Summary of 2020 Digital Transformation - Jeanne Ross

00:00:00 - 00:55:00

In this video, Jeanne Ross discusses the importance of digital transformation for businesses. She explains that digital transformation is about creating an operational backbone that allows for seamless communication and visibility between businesses and their customers. She also discusses the challenges that companies face when trying to digitize and become digital, and how to think about new value propositions for customers in order to stay ahead of the competition.

• 00:00:00 In this video, Jeanne Roz, Principal Research Scientist at the Center for Information Systems Research at MIT, discusses the impact of digital technologies on business, and how to position your company for success in the face of a crisis. Cynthia B, co-author of Jeanne Roz's book "Digital How to Architecture Your Business for Sustained Success", will also be speaking.
• 00:05:00 Jeanne Ross introduces new technologies, including artificial intelligence, biometrics, robotics, and quantum computing, which are changing what's possible in business. The good news is that you don't have to understand every new technology, and what it makes possible, to be successful. Recognizing that technology has gone from an enabler to a source of inspiration for your business strategy is the key to success.
• 00:10:00 Jeanne Ross discusses digital transformation and its importance to businesses. She explains that digital transformation is about creating an operational backbone that allows for seamless communication and visibility between businesses and their customers.
• 00:15:00 Jeanne Ross, an executive at Nordstrom, discusses the company's 2020 digital transformation plan, which includes expanding its online presence, improving customer service, and continuing to use technology to enhance its operations. Ross says that while the digitization process is difficult, the company is confident it will be able to weather any global pandemic.
• 00:20:00 The video discusses how companies can improve their digital transformation by having an operational backbone that is not hindered by lack of progress. The discussion focuses on the importance of the line functions owning the transition, and the correlation between the operational backbone and the value chain.
• 00:25:00 The video discusses 2020 digital transformation, and Jeanne Ross discusses the importance of operational backbone in order to be successful. Ross also discusses the challenges that companies face when trying to digitize and become digital, and how to think about new value propositions for customers in order to stay ahead of the competition. GE's experience with their industrial internet is discussed as an example of how difficult it can be to properly execute digital transformation.
• 00:30:00 Schneider Electric sells a wide variety of electrical equipment, but has realized that customers want alerts if certain pieces of equipment are failing or being used at a high rate. Schneider has developed additional services around this recognition, such as selling replacement parts and services.
• 00:35:00 Digital transformation is the process of making a company's operations more efficient and effective using technology. Customer insights and digital awesomes are two examples of digital offerings that help companies better understand their customers and provide innovative solutions.
• 00:40:00 Jeanne Ross discusses how companies need to build two different technology environments in order to deliver innovative digital solutions to customers. Companies that are successful at this transition often have a strong operational backbone and a well-defined data strategy.
• 00:45:00 The video discusses the need for companies to digitize and digitalize their operations in order to stay ahead of the competition. Jeanne Ross discusses eight principles that should be followed in order to achieve this goal. These principles include the need for teams to be empowered and for structures to be replaced by logic that leads to a more agile company.
• 00:50:00 In this video, Jeanne Ross discusses the 2020 digital transformation. She explains that the goal of this transformation is to empower teams to achieve their missions, and that it is difficult but necessary. She also discusses the importance of accountability and how few companies have been designed for accountability. The results of a survey indicate that only 11-25% of companies have been designed for accountability, while 50-75% of companies are structured for delegated activities.
• 00:55:00 The report discusses how five percent of a company's revenues come from digital offerings. It recommends that companies allow some time for learning to accumulate in order to create a successful digital offering.