Strategy in the Digital Age: Mastering Digital Transformation by Michael Lenox. Michael is professor of business administration at the University of Virginia. He was also a visiting professor at Oxford University, Harvard University, and Stanford University.
Michael holds a Bachelors in systems engineering from University of Virginia, Masters in Systems Engineering from University of Virginia, and a Ph.D. in Technology Management and Policy from Massachusetts Institute of Technology.
Without a doubt, digital transformation is certainly addressing more than just servers to gather and process data. Michael is focusing upon how digital technologies are creating innovative services and products for organizations. However he is accurately able to outline how organizations can establish new competitive advantages.
So, to be successful organizational leaders much understand how to create value. Strategy in the Digital Age is certainly outlining critical needs to address to ensure the larger impacts of a complete roadmap for organizations. Many will ask how do I utilize digital technology to create value and improve our organization?
Michael is even sharing how his role at Virginia allowed for the University to engage in a successful transformation for the School of Business.
Walking the walk
Across Chapter 5 Leading in the Digital Age, Michael acknowledges how he was appointed to serve as the Senior associate Dean and responsible for leading the School of business’s transformation strategy. Great insights for any organization but especially for higher education. He outlines the four key elements in order to secure a successful plan, known as The Digital Transformation Stack. So, to ensure success he recruited digital champions.
In fact, one of the excellent references Michael introduces is the The Artificial Intelligence Canvas. He is referencing the updated release of Prediction Machines, The Simple Economics of Artificial Intelligence by Ajay Agrawal, Joshua Gans, and Avi Goldfarb. This is a wonderfully insightful book. In addition, Competing in the Age of AI fits perfectly into Michael’s model
Lean on Frameworks
Micheal is also providing a series of frameworks that cannot be overlooked: Digital Environment, Digital Position, and Capture Value. The last, Capture Value is also perhaps the most impactful for AI. Many organizations are not fully vetting the value their organization can provide with the assistance of AI services. Too many address how AI will replace jobs, when in fact successful companies create or strengthen the value of their products and services by increasing the value from AI.
In conclusion, Strategy in the Digital Age is addressing data analytics, artificial intelligence, blockchain, cybersecurity, and data privacy. Michael outlines frameworks to help organizations understand their digital transformation strategy. Michael is providing a very deep set of insights to provide the foundational understanding to a digital strategy for any organization’s transformation.