This final phase of the Columns of Change model, focuses on defining and redefining the Venture Matrix scheme's competitive advantage, based on the data and information fed up throughout the structure.
What is the Venture Matrix scheme's competitive advantage? It's the scale at which it operates - engaging with over 15,000 students to date and adding millions of pounds of value to the economy. This makes it the world's largest student consultancy service (Advance-HE, 2020).
So the question is, what can the Venture Matrix scheme do to hold onto this competitive advantage, to continue being the world's largest student consultancy service and continue offering an outstanding service to its stakeholders. This is in the backdrop of a worldwide pandemic, with pressures and barriers rising and with depleting resources.
The scheme must look to this digital transformation toolkit to understand and ensure that the correct strategy, processes, procedures and systems are in place for it to succeed. This should be facilitated, but not solely driven, by technology which presents so many different methods to allow the Venture Matrix scheme to achieve its vision and to hold onto its competitive advantage.
From this point on, the competitive advantage should be fed back into the Columns of Change model, to reshape thinking from the ground up, around the Venture Matrix vision, strategy, it's people and culture, the way in which it innovates and collaborates, the way in which it understands it's internal capabilities and the external environment affect it. This cohesive loop feedback approach (Kelly, S., 2017) will ensure that the Venture Matrix scheme is constantly transforming and changing to meet the ever changing needs of its customers and the external environment around it.
Digital transformation is about the journey of the Venture Matrix scheme, it's not about a destination (Inform, 2018). For as long as the Venture Matrix scheme exists, a digital transformation process should be in place. Throughout time, goals and objectives set within the process will be met and achieved, but new ones should replace these, ensuring the Venture Matrix scheme strives to be the best it can be and offer the best experience and service it can to its stakeholders.
Download the Cohesive Loop update of the Columns of Change model here
Advance-HE, (2020), Venture Matrix, Sheffield Hallam University, accessed at https://www.advance-he.ac.uk/cate-team/venture-matrix-sheffield-hallam-university on 22nd September 2020
Inform (2018), Digital transformation is about the journey, not just the destination, accessed at https://inform.tmforum.org/insights/2018/05/2020-report-digital-transformation-journey-not-just-destination/ on 22nd September 2020
Kelly, S. (2017), Value-ology Aligning sales and marketing to shape and deliver profitable customer value propositions. Springer International Publishing AG.