When I meet with clients or when I have the opportunity to give lectures on the subject, I mention the term digital reinvention to describe the 4th journey of our Synergy project. Almost every time, I get the same look and the same question: “Did you mean digital transformation?”. I always say: “No, it’s not the same thing”. I wanted to take a few lines today to introduce the distinction.
From a theoretical point of view, digital transformation is the improvement of a company’s products, processes and strategies by using new technologies. Digital reinvention is about creating new business models using digital technologies. Digital reinvention is usually the next step after a digital transformation in a traditional business.
From a practical perspective, digital reinvention is about creating new experiences (customer experiences and employee experiences) to maintain your competitive advantage and stand out. About a decade ago, the strategy advisers were telling their clients to take a “business strategy first and then enabling technology” approach. Today, it’s the other way around! Technology has to be at the heart of the strategy, and that’s the idea of digital reinvention.
The imperatives of digital reinvention
As I said earlier, the heart of digital reinvention is creating new experiences. The idea is to allow different interactions in your processes to create commitment and action. However, what exactly does that mean?
For my part, I like to summarize it by saying: “If technology wasn’t an issue, what would you do differently?”. The analysts describe it according to 7 drivers. At a high level, it consists of:
- Focusing on new ideas to create new business models that will foster a stronger relationship with clients.
- Finding new ways to work by making better use of data and enabling business agility.
- Developing new expertise by creating a network of expertise and unleashing the collective intelligence of your organization.
Are you interested in the topic?
You’re interested in the topic of digital reinvention and artificial intelligence, but you don’t know where to start. I invite you to contact me or follow us to learn more about our Synergy project
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