HBR IdeaCast Digital Transformation, One Discovery at a Time
10 snips
Apr 28, 2020 Rita McGrath, a renowned professor from Columbia Business School and co-author of a pivotal article on digital transformation, stresses the urgent need for companies to adapt their digital strategies amid accelerating change. She advocates for a discovery-driven approach, focusing on small, manageable experiments rather than risky, large-scale changes. McGrath highlights the vital role of effective communication and leadership during crises while sharing insights on how organizations like Best Buy successfully navigated rapid digital shifts during the pandemic.
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Discovery-Driven Transformation
- Organizations tend to react to large shifts with equally large strategic changes.
- This is risky in uncertain environments; a step-by-step, discovery-driven approach is better.
Digital Evolution
- Digital transformation has evolved from digitizing content to products and now business models.
- This shift to digital business models is now capturing the C-suite's attention due to its disruptive potential.
Portfolio Assessment and Capability Exploration
- Assess your portfolio and eliminate underperforming or irrelevant businesses.
- Identify existing capabilities and explore new applications in different markets.
