As we are working with a range of diverse businesses and new technologies we are sensing a seismic shift in the ways of doing business, fuelled by technology. The time to wait and watch seems to be well past, and organisations basking in the comfort of their traditional processes will continue to do so at their own risk and peril.
A spurt in innovations in Mobile, Cloud, Data, and Hardware over the last decade has been altering existing paradigms with some industry experts calling it the biggest wave to hit Business since the Industrial revolution.
So how does one prepare for this new era? We have a spectrum of organisations ranging from being beginners in their digital journey to the masters who have successfully embraced digital transformations
We recently came across a study that proved that the Digital masters have the best financial performance, almost 26 % more profitable relative to their peers in addition to generating higher revenue from their physical assets. (Source: Leading Digital)
The study concludes that the best managed companies in the world, who outperform their peers in both revenue generation and profitability have a lot in common in their digital activity.
If we now overlay examples of organisations that are already ahead in embracing the digital vision and how these have helped transform business models – it is very clear that the next logical steps to transforming your Business lies in your Digital vision and the ability with the required leadership to deliver this in your organisation
An interesting footnote is a revealing view of where different industries are in their Digital Journey.
Whilst industry sectors like Hi-Tech and Utilities seem to be ahead in their digital journey, traditional industries like manufacturing seem to be a laggard with the lowest percentage of Digital masters and a large proportion still as relative beginners in embracing digital (source: Leading Digital). Be that as it may, it is clear that no industry sector is excepted from these changes. Increasing competition and disruption in the marketplace looks likely to force the laggards to take a cue from their own industry peers who are leading the way – sooner rather than later. (image source: SAP )
Given that an improved customer experience is at the heart of digital transformation, we are engaging with the industry experts to share our joint experience in this journey (if this topic is of interest, please check out the December 3rd Event at London Transforming Customer Engagement in the Digital Age)