What the Latest Stock Market Trends Tell Us About Digital Transformation

Rapid Innovation Process: They are constantly evolving the way they bring products to market, the speed in which they do, and the quality of the products. Apple has always been known for its eye toward quality which its founder Steve Jobs instilled in the company’s ethos. This year, Apple released its Vision Pro which became a revolution in the virtual reality space. Apple is constantly innovating but not at the sacrifice of high excellence.

High Level of Automation: The “Magnificent Seven” focus on allowing technology to do the work it can do best and humans to do the work they should be doing or only they can do. This balance allows for a more focused workforce and more efficiency and effectiveness. In 2018, Tesla was on the brink of bankruptcy. However, the company stuck to its production strategy of full automation that would produce the Model 3. The Model 3 has been regarded as one of the best cars ever made and helped propel the company into one of the most valuable in the world.

Technology Augmented Relationships: These companies use digital tools to reach out to customers in ways that were previously impossible. They understand what each individual wants from the company and how best to fulfill it. For better or worse, Meta, formerly Facebook, was groundbreaking in its use of an algorithmically generated news feed on its Facebook platform. It helped pioneer recommendation engines that would be utilized by everyone from social media platforms like TikTok and Instagram (which is now owned by Meta) to entertainment platforms like Netflix. It is part of the reason why Facebook is not Myspace.

Greater Visibility into the Truth: These companies use data to make smarter decisions. They use data to gain insights into their customers, processes, workforce, and productivity. They are strategic about the data they collect, how they mine that data for information, and turn data into wisdom to get to the Truth. Amazon, more than maybe any company, has used data to develop a technology halo through amazing customer experience that retains customer loyalty.

A Two-Year Lead on Competitors: They are diligent about looking forward and identifying shifts in the market. They are companies that have High Beam leadership; they are not satisfied with just trotting along. They’re constantly finding ways to drive their organizations to be market leading. Nvidia has essentially cornered the market when it comes to AI chip technology. They saw a need which was in the hardware behind artificial intelligence, and they took advantage. Now, they likely will soon become the most valuable company in the world.

While you likely won’t hit the stratosphere of the “Magnificent Seven”, there are ways you can harness digital transformation and strategically utilize new technology to build sustaining value:

Foster High Beam Thinking: High Beam is the ability to look out 3-5 years in the future and prepare for shifts in your industry. A High Beam Workshop will help you define what your market will look like in the next half decade and understand the competitive risks you will face as well as the investments you need to make to gain advantage.

Understand Your Digital Maturity: Learning the digital maturity of your organization can help you improve your maturity. A digitally mature organization has a better sense of itself, its processes, workforce, ecosystem, market vulnerabilities, assets, and adaptability. Only when you have quantitive measurements can you understand the improvements that need to be made to win in a competitive market. Conducting a digital maturity scan can help you understand those improvements that need to be made to become a more digitally mature organization.

Conduct a HUMAN CAPITAL DIGITAL ANALYSIS™: A HUMAN CAPITAL DIGITAL ANALYSIS™ digs more into your human team members, your culture, your organization’s ability to move with velocity and enact change. An analysis will help you uncover where the organization needs to progress when it comes to cultural velocity.

Build a Digital Strategy Roadmap: A digital strategy roadmap helps you define your destination, where do you want the organization to go based on the impact of the improvements technology can make and develop a detailed list of the improvements to reach that destination. Any destination needs to be mapped out. A destination without a roadmap to define the steps to get there is a pipe dream.

Develop AI Leadership Skills: The rise of generative artificial intelligence has made possessing leadership skills around AI paramount. You must develop your AI IQ but also understand how to build an effective AI strategy for your organization. An AI leadership workshop can help in these two areas.

If you want to learn more about “The Magnificent Seven”, how they have harnessed the powers of digital tools to build the most successful companies in the world, and how you can take lessons from them to craft a forward thinking strategy roadmap to thrive in today’s techno-economic environment, be sure to tune into our “The Rise of the Magnificent 7” with our CEO Hart Brown. That will take place March 26^th from 2-3pm CT via Zoom. You can register here.