IDSC

Digital transformation

•  a radical rethinking of how and enterprise uses technology, people and processes to fundamentally change business performance

  • Involves connected data, processes, technologies and people across the business. Requires a combination of the right culture, revised business process, and new technologies

  • Use data to make decisions faster and better

Business transformation

• strategic, fundamentally changing how the enterprise operates and deliver value to customers, employees, partners

Strategy

•  a set of decisions made to achieve competitive advantage

Competitive advantage

 the ability of a firm to outperform its competitors

sustainable competitive advantage

• performance that outperforms industry averages on going basis, difficult to replicate

Common aspects of digital transformation

• Customer experience insights

• Operational agility

• Digital technology integration

• Culture and leadership

•  Partners

• Fundamentals of digital transformation

• Align DT objectives with business goals

• IT and business collaboration

• Strategic partnership, vendors

• Redesign operation and products around customers

• Digital roles and skills for employees

Application

is computer software designed to carry out a specific task (email, search, customer order).

Computer Science

Research and development of technologies such as algorithms, computation, hardware, communication and information theory, used in the building of hardware and software.

Digital Asset

Content which has been digitized and can be referenced or retrieved online, (sales, employee experience, vendors).

Disruptive Technology

New technology that displaces an existing one.

Enterprise

A unit of economic organization or activity. (business, government agency, educational institution, non-profit organization).

Functions

The activities carried out by an enterprise; they can be divided into core functions and support functions. The primary functions are: marketing & sales, finance & accounting, operations, supply chain, human resources, research & development.

Functional Users

Individuals who carry out specific functions within an enterprise, (human resources, finance, accounting, marketing and sales, operations). 

Hardware

The physical components of a computer including the keyboard, monitor, disk drive, and internal chips and wiring. Hardware is the counterpart of software.

Information Technology (IT)

The use of computers to create, process, store, retrieve, and exchange all kinds of data. IT is typically used within the context of business operations.

Management Information Systems (MIS)

is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves people, processes, and technology in an organizational context.

Software

Any program (application) that performs a specific function. Examples: word processing, spreadsheet calculations, email.

Agile

refers to the idea of iterative development, where requirements and solutions evolve through collaboration between self-organizing cross-functional teams.

Artificial Intelligence

computer systems able to perform tasks that normally require humans.

Democratization of Technology

refers to the process by which access to technology rapidly continues to become more accessible to more people.

Domain

a specific area of technology where research, development, and innovation take place.

Early Adopter

an early customer / user of a given company, product, or technology.

End User

is a person who ultimately uses or is intended to ultimately use a product, service, software, device.

Digital Framework / Strategy

 is the approach to remodeling the enterprise to incorporate digital technology  to achieve greater efficiencies and collaboration to improving delivery speed and customer satisfaction.

Ideation

is the creative process of generating, developing, and communicating new ideas.

Income Statement

(top and bottom line) - is one of the primary financial statements and shows the company's revenues / sales (top) and expenses (bottom) during a particular period.

Silo Data

refers to isolated inaccessible data within an enterprise's  separate departments or locations.

Strategic vs Operational

corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?". Operational strategy involves answering the question: "How shall we compete in this business?