You hear it called the digital revolution – the transformation of how we work and live, which is one of the great megatrends we believe will shape the world in the 21st century. Indeed, in our recent Annual CEO Survey, 81% of those questioned identified technological advance as the single most important challenge for businesses to address, greater even than demographic or climate change, or the shift in the balance of global economic power.
Most of these business leaders are overwhelmingly positive about the way digital allows them to create value, reaching more customers, more quickly, and more directly. They all see the potential to use technology to propel their business forward, but the question is: in which direction, and when?
There are now so many opportunities – each with its own costs and complications - that it can be difficult to cut through the noise and find the best way forward. Leading-edge can so easily become bleeding-edge that the risk of making the wrong decision is huge, but the risk of not acting at all may be even worse.
So what’s the answer? The new business landscape is one in which competitive advantage is transient, and companies must reinvent themselves, their strategies, and the value they offer– experimenting and learning, identifying new opportunities, exploiting them fast, and moving on. This requires nimbler business models, a relentless focus on innovation, and the ability to get the best out of both your people and your technology. That’s why we now talk about the world being ‘in beta’.
"You don’t need a digital strategy to succeed in this world, you need a business strategy for the digital age"