Avery Dennison rolls out DICE, a digital business booster

Avery Dennison’s new digital business initiatives roll up cloud, AI, IoT and other technologies to the tune of more than $30 million in earnings. CIO Nicholas Colisto breaks down the company's model.

Avery Dennison boosts profits by rolling out DICE
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If anyone can attest to the value of executing within the first 90 days of joining a new company, it's Nicholas Colisto, who interviewed more than 100 business peers upon joining Avery Dennison as CIO in early 2018. The consensus from his findings was clear: Staff sought to be more innovative when it came to injecting digital capabilities into the $7.5 billion provider of label technologies and adhesives.

"There was an appetite, ambition and desire to operate more as a digital business," according to Colisto, who took his cues from reading The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter, the seminal onboarding tome by Michael D. Watkins. "But we knew we couldn't just sell digital products overnight."

So Colisto, who also authored a best practices playbook for CIOs, conceived DICE, a digital business operating model that blends digital and physical assets, buttressed by education, innovation and partnerships.

Digital transformation means different things to most enterprises, but a widely accepted imagining is one that includes the use of emerging technologies and processes to optimize existing business models, or better yet generate new revenue streams independent of the physical business operations. DICE hits on both areas while boosting productivity and profitability in the business base and achieving growth in high-value segments.

The three pillars of DICE

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