The power of social media, mobile devices, tech wearable’s and the Internet of Things are just a fraction of the technologies that are scaring companies and disrupting industries worldwide. The way consumers are now behaving, communicating and connecting is continuously changing and organizations must now be proactive as opposed to reactive in relation to the rate that technology is changing and how it will impact their business.
So the question is, do companies adapt or disappear as the onslaught of the digital industrial revolution approaches? Companies are now faced with a problem, do they invest budgets and resources in existing technology and business strategies or look at market trends and the slight changes in consumer behavior and put their money towards that in the hope that it will pay dividends down the line? More so than ever before, we are noticing that technology is evolving far quicker than businesses can naturally adapt and how companies adapt seems to be intrinsically linked to their future success, Just look at Apple versus Blackberry.
So what do Senior Executives think about the age of digital transformation? A recent Fortune survey said that four out of every five CEO’s are kept awake at night due to the rapid change in technology and the drastic implications that it could have on their organization. Former Cisco Chief Executive John Chambers also recently said to a conference full of CEO’s from around the world that “40% of the companies in this room will not be around in a meaningful way in 10 years including ourselves if we fail to execute or if we miss an opportunity in relation to transformation.” The ironic thing about this is that technology is a part of the problem, however, it is also a part of the solution.
Enter Digital Transformation. The term Digital Transformation itself may seem like jargon, however, it is one of the most important elements facing organizations today, it makes businesses think outside the box and how things are evolving on the outside in order to change the strategies, models and business philosophies on the inside.
Defined, digital transformation is the intentional efforts to adapt to the onslaught of disruptive technologies that affect the way consumers communicate, connect and behave. As technology is now ingrained in our everyday lives, organizations are forced to update traditional technology strategies to match what consumers want and find most efficient. The need to do this is becoming more and more compulsory. So the question is will companies adapt or disappear with the oncoming digital revolution?