Torben Rick

The pace of change is accelerating – Digital disruption is the primary catalyst of change

Much has changed since the “dial in” days with modems connecting to online services like America Online or Compuserve and eventually directly onto the Internet and the World Wide Web.

And elements of the digital world continue to invade the language:

• “Text me later”
• “Google it”
• “Skype me tomorrow”
• “#Hashtag”

Anything which can be digitized will be digitized – Ready for digital transformation

Although the impact of digitization is not new, the digital economy is entering a new age that presents unprecedented challenges for many companies.

Research shows that since 2000, 52 percent of companies in the Fortune 500 have either gone bankrupt, been acquired, or ceased to exist as a result of digital disruption. The collision of the physical and digital worlds has affected every dimension of society, commerce, enterprises, and individuals.

Business leaders have long used information technology to improve productivity and efficiency, reach new markets and optimize supply chains. What’s new is that customer expectations have also changed.

While new technologies continue to provide the ability to transform business models, effectively engage customers and make business operations more efficient, the majority of organizations are still struggling with the basics of digitization.

 

Digital interactions merge channels and break down silos

Organizations will have to realize that there is no web and mobile strategy – only a customer-centric digital strategy, regardless of channel. There is no marketing data, sales data and support data – only the customer lifecycle data.

Companies will have to get serious about bringing together all customer and prospect information and goals, and how best to serve them with a single, continuous digital strategy.

Avoid silo mentality

When it comes to digitization, organizations often resort to a silo mentality, which means that while digital roles may be defined in IT, marketing, communications and various other departments depending on the product, departments tend to keep information or knowledge pertaining to their role to themselves rather than sharing it – leaving the organization’s digital presence compartmentalized.

Defining and implementing a joint digitization governance framework that allows for cross-departmental collaboration is key to ensuring that the companies digitization efforts are as effective as possible – both in terms of bottom line and customer value. Devising such an intentional collaboration model for digital teams requires strong leadership.

The business landscape today is changing constantly

Digital transformation is a journey, not a destination – a moving target that is constantly evolving and needs steady evaluation and updating to remain viable as a strategy.

Short URL & title:
Ready for digital transformation – Mind the digitization gap — https://www.torbenrick.eu/t/r/dja
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