So this is how transformation looked during the Industrial Revolution. And across these and many other examples, we can see some common factors that drove these changes. There were new and improved sources of power (primarily steam), which coupled with other inventions enabled vastly increased mechanization. There were changes in process, away from the domestic craft system, replaced by the factory system and division of labour. There were dramatic increases in network bandwidth and speed – in this case, the advent of the canal and rail networks, together with improved roads. Knowledge transfer took place on a broader scale, with entrepreneurs making study tours to other countries to learn new practices. And improved extraction and fabrication techniques gave improved access to raw materials and chemicals. This must have been a very exciting time to be involved in the dramatic business and industry change that was taking place.
So I believe that this digital transformation is taking place in a very systematic way across all industry sectors. And as with the Industrial Revolution, there are some common factors that we can see from these examples. Optimization of business processes is particularly important, both from a cost saving perspective, and from a speed and efficiency perspective, as the velocity of business continues to increase. Greater attention is now focused on the customer and the citizen, with the aim of providing a seamless multi-channel experience, and of using customer information to maximize customer value and loyalty. In the customer domain, in supply chains, and in performance management, analytics are being more widely applied to drive optimization and provide insights for decision making. The growth in fixed and mobile communications networks means that customers, employees, and the physical environment are always-on in a connected society, and this is changing working patterns, and creating new business opportunities. It’s also an example of the way that operational and information technology are converging: an IT system today is as likely to be an integral part of a business asset or business process rather as it is to be sitting in a data center. But if there is one common theme that I feel links all these factors, it is the role of information as the key driver, and often the differentiator, for business. Today, it’s often not WHAT you do, but the WAY that you do it that counts – providing better information, a better customer experience, a faster service, or doing so at lower cost, that differentiates the most successful organizations, and the way that they exploit information is the key to this.Speed and velocity is importantCustomer expectation of how an intelligence an organization is has gone upSystematic optimization rather than point innovationsPace and customer centricityCombine FS into one slide
Tim Jennings, Ovum - Business At The Speed Of Thought - BI Symposium 2012