How to make money with digitalization?

There are well-known parts in a digitalization process, e.g. creating sense of urgency, building digitalization into company’s vision and strategy, creating cross function teams with empowerment to run projects, selecting vertical business segments for brainstorming etc. Still, we often forget the most important ones, i.e. how bring value for a customer and what to do with information from customer behaviour.

Digitalization changes nature of products & services and customers’ perception of value. In the middle of 90s I worked with many mobile operators who said: “Nobody in this country will ever send an SMS from his phone. They’ll just need to receive voice mail notifications and that behaviour won’t change.” But we all know it did – much more than we ever dreamed.

We are facing a similar chance of behaviour change with today’s digitalization. We must re-write the monetization approach and strategy, e.g. what does our organization own or control – what to monetize? It used to be only products and services, with digitalization we expand to information and data, access, user experiences, behaviours and outcomes. Digitalization adds new ways to bring value and means to capture it but a customer must be the king!