"Digital Darwinism is unkind to those who wait."
Breakthroughs in and the exponential pace of disruptive innovation are fundamentally changing the way we live, interact and do business. In response, brands and organizations across all industries are looking to digital transformation as the key to innovation, growth, and the discovery and creation of new business opportunities.
While the “why” of digital transformation may seem obvious, it’s the “how” that isn’t always as clear. Notes Ray Wang, Constellation Research Principal Analyst, Founder, Chairman and author of the new best-selling book Disrupting Digital Business, “Constellation defines digital transformation as the methodology in which organizations transform and create new business models and culture with digital technologies.
“When we look at digital transformation, people tend to think about the technologies, but it’s also about how you change your business models and how you change the way you engage with stakeholders.
“Once you get the business model down right, then you can figure out what technologies you need to support. And when you bring those two together, that’s when you actually get to digital transformation.”
Wang notes an urgency for all organizations to begin addressing their digital transformation strategy if they haven’t already. “Fifty-two percent of the Fortune 500 since 2000 have merged, been acquired, or gone bankrupt since 2000. There’s a study by Richard Foster from Yale that shows the SMP 500 average age of a company in 1959 was about 58 years. It’s down to 15, and it’s going to be 12 by 2020. There’s no time to wait. Digital Darwinism is unkind to those who wait.
“We’re talking about a three to four-times compression in terms of age of a company since the 50s and 60s. So, if you’re not making the shift, if you’re not even moving in that direction, you’re probably going to be merged or acquired, or go bankrupt."
According to the new MIT Sloan Management Review and Deloitte University Press report, Aligning the Organization for Its Digital Focus, nearly 90% of more than 3,700 business executives, managers and analysts from around the globe say they anticipate their industries will be moderately or greatly disrupted by digital trends. Yet less than half (44%) currently believe their organization is adequately preparing for this digital disruption.
In a new on-demand thought leadership webinar, Wang discusses the keys not just to getting started on a digital transformation initiative, but what is needed to succeed, including the roles of:
- company culture
- data-driven decision making
- and innovative technology.
Click on the link below to receive and view the on-demand webinar. Whatever your role, this is a not-to-be-missed presentation to move forward in 2017 and beyond: