Critical questions for incumbents looking to go digital
It is not too late for analog incumbents to transform themselves and thrive in the digital world, but they need to act now.
Myths about digital transformation abound. Digital disruption is bankrupting incumbents. Digital is a back-office issue, focusing on achieving operational efficiencies. Hiring a Chief Digital Officer is the key to a successful digital transformation.
In this series of articles, we have busted these myths about digitalization, arguing that it is not too late for incumbents to transform themselves. We are optimistic that they can harness their considerable resources and thrive in the digital era.
There is, however, no room for complacency. Digital transformation is not a superficial process designed to achieve some incremental efficiencies, but a profound change. Incumbents will need to reassess and remodel every aspect of their business if they are to successfully compete against digital natives.
We may still be in the early days of the digital revolution, but it is the strategic plays that companies make today that will define their long-term future in the digital economy. With that in mind, we have identified a number of recommendations and a set of questions to aid incumbent industry leaders in their digital transformation:
Digital enterprise is one of four cross-industry themes (along with digital consumption, societal implications, and platform governance) that have been the focus of the World Economic Forum’s Digital Transformation of Industries (DTI) 2016 project. An overview of the DTI program can be found here.
Our in-depth analysis of the digital enterprise cross-industry theme is available in a white paper, which can be downloaded here.
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