic questions and possible answers managers can use as guidelines when formulating a digital transformation strategy. Digital transformation can be costly: spending on new capabilities, training and/or restructuring the existing resources, changing the culture, etc. Based on their experiences, we provide a list of 11 strategic questions and possible answers managers can use … In their Digital Transformation Framework (DTF), the authors structure the digital transformation strategy around four key dimensions: 1. Available at: 7. , Article 6. FAQ Iss. After deciding on your digital transformation objectives, it is time to plan your path to achieve those goals. Moderate (Early Adopter): Firms deploy technology solutions at the early stages of their development. Editor Login | To set a reading intention, click through to any list item, and look for the panel on the left hand side: Degree of Digital Diversification — How “Digital” Is Your Interface to the Customer Survival in the digital age – A framework for formulating a Digital Transformation Strategy in SME (Full Paper) Johannes Trenkle, Technical University of Munich, Munich, Germany, j.trenkle@tum.de ABSTRACT Many digitally successful companies have established a dedicated digital transformation strategy. As a result, a digital transformation strategy becomes more interwoven in a company’s marketing approach. Responsibility for Digital Transformation Strategy — Who Is in Charge: Group CEO, CEO of Business Unit, Group CDO/CTO, Group CIO/COO Digital transformation projects should aim end-to-end transformation that’s why digital maturity of your business decides your next move in the digital transformation journey. Alexander Benlian, LMU MunichFollow To help managers address this challenge more systematically, we describe how three German media companies successfully approached digital transformation. To help managers address this challenge more systematically, we describe how three German media companies successfully approached digital transformation. Skills: Operational changes may occur because of the new skill sets needed. Building of Competencies — How Do You Plan to Acquire Competencies: Internally, Partnerships, Company Takeovers or External Sourcing Digital Transformation is probably one of the most used buzzwords in management consulting right now. [CDATA[ Yahoo was well known for doing this kind of acquisition in their shift to mobile. The following chart shows the process of how we formulate a digital transformation strategy. Changes in culture, leadership, processes, products, organizational structures are always fraught with resistance and require a clear agenda to help align everyone on the coordination, prioritization and implementation efforts of a firm’s transformation efforts. Journals Internally: Firms can restructure the organization and/or train existing resources and/or hire new resources. Options for Formulating a Digital Transformation Strategy by Hess, T.; Matt, C.; Benlian, A.; Wiesbock, F. (2016) — MIS Quarterly Executive, Vol. Thomas Hess, Christian Matt, Alexander Benlian and Florian Wiesböck. The authors define digital transformation as “the changes digital technologies can bring about in a company’s business model, which result in changed products or organizational structures or in the automation of processes” with the main benefits of increasing productivity and innovations while also reducing costs. 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