Its amazing to think of how profound the need for companies to transform actually is. The simple fact that half the Fortune 500 have been wiped off the list since 2000 is staggering. I believe that all companies, no matter how big they are, are facing the challenge of how to scale the digital frontier that is before all of us. Not only that, but if you don't start climbing then its likely that you'll fall off the digital cliff that is chasing all of us.
Climbing the digital frontier takes a hell of a lot of skills and talent, even more so for companies who demonstrate age and pedigree because their transformation needs to affect a lot more established processes. Newer companies can embrace digital technology and procedures from the start. I think that the bigger challenge is in attitude.
People who have more of a digital attitude are more likely to impart and assist change quicker, partially because they have grown up hugging iPads, being familiar with apps and being aware of the fact that if they are not happy about something then they can announce it to the whole world via HootSuite. Its not just millennials, many people are moving away from the attachment that they had to more traditional ways of working and demonstrating that life can be more enjoyable and work can be more profitable by embracing new ways of working.
EY recently released some powerful facts to underpin the current state of the nation when it comes to the need to transform for the better with digital tech. 88% of companies say they can no longer rely on traditional sales channels to drive growth. But only 38% say that omni-channel initiatives have had a positive effect on profitability. possibly just a slower impact to profitability when trying new methods? Who knows? The same survey resulted in 81% of companies saying that the supply chain is not fit for omni-channel purposes.
So, there it is. Some very basic facts and opinions from someone trying their best to climb the frontier and make sure that I don't fall off the digital cliff!
little by little since the 2000s half the Fortune 500 companies have been wiped off the list. For many companies founded prior to the digital era, digital transformation represents a real challenge, one that can only be met by reconsidering their very fundamentals.