4 Ways Digital Business Methodology Transforms Organizations
The evolution from an accessory to an indispensable component underscores the profound shift in our relationship with the digital landscape over the past decades. Now, finding digital assets and solutions to our business's challenges is not an option but a must.
Digital business, according to Laksmi N Duvoor, head of product and platform engineering at Altimetrik, involves leveraging digital technologies to optimize operational costs and enhance consumer experiences while maintaining the core objectives of the business. The transition to digital business involves automating end-to-end workflows and user experiences through different technologies. The goal is to increase efficiency, cut costs, and improve profitability across various industries.
In this recent episode of Collider's Convo, hosted by Rhyan Robinson and Jacob Smith, Duvoor delves into the complexities of digital business methodology (DBM), offering insights into its applications and impact across diverse industries. This approach, shaped by a decade of experience, aims to optimize operational costs, enhance consumer experiences, and align with core business objectives.
"Digital business methodology is a proven pattern where we start with a clear, measurable definition of the problem and a workflow to solve that problem in a digital landscape,” explains Duvoor. “[DBM] leverages the core data that is applied and collected during the lifecycle of the problem solution and uses that data to bring in new ways of doing business and new ways of solving problems.”
Differentiating digital business from digital transformation, Duvoor elucidates that while the latter involves a comprehensive overhaul over an extended period, the former takes a targeted approach. DBM focuses on specific problems suitable for a digital business solution, enabling quicker implementation and market entry. The methodology emphasizes rapid iterations, ensuring organizations swiftly realize the value of their digital business investments.
Here are four ways why digital business methodology transforms organizations:
Consistent Initiation, Tailored Implementation
The initiation of DBM remains consistent, whether dealing with digitally mature customers like Airbnb or those in the early stages of digital adoption. Altimetrik's practitioners form a specialized "run ahead team" to engage with customers, coach them on the methodology, and collaboratively define business problems, workflows, and core data sets. The implementation may vary based on the customer's maturity level, ensuring the methodology's effectiveness regardless of the starting point.
2. Applicable Across Versatile Industries
DBM is helpful because it’s an approach that can be implemented across diverse industries.
"When we look at different industries, and if we try to analyze what is common across multiple industries, there are two things that stand out today,” says Duvoor. “One is that every industry, in their own way, is trying to unlock their potential in their data.”
Although many leaders today champion the benefits of ‘harnessing data,’ optimizing data enables organizations to focus on the critical data that helps achieve business goals.
“The second thing every industry is trying today is speed to market to their consumer,” Duvoor reveals.
DBM's versatility shines through in its applications across various industries. In manufacturing, the methodology addresses challenges post-pandemic by establishing a single source of truth, and efficiently managing demand, inventory, manufacturing, and raw materials. Similarly, DBM plays a pivotal role in advancing cellular biology in healthcare, showcasing its transformative potential in cutting-edge fields. The methodology proves adaptable and beneficial across industries, addressing complex challenges and driving innovation in diverse applications.
If we look at banking and fintech, the use cases like fraud detection have matured over the years.
"Before we realize they suspect a transaction in our credit card, [organizations] can proactively approach us and block it,” says Duvoor. “So every industry is trying to apply this data and trying to understand more and more about human behavior and take proactive actions,” says Duvoor.
3. A Safe Space for Innovation
DBM is a driving force behind innovation in organizations. Although many business methodologies claim to ‘drive innovation,’ DBM creates a framework that enables innovation with minimal risk.
“DBM’s value is that it provides organizations with the ability to experiment at a rapid pace, experiment at a minimal cost,” says Duvoor.
The methodology addresses critical challenges in funding innovation by allowing organizations to fail fast, learn, and improve. It accelerates the innovation cycle, unlocking exponential value for organizations embracing digital business.
4. Utilizes a Digital Business Platform – A Crucial Enabler
Central to the success of DBM is the Digital Business Platform, which is the enabler of key components within the methodology. This platform integrates data, facilitates end-to-end workflows, and expedites product development and deployment. The symbiotic relationship between the platform and the methodology ensures a solid foundation for organizations, enhancing speed, repeatability, and the overall success of digital business initiatives.
Join the Conversation!
Collider Convo and Laksmi N Duvoor unveil the power of digital business methodology in reshaping industries. From its inception with a clear problem definition to its consistent initiation and versatile applications, DBM emerges as a structured and proven approach. The podcast provides valuable insights and invites listeners to explore the transformative potential of DBM in their respective fields.
Join the conversation, embrace the digital revolution, and witness the unparalleled impact of digital business methodology on organizational performance.