September 23, 2016

The digitalization challenge: Leveraging existing assets and orchestrating the future

Raghunath Koduvayur

Head of Marketing, Technology Services and Modernisation and Strategic Marketing., Tieto

Digitalization has shown that it can accelerate innovation, disrupt business models, and solve problems that were earlier considered unsurmountable. This applies to businesses, countries and society as a whole.

In the recent Digibarometer 2016 study, an annual study comparing the stage of digitalization in 22 countries, Finland took the leadership position. And directly following Finland were other Nordic countries Norway, Denmark and Sweden. This provides a fantastic opportunity for Nordic countries to build on the leadership position and help the world adopt the digitalization journey.

If you are just getting started, and wondering what digitalization is and how it actually happens, watch our latest video that summarizes digitalization journey.

In our previous article, Duality of digitalization: we had listed how to run a digital and traditional businesses in parallel. The fundamentals of a digital transformation for us lies in business continuity, as well as future growth. It is like building a smart modern city on the foundations of a traditional city. At Tieto, we see a digitalization journey transformation as three key phases:

1. Leverage the existing assets:

Customers, Employees, and Data will form an integral part of the future digital businesses and customer experiences. It will challenge the status quo of the existing business practices and way of working. Digital foundation has to be carefully laid out to accelerate the time to market and drive business innovation. Future digital leaders will transition to new technologies with minimal disruption to the existing business.

2. Create the bridge: Duality

Creating a roadmap will require cross industry knowledge, best practices and the ability to run the existing business while designing the future. One needs to strike a right balance between the traditional business, and move towards the new digital business.

3. Orchestrate the future

The core of a digitalization journey lies in culture, ecosystem and orchestrating the future.  There are many businesses that waste energy in trying to do this all by themselves and it doesn't need to be that way. Thanks to the disruptive business models, modernization of IT, and interdependence of technology for instance, this transformation can be accelerated by shaping the future together as part of an ecosystem.

To know more about Digitalization and how you can get started with digitalization within your organization, please refer to our Digitalizing your business resources.

Download our e-book and read our Digitalization journey White paper.

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