Riding the Wave of Digital Business Innovation
Key Insights from Kelly Manthey and Solstice – Introduction
As Chief Strategy officer at Solstice, Kelly Manthey is responsible for the firm’s Digital Strategy consulting practice, along with their new service lines of Internet of Things, Virtual Reality and Robotics practice. Talk about an exciting job! I’ve known Kelly and her firm, Solstice, for a number of years, and they are on the leading edge of helping major brands successfully shifting to the digital enterprise.
We were fortunate to learn from Kelly at our fourth annual Technology Innovation & Leadership summit, when she spoke on a topic called, “The Digital Business Innovation: The Four Imperatives”
In today’s blog, I’ll summarize the key insights from her introduction.
First – the Digital experience is here to stay. Kelly and her firm call it a fast moving “wave” that you must ride. It’s not stopping. What happens if you choose not to ride it? Look at Kodak. As Kelly explains, Kodak was the 5th largest brand in 1996. They had 25% of the global market share, 90% of the US market share. They actually knew about digital imagery. But, as Kelly indicated, they weren’t thinking big enough. They weren’t really in the business of taking pictures, they were in the business of story-telling.
“What business are you really in?” asks Kelly. If you are in the financial sector, are you in the business of financial transactions, or are you in the business of funding dreams, and helping peoples dreams come true? Are you in manufacturing products or are you in the business of creating connected experiences?
Kelly’s advice: You have to think bigger, and don’t be afraid to cannibalize your core business to move into another area. If you don’t do it, someone else will. Don’t seek shelter. Kodak was seeking shelter.
Instead – embrace the change. Kelly and her firm use the metaphor of “riding the wave,” as she introduces four digital imperatives, or “surfboards,” on how to successfully riding this digital wave.
Here are the four imperatives:
- Your customer is in control
- New technology gives rise to new business models.
- Company culture is an enabler for competitive advantage.
- Create speed. Accelerate idea-to-value.
There is great wisdom in Kelly’s and her firm’s advice, based upon years of experience and cutting edge research. In the next few posts, I’ll highlight some of Kelly’s insights on her four Digital Imperatives for you to ride the Digital Wave.