
Relaxation techniques you may be missing
There are six different kinds of rest beyond sleep, if you don't take care to get more than physical rest, it may be why you're exhausted. ...
by Mohan Subramaniam Published 6 October 2022 in Brain circuits • 2 min read
Digital transformation is most effective when firms harness the full power of their data. But what many companies don’t realize is that the type of the data they use is of key importance. While you don’t need to be a digital or data expert, as a leader you should take the time to understand the difference.
Two types of data
Digital transformation requires increasing the use of interactive as opposed to episodic data in existing business models. Episodic data stem from discrete events such as the sale of a product or the shipment of a component. Interactive data stem from continuous interactions, such as by browsing on Amazon’s site, conducting searches on Google, or socializing on Facebook.
Today, with the help of sensors and the Internet of Things (IoT), all kinds of firms can collect and use interactive data to generate new revenue streams and expand the scope of their businesses.
To avail of these new opportunities, however, firms must convert their existing customers into digital customers. These are customers who have transitioned from buying and using regular products to sensor-equipped products. By so doing, they have become valuable sources of interactive data. Building a strong base of digital customers is challenging yet doing so can go a long way in expanding a firm’s digital transformation scope and improving its returns on digital investments. My research shows how to achieve such results.
The exercise
 Think of the following questions:
Â
If you haven’t previously considered how to use your data, these questions can provide a road map of what you should do to start: the sooner, the better. Your data is often the key to revitalizing an outdated business and transforming traditional products into digital platforms.
For a detailed look at how some major companies have used their data to offer a richer customer experience, and what you can do to expand into digital ecosystems, take a look at The Future of Competitive Strategy: Unleashing the Power of Data and Digital Ecosystems by Mohan Subramaniam. This book will also be featured in IMD’s November book club.
Further reading:Â
The Future of Competitive Strategy: Unleashing the Power of Data and Digital Ecosystems by Mohan Subramaniam
Professor of Strategy and Digital Transformation at IMD
Mohan Subramaniam is Professor of Strategy and Digital Transformation at IMD. He focuses on the digital transformation of incumbent industrial firms and new sources of competitive advantage in the digital age. He sets out his thinking on the topic in his new book, The Future of Competitive Strategy: Unleashing the Power of Data and Digital Ecosystems.
2 February 2023 in Brain circuits
There are six different kinds of rest beyond sleep, if you don't take care to get more than physical rest, it may be why you're exhausted. ...
30 January 2023 • by Louise Muhdi in Brain circuits
Learning to collaborate outside your organization can seem daunting, but it is necessary to survival and innovation in today's world....
25 January 2023 in Brain circuits
Leaders, especially those in human resources, need to consider where they are going to find the skills for the next big transition....
12 January 2023 • by Michael R. Wade in Brain circuits
Grey rhinos are events that are around us, but we may not notice. It is important for leaders to see them before they become crises....
You have 4 of 5 articles left to read.