You can’t lead a company today the way you used to. The seismic shift in technology that began to shake the business world 20 years ago now demands a new way of thinking.
Are you ready?
So is the question posed in the eBook BECOMING DIGITAL: Strategies for Business and Personal Transformation, published by Knowledge@Wharton, the online research journal of the Wharton School of the University of Pennsylvania, which positions today's digital transformation landscape in an extremely mandatory light.
According to Knowledge@Wharton's digitally minded publication, the brutal fact is that digital turbulence will not spare any industry and will force current industry models to blur. A brand-new threat — asymmetric competition — is one of its most powerful game-changers. Witness the rise in just a few years of two global behemoths: Airbnb, a rental lodging company that owns no hotels, and Uber, a driving service that owns no cars. Take heed — there is no place to hide.
Your company needs to be a digital leader.
7 Digital Realities To Accept
- Digital technologies are revolutionizing the way we live and work. From smartphones and tablets to smart thermostats and driverless cars, the world is changing at a breathtaking pace. Whether you like it or not, it is changing your business, too.
- Consumers are using phones to shop, and suddenly you need to have not just a website, but a website set up for mobile viewing. Employees are using tablets for work when they are out of the office, and now there is a need for your software to be in the cloud. Your marketing team is reaching out to customers through social media, and they are getting back plenty of data that they need to sort through. Now you need data analytics. You know that if you don’t act on all of these fronts, and inevitably many others...your competitors will.
- By embarking on a digital transformation, a company accepts that the next challenge is putting together the right mix of technologies to jumpstart its competitiveness. That can be a stressful undertaking, given the panoply of technologies that are available.
- The biggest benefit CEOs see from digital transformation is operational efficiency that leads to cost savings.To successfully transform your business a company must have two things: a clear vision of how technology can give you a competitive advantage and a well-thought-out plan that includes defined measures of success.
- Digital transformation, however, is often myopically defined as ad hoc additions of software and hardware, or automation of certain business processes that make one part of the company better instead of considering the whole. These steps can be a start, but a true digital transformation — one that provides a competitive edge and generates a positive return on investment (ROI) — will re-imagine the old way of doing things and lead to new business models.
- By placing the customer at the center of your digital plans, you will get a better handle on what to do—whether it is to increase engagement through social media, improve customer experience on mobile devices, or reconfigure back-end systems to manage an influx of interactions through digital devices.
- Digital transformation will look different at each company — as well it should. Businesses may use the same digital technologies, but these tools will be deployed differently to meet the unique needs of each firm.
SOURCE: Wharton School of Business, Knowledge@Wharton
So, are you ready?
To survive in the digital transformation age, enterprises must embrace leading digital strategies and technologies driven to transform collaborative processes and operational efficiencies, as well as drive new levels of customer service. Today, organizations need a true C-Suite commitment to embrace the digital transformation age, with leadership and direction from CEOs, CIOs and all players in enterprise-wide strategic vision.