Create Business Value With the Right Reinvention Strategy

BrandPost By NTT DATA
May 11, 2021
Business Process ManagementDigital Transformation

Create value and achieve agility by pursuing innovation with the right supports in place.

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Credit: iStock

More than technology enablement, digital reinvention should be approached from a business perspective with a focus on creating organization-wide value. Across functions, there are a myriad of opportunities for value creation. Consider:  

  • Improve customer experiences: Businesses are unearthing new ways to understand and meet quickly changing customer needs with greater agility. For example, with infrastructure that supported dynamic campaigns, HomeAway launched In just weeks the website to eight different markets and seven languages, reaching over 300 million visitors. In the process, they assuaged a major concern that was keeping families from traveling over the holidays.
  • Optimize operations: Connecting and fortifying operations like the supply chain is critical to ensuring a resilient value chain. For example, East Tennessee Children’s Hospital optimized its supply chain workflow and, in the process, expects to save $1.3 million in costs in year one while giving staff more time to focus on patient care.
  • Bring new business models to market: Perhaps the most vital aspect of digital reinvention is the ability to create and capitalize on new revenue streams supported by new digital business models. For example, a payment provider launched a new line of business in less than a year with the help of pipeline orchestration, scaling, and automation. The launch — in an unprecedented timeframe — allowed the provider to maintain its leadership position while meeting new customer needs.
  • Pursue greenfield opportunities: A digital platform for innovation is a launchpad to greenfield opportunities like IoT, machine learning, and artificial intelligence that allows the organization to create a continuous cycle of greater experimentation and innovation. For example, Fugro brought to market a new IoT service based on Docker containers and Amazon Web Services (AWS) that afforded it a new opportunity to replicate its environment in new global regions on demand.

Digital Reinvention Isn’t One and Done

Business is dynamic and your digital reinvention should be, too. To create sustainable value that adapts and grows with the business, pursue a journey of continuous improvement that allows the business to experiment, learn, iteratively improve, and quickly launch successful projects to market.

Achieving this level of agility requires a platform for innovation that is built on top of a flexible digital technology capability model. It requires the right mix of technology, such as cloud, analytics, intelligent workflows and more, as well as a culture that embraces continuous learning and improvement.

Focus on Your Core Competency

The platform should encourage innovation, supporting teams in their pursuit of innovation central to the business. While core competencies that are critical to business success should remain in house, it’s advisable to work with experts who are familiar with the tools, technologies and skills needed to build digital business platforms. Working with a guide who can apply continuous improvement and best practices to the platform gives teams space to focus on competitive differentiation and market leadership.

Organizations find they can reinvent faster with the help of an experienced guide. Look for a partner that addresses internal skills gaps, offers best-practice solutions and toolchain IP, and helps remove silos. Also look for controls for specific cost, operations, and security compliance, as well as ongoing guidance for continuous improvement and the ability to grow business responsiveness with greater scalability and availability. These attributes help free an organization’s best resources to focus on strategic, business-impacting initiatives.

Support quick velocity and empower the business to act quickly to changing market demands. Learn more about providing greater structure for digital reinvention and business innovation that acts as a business launchpad: