At the Global Center for Digital Business Transformation, an IMD and Cisco initiative, they consider digital business agility (DBA) as critical to survival in the digital vortex. DBA is composed of three parts: hyperawareness, informed decision-making, and fast execution.
Staying aware of opportunities and threats
Hyperawareness is a company’s ability to detect and monitor changes in its business environment. Organizations need to be able to see opportunities and threats as they emerge. Most companies are only
hyperaware about themselves! Often, they struggle to understand the changing dynamics within their industries. Much has been written about the dangers of organizational complacency, and this begins with a lack of hyperawareness.
However, hyperawareness is only valuable if the resulting data and information is used productively. Informed decision-making is a company’s ability to make the best decision possible in a given situation. To do this, data and information must be analyzed, scaled, packaged, and distributed throughout the organization. Data transparency, stable IT systems, advanced analytics, and a knowledge sharing culture play important roles in this capability.
Finally, informed decisions create value only to the extent that they can be implemented. Fast execution is a company’s ability to carry out its plans quickly and effectively. This is where the majority of organizations struggle the most. The capability to execute quickly requires a willingness to experiment and a tolerance for failure.
For the full report refer to : Disruptor and Disrupted: Strategy in the Digital Vortex.