Transforming a traditional giant into a digital one requires a three-step process. First, establish a digital culture. This involves creating a digital-first mindset among employees, encouraging them to take risks and learn from their mistakes. It also means promoting collaboration and communication across different departments.
Second, build a digital platform. This doesn’t mean just creating a website or an app; it involves developing a comprehensive digital ecosystem that connects all parts of the business. The platform should be customer-centric, data-driven, and capable of scaling up as the business grows.
Lastly, foster digital business models. Traditional companies need to experiment with new ways of doing business that leverage digital technologies. This could involve developing new products or services, or reimagining existing ones in a digital context.
These steps are not easy and require strong leadership. But with the right approach, even the most traditional companies can successfully make the transition to the digital world.
Go to source article: https://hbr.org/2016/02/how-to-transform-a-traditional-giant-into-a-digital-one