Digital transformation is disrupting how we live, work and play. But, rather than waiting for the disruption, executives can begin to accelerate their digital transformation to both disrupt and avoid being disrupted and decide where they want their organizations to go. Thinking that existing technologies, applications and processes can be easily replicated to handle upcoming technological shifts is a recipe for unrealized potential.
Instead, ask yourself:
- How can we disrupt our own business model?
- How can we leverage newer technologies to do that none of our competitors are doing today?
- How can we expand our competitive landscape into tangential or entirely new markets?
The world as we know it is undergoing dramatic disruptions that is digitally driven, at a pace we have never seen before and in ways we are just beginning to realize and imagine. In these times of radical digital transformation, newer technologies fueled by cloud, AI, Analytics, etc. are enabling organizations to drive innovation, growth, performance and engagement. The cloud environment fosters the experiment-and-fail-fast-mentality that enables an organization to try something out at minimal risk and cost, or even pursue parallel paths to find which will work best.
Further, these technologies provide speed, scale and stability to organizations of all sizes and are great equalizers in today’s business world and are sparking unprecedented opportunities and challenges. For example, a two-person startup has access to disruptive capabilities that enable it to innovate, grow, perform and engage in the same ways as any conglomerate that has been around for generation.
Driven by digital innovations, and the power and ubiquitous accessibility of technology, the only remaining barrier to entry for the Digital Revolution is, almost literally one’s imagination.