Most consider startup companies to be the innovators in digital transformation. Legacy companies have a great advantage to these startups that, when used correctly, can be used to great success.
Startup companies are nimble, and focused on a particular innovation, and these are typically the hurdles for a legacy company. So the solution is to remove the hurdles and to deploy the core assets of a company in a different way.
#1 – Focus on the strategic opportunity in the digital economy
Considering the assets and strength of the company, what are the possibilities to enhance and grow customer value, what markets can be opened up or market share can be improved, what products can be changed, improved or added?
#2 – Innovate to find the best path to capture the strategic opportunity
Business model innovation is more effective compared to product or process innovation, the most impact is derived from all three in tandem. Using innovation tools and processes, find solutions and options that get to the core of the strategy. Compare examples of successful innovation from other industries with the strategic opportunities, consider risk and implementation efforts, and focus clearly on the few best.
#3 – Implement with rigor
People, process and technology. Organize to implement using the agile methodology, apply organizational change management, and clearly focus efforts on accomplishing strategic priorities. Technology implementations should be cloud based and proven solutions that are easy to implement and use.