Digital isn’t a thing, it’s a way of doing things in the world we live in today, the digital world. Advancements in technology have blurred the lines between physical and virtual, creating a continuous emergence of digital disruptors that provide new pathways for creating value, whether it’s new customers, new experiences, new markets or new business models.
Little wonder, then, that business leaders are trying to understand and react to this indefinite new world. Two-thirds of CEOs believe the next three years will be more critical than the past 50 years1 largely because of rapidly evolving technology and the speed at which change is being unleashed. In three years’ time, four out of 10 CEOs expect to be running significantly transformed companies.
CEOs are keenly aware of the challenges. They told us that:
To “digitally transform” means more than investing in technology, a one-off project, a customer channel or a front-end experience. Becoming a digital enterprise or government means becoming a responsive organization, able to adjust rapidly to the constantly shifting disruptive forces and evolving expectations of the digital age. Responsiveness starts with strategy that is driven from business goals, reflects a commitment to innovation and requires flawless execution.
Corporate executives and government leaders have a fiduciary responsibility to understand the new reality taking place around them. Yes, employee and customer demands continue to evolve and expand, but digital presents a much bigger opportunity than just experience. In order to sustain competitive advantage in the digital world, it’s critical organizations look at transforming middle- and back-office platforms and processes as well. In other words, digital is business-wide.
We believe digital is broad in its impact but also industry-specific. Whether it’s new ways to engage with customers, constituents and suppliers, new ways of partnering, new ecosystems or new business models, leaders must understand the impact to their industry and their business. Digital disruptors should be viewed as enablers, not inhibitors. When leveraged properly, they can give organizations the opportunity to innovate and transform, allowing them to not just survive but thrive.
1KPMG, Now or Never: 2016 Global CEO Outlook.
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