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Instructions The editor of the Harvard Business Review (HBR) is…
Instructions
The editor of the Harvard Business Review (HBR) is interested in having you write a business thought-leader article. HBR would like your article to be based on original research related to a current business problem.
For this assessment, you will develop a proposal for a business study based on the leading digital transformation topic chosen used in the previous assessment.
Here is the proposal thus far:
Harvard Business Review Article Proposal
This article will discuss how retail executives can navigate the complicated digital ecosystem successfully and highlight the opportunities and challenges of digital transformation. To be successful in digital transformation in the retail business, leaders must embrace a customer-centric approach to innovation. Leaders’ responses to digital transformation have increased productivity, revenue, and customer experience. It acknowledges executives’ digital transition challenges. Digital transformation will force retailers to prioritize customer needs and expectations. Businesses must improve the customer experience and create innovative products and services to give customers personalized experiences. Retailers must adapt to digital transformation to stay competitive. However, it is challenging to develop new skills and capacities, identify areas where employees need more skills, and manage change. Leaders must communicate the vision, manage stakeholder expectations, and foster creativity and experimentation to manage change. Leaders must overcome obstacles to manage the transition. Finally, the article will employ effective leadership strategies. For retailers to remain competitive in today’s marketplace, managers must understand the importance of effective leadership in driving digital transformation initiativesmanagers who fail to adapt to the changing business environment risk being left behind.
The specific business problem is the high cost of digital transformation in the retail industry, which has decreased profitability and customer satisfaction (Dutta & Sandhane, 2022). As part of digital transformation initiatives, executives must hire the right personnel, develop new skills, and incorporate new technologies into the business model, which can result in higher costs (Ivancic et al., 2019). The retail industry is highly competitive, and without digital transformation, companies risk falling behind their competition (Matsunaga, 2021).
A gap in practice exists in which executives must worry about customer needs and expectations (Leclerc et al., 2020). Executives must prioritize customer experience and develop innovative products and services that provide personalized experiences (Weller et al., 2020). Additionally, executives must manage change, foster creativity and experimentation, and communicate the vision to stakeholders to succeed (AlNuaimi et al., 2022). The retail industry is undergoing digital transformation, leading to increased administrative costs (Ivancic et al., 2019) claim this is partly due to expensive digital transformation initiatives. Digital transformation initiatives include hiring staff, developing new skills, and incorporating advanced technologies into the business model. In addition, the retail industry is highly competitive, and businesses need to catch up to their rivals if they implement digital transformation (Matsunaga, 2021). Executives have to keep their attention fixed on the wants and needs of their customers if they want to maintain their competitive edge in the digital environment (Leclerc et al., 2020). This indicates that executives need to prioritize the customer experience and develop innovative products and services to provide customers with personalized experiences (Weller et al., 2020). In addition, executives must effectively manage change, encourage inventiveness and experimentation, and communicate the vision to stakeholders (AlNuaimi et al., 2022).
This article gives managers practical advice on successfully navigating digital transformation initiatives in their organizations. It emphasizes the importance of effective leadership. The article will expand on the idea that retail leaders should develop creative business models that use digital technologies to gain a competitive advantage before implementing digital transformation. The idea is essential, valuable, unique, or counterintuitive. Many executives may believe embracing digital technology is necessary to achieve digital transformation, but this proposition needs to be clarified. For retail executives looking to develop a competitive edge in a digital environment, this article will provide practical insights on best practices in digital transformation. This article provides examples of best practices for digital transformation.
A shift in focus similar to this is the most significant gap executives face in practice regarding digital transformation. To gain a competitive advantage, executives must devise forward-looking business models that utilize modern technologies before beginning the digital transformation. In light of this shift in focus, executives must develop their skills, identify areas where employees need additional skills, and manage the change resulting from this shift. Executives must communicate their vision, manage stakeholders’ expectations, and encourage creativity and experimentation to overcome these challenges. Leadership is vital to driving digital transformation initiatives. Managers must be more willing to adapt to the ever-changing business environment or risk falling behind (Dutta & Sandhane, 2022). Retail executives must cultivate a working environment that fosters trust and encourages collaboration to manage digital transformation successfully. To ensure the success of digital transformation, leaders must be able to identify problems and devise solutions. A solid understanding of how to base decisions on data will also be crucial to the digital transformation success. Executives must be able to analyze data and devise novel approaches to conducting business based on that data. This is to maintain a competitive edge in digital environments. Executives must also analyze data to develop customer-centric innovation strategies.
This article is a credible source of information based on past research on digital transformation in retail, business model innovation, and leadership. It relies on academic literature and practitioner sources to provide leaders with evidence-based advice. The article will include a literature synthesis that will validate the purpose and authority of the topic that, includes the following: AlNuaimi et al. (2022) explored the nexus between leadership, agility, and digital strategy, a vital element for complete control over digital transformation. Dutta and Sandhane (2022) examined the impact of digital transformation on the retail industry in their study. The authors emphasized the need for organizations to adapt to the digital revolution. Henderikx and Stoffers (2022) intended to conduct a literature review on digital transformation and leadership, mainly aimed at future-proof middle managers. Ivancic et al. (2019) outlined the best business practices, and valuable lessons learned that can be applied to master the digital transformation process. Leclerc et al. (2020) explored how high-performance work practices, cooperative differences, and organizational commitment are related. Increasing competitiveness, innovation, and flexibility depends on this relationship. In his research, Matsunaga (2021) evaluated communication and uncertainty management within digital transformation, with transformational leadership as a moderator. Within high-performance work systems, Weller et al. (2020) investigated the relationship between transformative leadership, customer satisfaction, and consensus within the context of high-performance work systems. Scholars have studied different aspects of digital transformation and identified the need to solve the business problem and how to address the gap in practice. This academic expertise is essential; however, I will also share their professional experience working with retail organizations for over 20 years and how digital transformation has changed the retail business.
Retail executives need more practical knowledge to navigate the digital ecosystem and highlight digital transformation opportunities and challenges. This is a practice gap. Executives must focus on their customers’ needs and expectations, manage change effectively, encourage creativity, and use data to make decisions. Digital transformation initiatives also require solid leadership. Retail executives have developed and implemented the necessary strategies to navigate digital transformation initiatives if they know the specific challenges.
This article is significant to Harvard Business review publishing because digital transformation has dramatically impacted the retail industry. Industry leaders must adapt their strategies to stay competitive in the face of this disruption if they are to remain competitive. Even though digital transformation can lead to favorable outcomes, there are also barriers that leaders have to overcome in order for them to manage the transition successfully.
Conclusion
Transformational leaders can communicate their firm’s high-performance work systems by creating and making their strategy known to employees. The consensus around High-Performance Work Systems demonstrates unified perceptions and facilitates conformity with the firm’s strategic goals. A clear understanding of strategy is essential, yet it is intricate, and employees must engage in desired behaviors to implement strategies successfully (Weller et al., 2020). This assessment aimed to examine how retail transformation is driven by digital transformation. A new business model development is a critical business concern that needs to be addressed effectively. The task involves evaluating leaders’ responses to digital change from both a positive and a negative perspective.
Moreover, it describes how leaders adapt to business problems through business model innovation and evaluate the effectiveness of leadership strategies for creating competitive advantages in a digital environment. As part of the assessment, a proposal package was developed for an article published in the Harvard Business Review on a significant topic related to digital transformation. The proposal outlined the article’s central message, value, utility, and the source’s authority. Leaders can maximize the benefits of digital transformation by integrating scientific data, business reports, and organizational examples into their strategies for implementing these changes.
References
AlNuaimi, B. K., Kumar Singh, S., Ren, S., Budhwar, P., & Vorobyev, D. (2022). Mastering digital transformation: The nexus between leadership, agility, and digital strategy. Journal of Business Research, pp. 145, 636-648. https://doi.org/10.1016/j.jbusres.2022.03.038
Dutta, S., & Sandhane, R. (2022). Digital transformation in Retail Industry. Cardiometry, (24), 859-866. https://doi.org/10.18137/cardiometry.2022.24.859866
Gurbaxani, V., & Dunkle, D. (2019). Gearing up for successful digital transformation. MIS Q. Executive, 18(3), 6.
Henderikx, M., & Stoffers, J. (2022). An Exploratory Literature Study into Digital Transformation and Leadership: Toward Future-Proof Middle Managers. Sustainability, 14(2), 687. https://doi.org/10.3390/su14020687
Insider Intelligence. (2022). Worldwide e-commerce sales are projected to top $7 trillion in 2025. Insider Intelligence. Retrieved March 23, 2023, from https://www.insiderintelligence.com/insights/worldwide-ecommerce-sales-to-top-7-trillion/
Ivancic, L., Vukic, V. Bosilj, & Spremic, M. (2019). Mastering the Digital Transformation Process: Business Practices and Lessons Learned. Technology Innovation Management Review, 9(2): 36-50. http://doi.org/10.22215/timreview/1217
Jenneboer, L., Hernando, C., & Constantinides, E. (2022). The Impact of Chatbots on Customer Loyalty: A Systematic Literature Review. Journal of Theoretical and Applied Electronic Commerce Research, 17(1), 212-229. https://doi.org/10.3390/jtaer17010011
Leclerc, A., Guihur, I., & Marcoux, G. (2020). Co-operative Difference and Organizational Commitment: The Role of High-performance Work Practices. Management Review: An International Journal, 15(2), 4-52. http://library.capella.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Fscholarly-journals%2Fco-operative-difference-oganizational-commitment%2Fdocview%2F2479482100%2Fse-2%3Faccountid%3D27965
Matsunaga, M. (2021). Testing the theory of communication and uncertainty management in the context of digital transformation with transformational leadership as a moderator. International Journal of Business Communication (Thousand Oaks, Calif.), 232948842110239. https://doi.org/10.1177/23294884211023966
Morgan, B. (2022). Fifty stats that prove the value of customer experience. Forbes. Retrieved from https://www.forbes.com/sites/blakemorgan/2019/09/24/50-stats-that-prove-the-value-of-customer-experience/?sh=3d5249e04ef2
Perwej, Y., Abbas, S. Q., Dixit, J. P., Akhtar, N., & Jaiswal, A. K. (2021). A systematic literature review on cyber security. International Journal of scientific research and management, 9(12), 669-710.
Weller, I., Süß, J., Evanschitzky, H., & von Wangenheim, F. (2020). Transformational Leadership, High-Performance Work System Consensus, and Customer Satisfaction. Journal of Management, 46(8), 1469-1497. https://doi-org.library.capella.edu/10.1177/0149206318817605
Need help with the follow
INTRODUCTION
Include interesting facts, statistics, or statements relevant to your topic and project to catch the attention of your reader. Cite the scholarly, peer-reviewed, empirical, or practitioner sources of your information. Ensure a thesis sentence exists in which you clearly identify the topic and the specific focus of your project. Make a strong case for your project topic and focus. (One paragraph)
PROBLEM OF PRACTICE
?????State a general problem introduced by “The general problem is…” Describe the general problem in a few sentences using citations and support. (One paragraph)
State a specific problem introduced by “The specific problem is…” Describe the general problem in a few sentences using citations and support. (One paragraph)
Describe how the is problem manifesting: what adversity is being experienced? The specific problem is not the gap in practice; what is happening because of the gap in practice is the specific problem. Gaps exist when practitioners are not doing everything they could, are not doing things correctly, could improve what they are doing, do not know something, do not know how to do something, do not have methods or strategies, or are not doing something in their practice.
GAP IN PRACTICE
Identify and discuss the gap in practice, explicitly stating “The gap in practice is…” or “…is the gap in practice.” Describe the difference between the current state of the problem and the desired state as the gap in practice as it relates to the problem. Cite scholarly, peer-reviewed, empirical, or practitioner sources that support your assertions of the gap as part of the problem. Clearly identify the gap in practice and include your gap analysis.
PURPOSE OF THE PROJECT AND PROJECT QUESTIONS
Write a purpose statement for your proposed study based on the specific business problem you identified and the gap in practice you seek to address. This section will include two parts, the first of which is the purpose of the project: what you plan to do to study this problem. The purpose statement must include the potential project technique as outlined in the course materials.
The second part includes the project questions aligned with the purpose statement. Develop two potential project questions informed by your specific problem and the identified gap in practice you seek to address. While the purpose is a declaration of intent, project questions are formulated as interrogatives that express the knowledge you are seeking to obtain through conducting your project. The project questions must be open-ended and formatted to align with a project technique as outlined in the course materials.
PRELIMINARY TERMS AND DEFINITIONS
Define three important terms to help your reader understand the specific use of those terms in the context of your project proposal.
PROJECT JUSTIFICATION
Describe the reason for the project, its need, and evidence to support the need for the project.
Address these key elements as you justify the need for your project:
Describe who in the practitioner or scholarly literature says this project within your topic is needed.
Describe why your project questions need to be answered.
Describe why your project is important.
Describe business practitioners for whom your project outcome will be significant, and why.
AUTHOR NOTE: REFLECTION ON ALIGNMENT
Reflect on the alignment for the main elements of your proposal, meaning that each key sentence in the foundation sections (problem, gap in practice, purpose, project questions) are focused on the same issue and are consistent and congruent. (one paragraph)
Develop a figure (graphical representation)
