How to prepare for the next technology revolution

How to prepare for the next technology revolution

How to prepare for the next technology revolution How to prepare for the next technology revolution

January 04, 2016

Change is never easy, but with the evolving business model of today companies will have to embrace digital transformation concepts to keep up. We have tips to help you thrive:

Last summer during Cisco’s customer conference, outgoing CEO John Chambers came out with a pretty bold statement: “Forty percent of businesses in this room,” he said, “will not exist in a meaningful way in 10 years." He added that 70% of companies would "attempt" to go digital, but only 30% of those would succeed.

WOW! If that doesn’t scare an executive, I don’t know what would.

Now, you don’t have to look very far to notice evidence of this trend. We all know of how Netflix, through its online subscription service, wiped out Blockbuster. How Airbnb, the world’s largest accommodation provider, is putting pressure on traditional hotel chains. And Uber, the car sharing service, is disrupting the taxi industry all over the world.

These are only three examples of disruptive companies that have made headlines. What about the companies that are in your neighbourhood that don’t make the headlines? What about companies that are in your industry? Are you even aware of them? If not, why not? 

Your livelihood may depend on it.

The [digital] transformation impacting enterprise these days is upon us – like it or not.  However, understanding this concept and figuring out what to do with it is key. 

What is Digital Transformation?

In 2014, Altimeter Group came up with a definition of digital transformation: “The realignment of, or new investment in, technology and business models to more effectively engage digital customers at every touch point in the customer experience lifecycle.” They then went on to produce a report entitled, “The 2014 State of Digital Transformation”. Respondents to their related survey actually stated that they were undergoing digital transformation, yet most didn’t know what it was.

Capgemini has defined the concept as, “the use of technology to radically improve performance or reach of enterprises” – a broad enough definition to mean a lot of things without being that meaningful.

Others have tried to narrow it down by focusing on the concept of technology enabling or improving the lives of the users it serves.

Digital transformation definitions are often times associated with additional concepts such as the digital workplace, digital disruption, open business, working out loud, networks of networks, organizational change. All terms and concepts that will test the patience of any buzzword weary executive.   

For over decades years, Valtech has worked with Enterprise clients to help them make sense of organizational and technological changes impacting their business. The difference these days is the speed in which change is taking place.

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Key concepts to stay relevant

To address this state of hyper-growth we find ourselves in, we strongly recommend organizations include the following concepts as part of digital transformation strategy:

  1. Open leadership - share like never before and dare to be vulnerable
  2. An agile/adaptive organizational structure and culture (glued together by technology and strong collaboration)
  3. Progressive work spaces - untether employees from physical boundaries and limiting devices) Data-driven
  4. A flexible/elastic workforce
  5. Better integration into customer and partner ecosystems
  6. Rethinking how business should be done (Uberization of everything! Mashing "the nexus of forces" into products & services... possibly a move towards turning products into services)

It's going to be a bumpy ride

Today's business model is changing. The newcomers know this and are embracing this new paradigm. Customer expectation is rising and demands it. No longer is it a question of ‘when’ but rather ‘how quickly’ can you adapt. A digitally enabled enterprise seeks ideas from a widely connected workforce, gains insight from various data sources, understand that work does not just take place from 9 to 5 within the confines of HQ and knows how to deliver what their customers seek.   

As a successful business today, how are you preparing to embrace this next technology revolution? Hopefully you have a plan that will keep you in the game. If not, ask us for suggestions on what to do next.

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