Forrester’s Tweet Chat: The Future of Business is Digital

Forester, @forrester, in conjunction with Forrester Vice President and Principal Analyst Nigel Fenwick, @NigelFenwick, held a tweet chat on the future of digital disruption and business. Using the tag #ForrIdeas, Forrester and Fenwick asked questions highlighting trends in digital questions. We, @Datixinc and others including @ggheorghiu @AccentureSocial @langrich @Digschulman @twoARguys and @CharlieNB joined in on the discussion.

Below are the questions discussed during the March 19, 2014 chat discussion:

Question 1: How would you define digital business? #ForrIdeas

Question 2: How does digital business challenge the existing value chain model of business? #ForrIdeas

Question 3: How does digital change customer perceptions of value? #ForrIdeas

Question 4: What is the role of data in creating customer value? #ForrIdeas

Question 5: What challenges do businesses face in transforming into a digital business? #ForrIdeas

Question 6: Who in the organization should lead the digital transformation effort? Why? #ForrIdeas

We wanted to highlight some of the top moments from the chat.

Question 1:

“@NigelFenwick Digital biz exploits digital tech to 1. create new sources of value & 2. increase operational agility.” #ForrIdeas @forrester Via @twoARguys

“Digital business is the use of big data, mobile tech, social media & digital marketing to effectively reach clients.” #ForrIdeas Via: @Datixinc

“We would add the creation of value for clients as a key element to digital business.” Via @NigelFenwick

 

Question 2:

“A new value model is emerging, one that is driven by customers” #forrideas Via @NigelFenwick

“Disruptive, no doubt. CIOs now moving into the front office, augmenting what sales etc. can do re: customer facing” #ForrIdeas @forrester Via @twoARguys

“In our latest research we describe the model as a “dynamic ecosystem of value” #forrideas Via: @NigelFenwick

“Here’s a look into the ecosystems of value that @NigelFenwick mentioned.” #ForrIdeas #digitaldisruption @forrester

Question 3:

“Customers expect to have a consistent experience across all touchpoints.” #forrideas Via @NigelFenwick

“Yet, while 74% of biz execs say their org has a digital strategy, only 16% feel that they have the capabilities to execute it.” #ForrIdeas Via @forrester

“This is why CX is critical to delivering sustained value over time inside customer ecosystems of value.” #Forrideas Via @NigelFenwick

RT @forrester: “Two key imperatives to keep in mind: Digital #CustExp And Digital Operational Excellence.” #ForrIdeas Via @admorin

Question 4:

“For sure data is critical to unlocking customer value” #forrideas Via: @NigelFenwick

“Data is combined with a digital representation of the world to create added value to customers.” #forrideas Via: @NigelFenwick

“By 2017, digital touchpoints like mobile devices will influence 50% of US retail sales and 10% of all sales will be online.” #ForrIdeas
Via @Forrester

@AvanadeNews @forrester And most companies’ digital strategy is more of a digital bolt-on than a digital transformation #forrideas Via @NigelFenwick

 

Question 5:

“93% of executives believe that digital will disrupt their business in the next 12 months.” #digitaldisruption #ForrIdeas Via @forrester

“Many companies execute “digital strategy” as a bolt-on strategy to the existing business model. Bolt-on won’t work in future.” #forrideas Via: @NigelFenwick

“Even in the least disrupted sectors (think mining), 64% of execs believe that #digitaldisruption will impact them soon.” #ForrIdeas Via: @forrester

@forrester @NigelFenwick “Departments are too focused on doing their “job” & they don’t realize their job is to focus on the customer.” Via: @datixinc

 

Question 6:

“The #1 challenge to digital transformation is the CEO.” #Forrideas Via: @NigelFenwick

@forrester “It has to come from the top, ie CEO or senior leadership in order to change the direction of the business.” Via @datixinc

“The CMO or the CPO (Chief Product Officer) should lead digital transformation. A CEO’s job is too external facing to do so.” #forrideas Via: @zacharyparadis

@zacharyparadis “The CEO need to set it as business direction, and the CMO and CIO need to jointly lead transformation.” #forrideas Via: @NigelFenwick

 

In the end, it is important to focus on the customer. Forrester mentioned the “two key imperatives to keep in mind: Digital #CustExp And Digital Operational Excellence.” This was an excellent twitter chat session and we learned how important the role of the CEO is in driving the direction of a business, particularly in the digital space. Digital disruption is going to affect even the most traditional companies in the coming years.

 

Stay posted for more great Twitter chats and be sure to connect with Datix @datixinc.