GE’s Digital Transformation: Key Lessons for Business Strategy

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Feb 20, 2024

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Re-Imagining Giants: Digital Transformation Journey of General Electric and its Lessons for Future of Business Strategy Dharmin Shah(2302472) CMPT 641: Digital Transformation Prof. Javad Moshari 11th February 2024

Digital Transformation: The GE Case Study In the fast-paced digital age, General Electric (GE) faces the challenge of redefining itself. This analysis delves into GE's digital transformation journey, exploring its successes, failures, and the broader implications for businesses worldwide.

GE's Digital Transformation Challenges Lack of a Cohesive Strategy Over-Reliance on Legacy Business Models Inadequate Integration of Digital Initiatives . Cultural Resistance to Change Leadership Instability Insufficient Technological Expertise Poor Execution of Digital Projects Underestimatin g Market Dynamics Inadequate Customer Focus Financial Challenges

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GE's Digital Transformation: Podcast Insights 1 Overambitious Vision 2 Pre-emptive Transformation Attempt 3 Execution Challenges 4 Execution Challenges 5 Cash Crunch 6 Possible Overhype of Digital Transformation 7 Lack of Understanding of Digital Transformation 8 Strategic Missteps in the IoT

AI vs. Podcast: Reasons for GE's Digital Transformation Failure Reason for Failure Podcast Mentioned AI Mentioned Lack of a Cohesive Strategy No Yes Overambitious Vision Yes No Pre-emptive Transformation Attempt Yes No Execution Challenges Yes No Cash Crunch Yes No Possible Overhype of Digital Transformation Yes No Strategic Missteps in the Industrial Internet of Things (IIoT) Yes No Leadership Instability No Yes

Resolution Approach: Lack of a Cohesive Strategy 1 Conducting a Comprehensive Audit 2 Stakeholder Engagement 3 Framework Development 4 Implementation Roadmap 5 Communication and Training

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Example Suppose GE is centred on becoming a pioneer within the Industrial Internet of Things (IIoT). In that case, its methodology can center on creating and driving IIoT advances, shaping key collisions with technology companies, and contributing to modern companies and IoT arrangements. The implementation roadmap portrays realizing these key objectives, counting the innovation improvement plan, accomplice determination criteria, and beginning speculation budget.

Resolution Approach: Lack of Understanding of Digital Transformation Educational Programs Leadership Role Modeling Cross- Functional Teams Success Stories Feedback Loop

Example They implemented a "Digital Transformation Ambassador" program where selected employees from various departments undergo intensive training on digital trends, technologies, and strategic implications. These ambassadors then conduct peer-to-peer training sessions and discussion forums within their departments, spreading understanding and enthusiasm for digital transformation organically throughout the organization.

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GE's Digital Transformation: Lessons Learned Continuous Learning Invest in digital literacy at all organizational levels, creating an environment conducive to innovation and adaptation. Strategic Partnerships Develop partnerships that strengthen technology capabilities and support the digital transformation journey. Adaptation Adopt a culture of continuous learning and adaptation to confidently navigate the digital world.

Conclusion: Navigating the Digital Frontier 1 Leadership Vision vs. Reality 2 Strategy and Understanding 3 Challenges Faced 4 Broader Implications 5 Future Outlook 6 Strategic Partnerships

Thankyou

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