Industry 4.0, big data, social media, artificial intelligence, Internet of Things… these are only a few of the many buzzwords linked to digitalization, a key focus area of organizations big and small.
The digital revolution is all around us, disrupting everything from the economy to daily activities. Whether it be self-driving cars, fintechs or smart manufacturing, digital solutions promise innovation, effectiveness, performance and profit – if one can master both their complexity and fast pace.
But how can you best prepare your organization for the challenges of digitalization? Business and management simulations can help you on that journey! And here is how:
Digitalization is a trend that influences all types and sizes of companies. It emphasizes the effects of the competitive marketplace as well as the need for innovation to survive. Never have clients changed their information gathering and communication behavior faster: they can search, process, share and make decisions in a few seconds.
However, gaining customer trust and loyalty has become harder than ever, thanks to little to no tolerance for mistakes. In addition, customers increasingly expect value propositions to be adjusted on the fly and customized which all relies on a process focused on the customer experience and journey. All of these trends are revolutionizing the marketplace, while disrupting the way companies operate and earn profits – forcing companies to revisit their business models. But how can you find your path in such a new environment, define your potential and value proposition as well as set a strategy to transform your organization without bearing the risks of failure?
It is strategy, and not technology, that drives a successful digitalization process. And more importantly: successfull strategy implementation. To achieve this, the workforce on all levels needs to be equipped with the right skills, tools and competencies to allow the transformation to happen. Fears have to be overcome, and the need for the shift has to be understood – as well as all the necessary steps to accomplish it. Employees have to be ready and prepared to embrace the change and engage in the digital transformation journey. Many skills have to be (re-)learned and (re-)invented. Knowledge and know-how are more short-lived than ever before, while complexity continues to increase exponentially. Fewer tasks can be standardized, and whatever can be is automated. The key skill in this VUCA environment is to constantly develop new and innovative ways, processes and solutions.
Management and business simulations help organizations to prepare their workforce for these challenges in a risk-free and highly effective environment. While practicing the key skills necessary, employees feel empowered and reassured, motivated and prepared. Confidence and decision quality goes hand in hand with understanding and mastering one’s role in the digitalization process. The realistic look and feel of the simulation as well as the hands on learning approach assures sustainable and highly impactful learning.
We divide the process for preparing your organization for the digitalization process into four steps:
- Developing Digital Business Models: the definition of a digital strategy
- Developing Digital Business Acumen: becoming familiar with the recommended actions to take during the transition phase
- Communicating the Digital Business Model: defining the right communication strategy with your digital transformation strategy and process
- Advancing Digital Leadership: developing the right skills and tools to execute the digital transformation
There is no one size fits all approach for digital transformation. It is, however, certain that this process needs to be people and not technology driven. Business simulation can help navigate that change process successfully.
