The Cdo's Top Ask: An Ecosystem That Delivers | Yantra Inc

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Every revolution needs an ecosystem to make it happen. Industry 4.0 needs a strong ecosystem of manufacturers, ancillaries, and digital enablers like robots, and another deep tech to deliver. The IT revolution of yesterday needed an ecosystem of software products, hardware products, software service providers, engineering colleges, entrepreneurs, and more. Cut to today’s digital revolution: a fully functional, developed digital ecosystem inside and outside the organization is the need of the hour, with the Chief Digital Officer (CDO) at the center of it.

What is a Digital Ecosystem?

A digital ecosystem consists of:

Chief Digital Officer + team; Chief Information Officer + team & Chief Business/Product Officer + team
Technology/software service providers
Management consultants
Senior leadership and Board
Finally, the customer
Each of the teams and individuals involved is allotted different and specific tasks. But their end goal is the same – to make digital transformation happen, in line with the business goals.

Challenges of A Digital Ecosystem

The ‘digital ...
... culture’, promoted by the CDO and his team is still a work in progress. Becoming a worthy ally to the CIO and his team, who is the primary client of the software or technology service providers, is still a challenge. Getting software service providers and management consultants aligned to the data monetization vision has not been simple either. And there is always the concern of a buy-in from the senior leadership, the Board, and of course, the customer.

Organizations often end up giving more importance to team enhancement than team building. Whereas a small yet cohesive, engaged, and motivated team committed to data monetization is far more effective than a large group of diverse roles with no real connection. Let us take the example of a Fortune 100 insurance company. Digital transformation and data monetization were key goals. Huge teams were formed with a lot of leadership hiring as well. But, due to a lack of focus and too many projects with little cohesion, the output was limited to more overheads than any real execution. Significant restructuring and formation of a small team under an able CDO later, the first big idea and success came about. Risk assessment was a capability honed over years with thousands of enterprise clients. So far, this capability was merely an enabler for their core offering i.e. insurance. But thanks to the data monetization mindset, the big idea emerged: what if risk assessment itself is sold as a service to enterprise clients? Who better than an insurance company, the real risk assessment expert, to offer this crucial service? And the ecosystem made the execution happen. With continuous learning & improvement, collaboration, and consistent delivery.

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