It is undeniable that our world today is becoming more digital. There are new technologies such as GPS systems, AI and even social media, that are making our planet primarily unrecognisable if you were to consider how it looked decades ago.
Everyone needs to hold on tight, even if you feel a little bit sick, at the speed at which things are changing. In fact, these changes are going to get faster day-by-day. We all need to find ways to keep our fingers on the pulse, whether that’s hiring an innovation manager, visiting conferences and other countries for ideas, reading the technology news everyday or joining Networking Groups In Hampshire. There are disruptive technologies which are moving at a very fast pace, always accelerating, and changing the way that we live. There is no need to become a digital native to simply act as if you belong. There are many people that are nurturing their social media profiles, and even using Fitbit to get back into shape. There are senior citizens that are still reading newspapers, and at the same time, people are talking over phone lines and Apple FaceTime. It is becoming more common for people to become more connected, and citizens in America are spending far more time staring at their screens than actually sleeping.
New business models are starting to show up as a result of these technologies, which are allowing people to monetise and create different business models. Whether you are looking at traditional product development scenarios, or cross sector industries, you may be able to create new products and services. There are many organizations that can deliver products on demand and there are service providers that will profit greatly.
It Really Comes Down to an All or Nothing Scenario
Both digital giants, as well as startup companies, are poised to become very successful commercially. They have a lot of confidence, knowledge, and certainly the ambition to begin reshaping a multitude of different industries. Successful incumbents, by stark contrast, are being overly cautious.
After speaking with hundreds of leaders for our National Digital Benchmark report, we can see that the incumbents need to be prepared for this disruption that is occurring. More than half of all of the leaders admit that what they are doing today is over investing in aspects of their business to refine and enhance it based upon the current state of the economy so they will be fine in the future.
It is actually necessary to experiment on a literal edge, hoping to improve customer experience through this digital platform and begin to reshape the value chain that we have set up over the years. Nearly 70% of these leaders are adopting technologies that will help improve their business, rather than trying to simply disrupt the one that they are using.
This approach, unfortunately, leaves a lot of money on the table. By following this path, opportunities can be missed and you will not be able to monetise your efforts. If you want to truly transform what happens in the future, you need to go far beyond simply experimenting with what might work and move toward reinventing your business and delivering solutions that will apply to multiple industries across this digital ecosystem.
As it stands right now, there are many leaders that really do want to transform their business and prepare for the future, but in our report, there were several areas where they might be able to benefit even more from a digital transformation:
They Need to Develop a Digital Blueprint
Emerging markets and digital giants are leading this change, disrupting existing markets and even forming new ones. The so-called incumbents are trying to adapt, albeit subtly, trying to break free from what holds them back from seizing future opportunities.
If they really want to do this, they need to find someone to work with that can help them move forward. For example, the automobile industry has began to improve the way they are delivering cars to dealers, making this less risky than ever before. There are state-of-the-art sensors that are in the vehicles that can tell when a car leaves the lot, and instant transfers can be added to their balance sheet.
Simultaneously, the incumbents are trying to figure out how to disrupt the way they are currently doing business, learning that this digital focus is the best mindset. If they do experience any type of disruption, they need to start looking at their customers in a different way, and also eliminate any friction they may feel as they respond to their own needs and anticipate what the future holds.