Into the Void: Exploring Digital Transformation's Hidden White Space - Deepstash

Keep reading for FREE

CHARLES DARWIN

"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change."

CHARLES DARWIN

19

127 reads

MARK JOHNSON

"I coined the term “white space” as a way to talk about how companies need to consider new value propositions that go beyond their core business, because sooner or later, as Peter Drucker once said, “the theory of the business can no longer work."

MARK JOHNSON

14

97 reads

The four key elements of a successful business model

The four key elements of a successful business model

  1. A customer value proposition that fulfills an important job for the customer in a better way than competitors’ offerings do.
  2. A profit formula that lays out how the company makes money delivering the value proposition.
  3. Key resources needed to deliver that proposition.
  4. Key processes needed to deliver that proposition.

13

88 reads

SIMEON PRESTON

"The biggest part of our digital transformation is changing the way we think."

SIMEON PRESTON

12

71 reads

White space vs company size

White space vs company size

To seize new growth opportunities, a company needs a strong foundation and resources like people, time, and money. Smaller companies, while resource-limited, should focus on scaling viable business models.

Larger, plateauing companies need to explore new growth areas and business models. The company’s size can impact these efforts due to resource availability.

Share:

I work for a large organisation and to focus my work I use a mantra / saying that a previous Director shared with me "We are a large ship and we can only turn as fast as the whole ship can go."

13

50 reads

White Space

White Space

In the context of digital transformation, "white space" often refers to the unexplored or underutilized areas where new opportunities for growth or innovation can be found.

It's like the blank canvas where new ideas can be painted, or the gaps in a market that a company can fill with a new product or service.

14

47 reads

JOHN CHAMBERS

"At least 40% of all businesses will die in the next ten years… if they don’t figure out how to change their entire company to accommodate new technologies."

JOHN CHAMBERS

13

51 reads

The Death of a Giant: Nokia

The Death of a Giant: Nokia

Nokia, once a leader in the mobile phone industry faced a sharp decline due to a series of strategic missteps:

  1. Failure to Adapt: Nokia failed to recognize the shift in consumer interest.
  2. Ignoring Key Markets: Nokia ignored the U.S. market shifts.
  3. Internal Issues: Dysfunctional organizational structures, growing bureaucracy, and deep internal rivalries.
  4. Lack of Innovation: Focusing on incremental improvements, they were unable to innovate at scale.
  5. Competition: The rise of new competitors.

This serves as a cautionary tale about the importance of adapting to technological changes and market shifts.

12

49 reads

Four steps to orienting a new business model

Four steps to orienting a new business model

  1. Find white space
  2. Define your customer value proposition
  3. Establish a dominant design
  4. Design for network externalities

13

47 reads

SAP

"Less than 1% of data in businesses is analyzed and turned into benefits."

SAP

13

43 reads

How to define a Customer Value Proposition (CVP)

How to define a Customer Value Proposition (CVP)

Defining your customer value proposition involves clearly articulating the unique value your product or service provides to customers.

  1. Identify your customer’s main problem: Understand the challenges your customers face that your product or service can solve.
  2. Identify all the benefits your products offer: List out every product you sell and the benefits they provide.
  3. Describe what makes your offering unique: Explain what differentiates your product or service from others in the market.
  4. Articulate why you are the best choice: Make it clear why your offering is stronger than the competition.

14

37 reads

JEANNE W. ROSS

"Clearly, the thing that’s transforming is not the technology — it’s the technology that is transforming you."

JEANNE W. ROSS

12

41 reads

Establish a dominant design

Establish a dominant design

Establishing a dominant design in business involves creating a product or service that becomes the standard in the industry.

  1. Complete Market Research: Identify existing products in the market, analyze their strengths, weaknesses, and gather user feedback.
  2. User-Centric Approach: Understand your target audience, their pain points, and preferences.
  3. Identify Patterns
  4. Create Dominance: Design one element to have more dominance than another by giving it more visual weight.
  5. Design Focal Points: Every design should have a primary area of interest or focal point that serves as a way into the design.

13

37 reads

FORRESTER

"Every industry has a unique digital transformation opportunity."

FORRESTER

12

43 reads

Designing for network externalities

Designing for network externalities

Designing for network externalities involves creating a product or service that increases in value as more users adopt it.

  1. Understand Your Users
  2. Create Value: Build a system that provides value to early users.
  3. Leverage Network Effects: As the number of users increases, the value of your product should also increase.
  4. Ensure Compatibility and Interoperability.
  5. Set Standards and Protocols
  6. Use Strategic Approaches: Implement strategies to enhance network effects, such as offering incentives for referrals.

14

38 reads

Apple Inc.

Apple Inc.

Apple is known for its ability to identify and create white space opportunities. They have consistently introduced innovative products that have created entirely new markets.

12

33 reads

Air BnB

Air BnB

Airbnb disrupted the traditional hospitality industry by identifying white space in the accommodation sector. They offered a unique, community-driven approach to lodging that was different from conventional hotels

12

33 reads

<p class="ql-align-justify">Ne...

Netflix initially disrupted the DVD rental market by offering a subscription-based streaming service, eliminating the need for physical DVDs

12

36 reads

The time is now

The time is now

90% of CEOs believe the digital economy will impact their industry, but less than 15% are executing on a digital strategy (MIT Sloan & CapGemini).

13

37 reads

Best Buy: Down $1.5B to being up $1.5B

Best Buy: Down $1.5B to being up $1.5B

Best Buy's digital transformation journey has been ongoing for several years, driven by the need to adapt to changing consumer behaviors and compete in an increasingly online retail landscape. Here's a summary of their key initiatives:

E-commerce focus:

  • Investing heavily in their online platform
  • Omnichannel integration: Blending online and offline experiences by enabling in-store product pick-up, buy online, ship to store (BOPIS), and online order returns in stores.
  • Personalized recommendations via data and analytics

12

33 reads

Best Buy - Technology Modernisation

Best Buy - Technology Modernisation

  • Cloud migration: Partnering with Google Cloud to unify data sources and create a more scalable infrastructure.
  • Data analytics capabilities: Enhancing data collection, analysis, and usage to understand customer behavior and improve decision-making.
  • Automation and AI: Implementing solutions to streamline back-office operations, personalize marketing campaigns, and provide virtual customer assistance. 

12

32 reads

Best Buy - Customer experience focus

Best Buy - Customer experience focus

  • In-store expertise: Expanding Geek Squad services and training sales associates to offer deeper product knowledge and personalized assistance.
  • Community building: Creating in-store spaces for workshops, demonstrations, and events to foster customer engagement and brand loyalty.
  • Focus on passions: Shifting from simply selling products to helping customers "pursue their passions" with technology, offering expert advice and solutions tailored to specific needs.

13

30 reads

Best Buy - Impact and Challenges

Best Buy - Impact and Challenges

Overall impact:

  • Increased online sales: E-commerce revenue has grown significantly.
  • Improved customer satisfaction: Initiatives like Geek Squad and personalized recommendations have led to higher customer satisfaction scores.
  • More efficient operations

Challenges and ongoing efforts:

  • Competing with online giants like Amazon: Best Buy continues to adapt and innovate to maintain its competitive edge.
  • Integrating physical and digital experiences: Seamlessly blending online and offline customer journeys key.
  • Employee reskilling and upskilling.

12

32 reads

JEFF BEZOS

"There is no alternative to digital transformation. Visionary companies will carve out new strategic options for themselves — those that don’t adapt, will fail."

JEFF BEZOS

13

36 reads

CURATED BY

katecreevey

Yogi ~ Buddhist ~ Garden ~ Digital Geek ~ Mum

CURATOR'S NOTE

Ever wondered what lies in the unexplored corners of your business landscape? Let’s dive into the ‘white space’, a realm of untapped potential that could revolutionize your business.

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

5,740 Reviews

App Store

4.7

72,690 Reviews

Google Play

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates