I guess the next stop for me
personally is to understand the role of a person who leads and implements
digital in the business world, the Chief Digital Officer (CDO). As I have found
out that the CDO position has existed for quite some time as a standalone
position or part of other C-level positions. But what is required from the CDOs
in the new age has changed dramatically. The new CDOs are hired to be the
‘Transformer in Chief’ who can approach the complex root causes that must be
dissected, understood and addressed before any substantive progress is made on
digitization and the second is to create integrated transformation within its
current construct. The job market has experienced a doubled CDO demand from
2013 to 2014 and is expected to double again in 2015.
There are five areas that the
CDOS must get right themselves if their organizations are to successfully
transition to digital:
Conquer the Personality: a) Be
Bold - CDOs should bring a bold vision and should be known to be courageous
and ones who add value which could include starting new businesses, acquiring
technologies or investing innovation. b)
Develop Hard & Soft skills - CDOs role requires a combination of hard
and soft skills. Hard skills include the ability to articulate a strategic
vision, take on problems, making tough decisions, and the managerial ability to
lead and see programs through fruition. The soft skills include building
relationships, patience to navigate complex problems, collaborate to get buy-in
across functions, challenge the status quo, show leadership, charisma and be a hard-nosed
negotiator. This requires someone who can also manage ruffled feathers, bruised
egos and flaring tempers. c) Set
specific goals - CDOs must also be specific about their goals whether it’s
setting up revenue and profit targets or increasing digital channel sales.
Making digital integral to strategy: CDOs should ensure that digital
is integrated into all aspects of business including channels, processes, data,
culture and the operating model. For this to work the CDOs should be constantly
working with the CEOs, CFOs, CIOs and the business leaders as an active
participant and shaper of the strategy. In order for the CDOs to have a seat at
the strategy table they should provide detailed analysis of market trends and
development in technology and customer behavior, both inside and outside the
sector.
Obsess over the customer: CDOs must make this a driving passion and
core competency of the organization. Since technology and customer behaviors
are rapidly changing, developing a deep and detailed view of customer behavior
across all channels arms the CDO to challenge the status-quo to introduce the
necessary changes. An equally important part of the CDO is to internally
communicate the importance of being customer focused whether it is through
visually compelling dashboards on customer journey, digitally enabled ‘war rooms’ with real-time reporting or
referencing them in meetings and when making decisions.
CDOs should also define the
customer journey and should identify the requirements for developing and then
supporting a dynamic system that is constantly learning and evolving. To do so
CDOs must identify functions that are critical to this goal and then investing
in automation capabilities, customer interactions, sophisticated reporting and
analytics capabilities, innovative interfaces capturing customer data and delivering
content and offers across all relevant channels.
Build agility, speed and data: CDOs should focus on creating the
‘spirit of digital’ throughout the organization by increasing the ‘metabolic
rate’ of the organization. This starts with changing basic habits such as
increasing the frequency of strategy meetings so that speed can be injected
into the decisions and processes. This can also be achieved through setting up
extremely aggressive goals or setting up ‘digital factories’ which are cross
functional groups developing one product or process using a different
technology or managerial methodology from the rest of the company.
Extend Networks: Successful CDOs keenly build networks of people,
technologies and ideas far outside of their companies, constantly scanning the
small-business landscape for possible acquisitions or partners that can provide
complementary capabilities. Many CDOs establish advisory boards of startup
leaders or people with digital expertise to review corporate initiatives and
strategies. Building an internal network is equally important as company
systems and technologies need to be flexible to work with a broader ecosystem
or providers.
CDOs are ultimately judged by
their ability to lead different types of teams, guide projects, overcome
hurdles, and deliver integrated change.
Read the full article at:
No comments:
Post a Comment