093 – Chasing Digital: A playbook for the new economy with Anthony Stevens
Digital change is everywhere. That’s such an obvious statement it feels a bit silly to even say it. But the amazing thing is that a lot of us are not keeping up. Many organisations business leaders, and entrepreneurs are being left behind.
So that raises a deceptively simple question. What is your digital strategy? Today on the show we’ve invited someone who has some answers. Anthony Stevens has the ability to simplify the complex. Anthony is a former partner in KPMG and founder and CEO of Digital Asset Ventures. He’s also the author of the new book Chasing Digital: A Playbook for the New Economy.
In the conversation you are about to hear Anthony reveal the secrets to creating a great digital strategy. He says the difference between pre-digital leaders and digital incumbents comes down to three simple things.
The three digital enablers are:
Data is so important because of the return you can derive from it. The most valuable data relates to things that might happen in the future. This is where technologies like AI come in. They allow you to use your data to anticipate what kinds of costs you’re likely to incur over the next week, month and year. You need to start thinking of data as a key strategic asset.
Platforms allow the connection of lots of suppliers and lots of customers. That creates a flywheel effect. The more suppliers you get the more customer you get and so on. There aren’t many platforms in each industry. Companies like Amazon become hugely dominant very quickly. Identify the main platform in your industry and figure out how to work with it. If there is no platform in your industry consider creating your own.
3. Systems of intelligence
Imagine the difference between trying a shirt on at a store or taking a picture of yourself and digitally trying on a new shirt. Now the system has some data that will begin to allow the company to recommend new shirts for the customer. That’s a system of intelligence. It’s the connection between the real world and the digital world. Self-driving cars and industrial automation are two examples of this confluence.