Review Session 3 & 4 - Group 6

Summary

Group six's presentation reviews digital culture, highlighting the increasing pace of change driven by technology. They discuss disruption, exemplified by Nokia's fall to smartphone innovation, and 'death by a thousand cuts,' illustrated by Blackberry's slow decline. Digital transformation is showcased through Netflix's evolution. They emphasize the exponential growth of technology, its societal impact, and frictionless advancements like mobile banking. The presentation also covers new channels, tools, and business models, and why organizations fail at digital adaptation. They conclude with the importance of evolving with technology, focusing on skills like technology knowledge, strategy, IT, and interpersonal skills.

Takeaways

• 📈 Digital disruption is an ongoing process where companies must adapt to avoid failure, as seen with Nokia and Blackberry.
• ⚰️ 'Death by a thousand cuts' refers to how small, unaddressed issues can lead to a company’s downfall, like Blackberry's loss of market share.
• 🔄 Digital transformation involves evolving businesses to adapt to new environments, like Netflix's shift from DVD rentals to global digital streaming.
• ⚙️ Digital capability is essential in transformation projects, requiring updated systems, resources, and measurable progress.
• 🚀 Exponential growth in technology is changing society rapidly, making it harder for humans to adapt as devices become more powerful and capable.
• 📱 Mobile technology revolution has led to more convenience, like mobile banking for transactions, making life more efficient and connected.
• 💡 New business models leverage technology to cut out traditional intermediaries, as seen with push notifications, AI in customer service, and self-service kiosks.
• 🏦 Business-to-business organizations must adapt to consumers' expectations for faster responses, quicker deliveries, and personalized services.
• 📊 Successful digital change requires companies to align digital marketing strategies with business strategies, as shown by companies like Gojek in Indonesia.
• 🤝 Key skill sets for digital transformation include technology knowledge, strategic thinking, IT knowledge, and interpersonal skills for team collaboration.

Q & A

What is the main theme of the presentation by Group Six?

The main theme of the presentation by Group Six is the review of digital culture, focusing on the increasing pace of change, technology catalysts, new channels, tools, business models, and why organizations fail at digital transformation.

What is the first point discussed regarding the increasing pace of change?

The first point discussed is 'disruption', which is described as a process that happens over time, sometimes quickly and sometimes slowly, causing many companies to fail if they do not adapt to current technologies.

Can you provide an example of a company disrupted by technology?

Nokia is given as an example of a company disrupted by technology, specifically by the smartphone innovations from Apple and Android.

What is 'death by a thousand cuts' and how does it relate to companies?

'Death by a thousand cuts' refers to a company slowly failing due to many small problems that accumulate and are not addressed promptly. An example given is Blackberry, which lost market share because it failed to innovate and adapt to touchscreen smartphones and third-party applications.

What is digital transformation and how is Netflix used as an example?

Digital transformation is the process of adapting an organization to the current environment. Netflix is used as an example because it transformed from a physical DVD rental service into a global digital streaming platform.

What does the term 'Beyond capability' refer to in the context of digital transformation?

'Beyond capability' refers to a list of considerations for a transformation project, such as IT systems, resources, devices, and how to measure progress.

How does exponential growth in technology impact mobile devices?

Exponential growth in technology leads to an increase in computing power in mobile devices, making them more powerful and capable of doing things that seemed impossible in the past.

What is frictionless technology and how does it affect society?

Frictionless technology refers to the evolution and upgrading of technology to make transactions and interactions more seamless. It affects society by enhancing daily life, providing efficiency, and creating personal connections between consumers and businesses.

What is the role of technology innovation in driving new channels, tools, and business models?

Technology innovation drives the creation of new channels, tools, and business models by amplifying change and enabling new ways of doing business, such as mobile banking, push notification systems, and business-to-business technology innovations.

Why do organizations struggle with digital transformation?

Organizations struggle with digital transformation because it requires complex change that must be carefully managed. It often involves large IT projects and a shift in internal landscape, including reorganizing teams, updating roles, and adopting new technologies.

What are the four key elements needed to develop a company or organization in the context of digital culture?

The four key elements needed are technology knowledge, strategic knowledge, IT knowledge, and interpersonal skills. These elements help organizations adapt to digital transformation and work together effectively.