A data-guided path to success
Over the past several years, Thoughtworks has been tracking the emergence of a new breed of ultra-successful companies. These are organizations that outmatch the competition through creating deeper customer insights, going to market faster and consistently bringing new, customer-delighting products and services to market. We call these companies Modern Digital Businesses.
These market leaders haven’t emerged by chance. They’ve used their mastery of data to glean vital operational information faster than competitors and to turn into actionable insights before their competitors even knew an opportunity existed.
In this piece, we’ll explore how your organization can become a master of data and how you can use that to build a Modern Digital Business (MDB).
What is an MDB?
We see MDBs as having five fundamental building blocks. These are:
- Intelligence-driven decision making. Decisions are made by your staff, based on information extracted and visualized by computers, or they’re made autonomously by machines, based on their models of the world.
- Frictionless operating model. Business can capitalize on opportunities, respond to competitive threats and scale successful investments by removing friction organizational structures, processes and culture.
- Platform strategy. The best platform strategies ensure enterprises can leverage new digital tools, without losing the advantages of the technologies and processes that came before.
- Experience design and product capability. MDBs have a laser-focus on enhancing the customer experience, and are dedicated to listening to their customers — not just having their own preconceptions about what the customer wants.
- Engineering culture, delivery mindset. MDBs depend upon a thriving engineering culture, with a deep knowledge of software practices and skills to leverage technology to meet business goals.