Wednesday, October 20, 2021

g-f(2)584 THE BIG PICTURE OF THE DIGITAL AGE (10/20/2021), HBR, The 5 Fronts of Digital Transformation in the Middle Market




ULTRA-condensed knowledge


"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageDigital Transformation, Middle Market (10/20/2021)  g-f(2)426 


Opportunity 

The 5 Fronts of Digital Transformation in the Middle Market, HBR 


  • The National Center for the Middle Market (NCMM) has been tracking the performance and sentiments of companies between $10 million and $1 billion in annual revenues since 2012.
  • While impressive, nearly two-thirds of leaders say a digital skills gap in their workforce is holding them back from even more aggressive pursuits. So how should executives address these issues? The NCMM developed a framework to help guide middle-market companies in the process of digital transformation. Essentially, the enterprise sits in the middle of five distinct but interconnected activities:
    1. What We Sell – product and service offerings
    2. How We Produce It – supply chain, manufacturing, operations
    3. How We Sell It – customer experience, channels, marketing
    4. Our IT Backbone – infrastructure, security
    5. Our Workforce – talent, digital skills


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References





Extra-condensed knowledge


Lessons learned 

The Pandemic Has Shifted Priorities, HBR 


  • Investment in various technologies has accelerated because of the pandemic, with the goal of addressing a number of operational areas, such as cybersecurity, customer engagement, and communications. But this shift to digitization does not necessarily reflect how executives are feeling about the state of their own businesses.
  • We asked leaders about the importance of digitization, and while 52% cited it as either important or extremely important, only 35% considered themselves advanced or ahead of their peers. In addition, only 46% of middle-market companies say they have a digital roadmap built into their strategy, meaning the rest either have no defined plan or are unable to address it at this time.
  • As with other challenges, digital maturity levels differ by industry. Take the manufacturing industry, which is one of the largest sectors in the middle market at approximately 17% of all companies. Nearly 50% of these businesses say they’re concerned with keeping pace with the right technology in order to compete. This is concerning because it’s not just about advanced manufacturing and artificial intelligence in the factory — technology touches all aspects of the business.


Condensed knowledge




Opportunity

A Framework for Digital Transformation, HBR 


  • Investment in digital tools and processes has not suffered as much over the past 18 months as other business functions, partly out of necessity. Indeed, investment also accelerated as a way to achieve the goal of a more efficient, profitable, and productive future state of work, and the investment has paid off. Middle-market companies with a digital vision that is clear, comprehensive, and guides strategic decisions grow 75% faster on average than less digitally sophisticated peers.
  • By utilizing some of these best practices, middle-market companies can kick-start or help strengthen their own digital journeys and set themselves up for future growth in the process.



Some relevant characteristics of this "genioux fact"

  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from HBR]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.


References


“genioux facts”: The online programme on MASTERING “THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)584, Fernando Machuca, October 20, 2021, blog.geniouxfacts.comgeniouxfacts.comGenioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts"The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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