To navigate a digital transformation, companies must focus on outlining a path, rather than simply establishing a plan.
This piece contends that companies should avoid being fixated on things they already do well. Instead, businesses must focus on what they are capable of achieving. Such an approach can help brands better explore new opportunities. With a detailed path to pursue digital transformation, brands will be able to act ahead of crucial transition phases, identify their capabilities and adapt to changes quickly.
For instance, staring at an electric-powered future, Volkswagen-owned Bugatti collaborated with automotive start up Rimac Automobili. Instead of outsourcing to the start-up, Bugatti merged with Rimac to adopt AI, automation and algorithms to prepare for the future of automotive industry.
Similarly, Starbucks’ approach to AI-powered innovation involves leveraging insights and learnings from its digitisation efforts. Starbucks’ AI engine now processes data that offers insights on what time of the day customers usually place orders and what kind of drinks they like.
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[9 minute read]