By Nathan Anderson, Joachim Breidenthal, Peter Guarraia and Thomas Kwasniok
As chemical companies look to gain a competitive edge from digital technology, executives can become overwhelmed by the vast array of options. Distracted by “1,000 points of digital light,” they may overlook the few initiatives that could scale and make a significant difference. Executives need to find ways to filter out the noise and channel their efforts to the most promising digital initiatives.
The strongest and most enduring digital strategies balance the visions of the dreamers in the organization (those who focus on long-term, disruptive possibilities) with the aims of the more pragmatic doers (those who want to cut through the hype and focus on implementing practical initiatives). Companies need a bold, inspiring vision, but they also need to define where and how they can make progress now. The Bain Radar 360SM approach offers a practical way to strike that balance (see Figure 1). It relies on three key principles: zeroing in on the most beneficial set of initiatives, making progress through a series of smaller initiatives, and channelling the initiatives along several pathways-such as customer experience, products and services, and operations.
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