The MIT digital transformation is one of the leading strategies for digital transformation success. Why? What’s their secret? Let us learn their principles in creating transformation strategies.
MIT Digital Transformation Strategies
“Rethink the Business”
The MIT strategy is to rethink the business model, rethink the product model, and rethink the technology model.
“Rethink the Business Model”
The MIT digital transformation strategy is to rethink the business model. And it is about creating an ecosystem where new players can create value-added products and services for the enterprise.
This means that businesses need to open up their infrastructure to support interoperability with other players. Encourage third-party innovation through open APIs, interoperability with other systems, and cloud-based automation of their own platform. And then pay only for the use of these third-party applications that create more value than they cost.
“Rethink the Product Model”
MIT’s digital transformation strategy is also to rethink the product model by developing products beyond what was possible before. They say that MIT digital transformation is about creating new capabilities or new features not previously feasible.
It also means widening your scope of capabilities for your products and services based on your industry and market potentials. In this way, you can disrupt your competitors by providing a whole new set of capabilities for your customers.
For example, use data to improve your offering by using big data analytics tools and machine learning algorithms, or combining physical products with software systems for better outcomes.
“Rethink the Technology Model”
MIT’s digital transformation strategy is also about rethinking technology models in a way that allows a company to change its relationship with its customers in a way that benefits both parties. They say that enterprises have been thinking too narrowly about technology because they think it’s all about IT when in fact it’s really about data science.
The goal is not just to automate but rather to augment humans with artificial intelligence or smart machines to improve productivity and customer satisfaction. And it’s not just about automating existing processes but making better decisions through big data analytics tools and machine learning algorithms which will lead to greater customer satisfaction in a cost-effective way.
More MIT Digital Transformation Strategies
Total Quality Management
MIT’s digital transformation strategy also involves implementing a Total Quality Management (TQM) approach to the company’s operations. And this is all about building a culture of continuous improvement, innovation, and experimentation.
Embrace Information Security
MIT’s digital transformation strategy is to adopt Information Security as an essential part of your business. And that means having a culture of supporting and rewarding continuous improvement and innovation that will help your business adapt to changes in technology and customer needs. It also means having a culture where the people in your organization are encouraged and rewarded for questioning the conventional wisdom and exploring new solutions to problems.
In addition, it involves using digital transformation tools and techniques. By doing so, goal is to help your company become more efficient, more effective, and more innovative in the way you run your business.
It also means that it’s important to have an information security strategy that includes various policies, procedures, standards, guidelines, and technologies to help protect your company’s infrastructure from cyber-attacks.