According to Gartner’s 2016 CIO Agenda, “executives expect that 41 percent of enterprise revenue will come from digital business by 2020, almost double what it was in 2015.1” Despite the overwhelming evidence that a cloud strategy is critical to the viability of an organization, many enterprises have not started a digital business transformation.
Gartner offers some advice to those forward-thinking CIOs struggling to find their way—create an industry vision for digital business success. “This approach enables the enterprise to tilt the fundamentals of competition in its favor without limiting digital business to narrow sequences of events and committing to a vast building project. Once the enterprise has established its vision, it can more easily tackle business moments or leverage its digital capabilities in new markets,” said Jorge Lopez, vice president and distinguished analyst at Gartner.
How do you get started creating your own industry vision? Gartner breaks down an industry vision into four parts: concept, capabilities, assets, and research.
- “Concept — An industry vision seeks fundamental change that will affect many dimensions of the business and operations.
- Capabilities — The enterprise needs a new set of capabilities to make the digital business work.
- Assets — The enterprise needs a different set of assets to execute on the vision, including people, data and intellectual property.
- Research — The new digital business is not static; it will expand into new areas.”
Each part is equally important, but you start with a concept. Uber is an often referred to example of a company that created a new market leveraging digital capabilities. According to the Uber story, the founders had trouble hailing a cab on a snowy evening in Paris. They created an app to connect people needing a ride with drivers and disrupted the transportation industry in the process.
Capabilities and assets really go hand in hand, but executing on your vision will undoubtedly mean big change. You may not have the right skills, expertise, or even people.
Lastly, and not surprisingly, research rounds out the vision. The digital world changes constantly and you need to be prepared to capitalize on those new exciting challenges.
You may not have started a digital business transformation, but if you’re reading this post, chances are the topic may be keeping you up at night. You’ve likely considered a cloud strategy, knowing it will help your organization be better prepared to handle change, but aren’t sure where to begin. Oracle Cloud combines market-leading applications with cloud-based delivery for increased business optimization. Oracle BI Cloud Service (BICS) is the cloud-based version of the Oracle Business Intelligence platform that helps customers gain a comprehensive view of their business.
If you’d like to continue the conversation and learn more about Oracle Cloud, stop by Perficient booth #211 at Kscope16 June 26-30 in Chicago. Shiv Bharti, director of Perficient’s national Oracle Business Intelligence and Analytics practice, will speak on “Building a 360-Degree View of Your Customers on BICS.”
1http://www.gartner.com/newsroom/id/3336617
