How times have changed: the transformation of digital
Technology has come a long way in the past few decades; some would say it’s taken over our lives (and our jobs), yet only 8% of businesses feel they have truly been digitally transformed. The same survey also revealed that another 23% of companies are still considered to be in the early stages of their digital transformation.
What is digital transformation?
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.
A common threat among many organisations is that of digital disruption: the creative application of digital technologies in different settings and the change that occurs when these new technologies and business models affect the value proposition of existing goods and services. As a result, it is important for companies to be ultra-aware about how disruptive change caused by new technology can be the root cause of global conflict.
That’s often how industry upsets begins — a seed of an idea timed perfectly with the technology to pull it off.
Sue Marquette Poremba identified 9 ways in which digital disruption is being used to: meet business challenges, create new industries and provide better customer care. These go as follows:-
There are many well-known examples of digital disruption: Netflix, Uber, Amazon, Ebay, Skype, Spotify, and Airbnb, to name but a few — with each of these being the start of a new era of tech; changing the digital landscape. With some forms of digital disruption running companies out of business (e.g. Blockbuster), when the company chooses to either not embody the changes or ignores/fights them, it is often misconstrued negatively as an attack on the business. However, it can benefit businesses in a number of ways, contributing to their success, if they choose to embrace it.
Florian Leibert discusses 3 things every company can do to benefit from digital disruption:-