431: MIT Sloan’s Center for Information Systems Research Principal Research Scientist Jeanne Ross lays out the three characteristics companies must have to implement a successful digital transformation, which are experimenting repeatedly, co-creating with customers, and assembling cross-functional development teams. The experiment aspect involves recognizing that the digital economy is making new directions possible, but for companies to succeed, they need to find the intersection between what they can do and what their customers will pay for. Co-creating with customers, which solves the same problem, entails starting a workshop where everybody puts the issues on the table and are asked, “What can we do to creatively solve this?” Lastly, cross-functional teams are about recognizing that you do not want to simply throw all your money at your R&D or IT unit and ask them to get it done. Instead, Jeanne argues that it is an iterative process that requires many teams. We also discuss the evolution of the CIO role, why companies should not get so hung up on set roles of what a CIO or CDO should do but look to get away from structure, why having only 5% of revenue come from digital is actually an accomplishment, among other topics.
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