As more and more companies see the need and the benefit to transform digitally, the discussions opens with regard to who takes responsibility for the program. The answer is clearly the CEO, he or she has to take responsibility for all the strategic programs and strategic direction. That does not mean they will do all the work. The CDO should be involved, they need to be this rare hybrid of a person. Part technical and part business.
It is the CDO that will face off to the user departments, where as the CEO needs to be the torch bearer leading from the front.
And that is where social media plays a role. It is central to a business and the binding agent. The great thing about social is that it's already used by most people and most companies and can be used as a "quick win" to prove to the business that digital is the right direction of travel.
The other great thing about social is that projects can be self financing. What do I mean by that? The incremental revenue created in the social sales department can be re-invested into the business. We are clearly seeing ROI of 20 or 30% increases in revenue. Put it another way, you give me 1$ and I give you $30 back. You give me that $30 and I give you $90 and so on.
Time maybe for social as part of your digital transformation?
But 2018 really is a watershed year. Herman showed the gathering a slide (shown above) of how digital is literally eating the lunch of old-world companies that don’t become digital fast enough: Serta mattress to Casper, Hyatt to airbnb, Toyota to Tesla, even Sotheby’s to Stadium Goods. The changing of the guard from physical to digital is dramatic. One thing becomes clear: Any business that allowed a digital business to reinvent their sector is going to have a hard time playing catch-up. The era of the CDO role as leading an organization — rather than servicing a brand — has arrived, and is only going to accelerate.