Change is coming for businesses. Both of our digital transformation blogs have already looked at how the implementation of business management software can help businesses affect critical change in the light of new technology.
Back in 2015, Odgers Berndtson and Forrester Research published a report on the subject that was based on interviews with nearly 1,000 senior executives from around the world.
The State of Digital Business Report found that the vast majority of companies are unprepared for the implementation of digital transformation. Something that will significantly change the revenue potential of businesses by 2020.
In this report, they introduced the concept of digital predators and digital prey. The analogy is clear, those who adopt digital transformation will find themselves at the top of the commercial food chain.
The importance of this focus on the impending digital disruption was also stated in a recent report by MIT Sloan Management Review and Deloitte University Press.
Speaking to more than 3,700 business executives, managers and analysts from around the globe, “Aligning the Organization for Its Digital Focus”, found that nearly 90% anticipated their industries being moderately or greatly disrupted by digital trends.
Unfortunately, only 44% currently believe that their business is adequately prepared for this digital disruption.
With rising customer expectations comes great responsibility. As a result, businesses that don’t evolve their customer experience are likely to see a decrease in interactions, orders and eventually revenue.
In an ocean full of competition, companies that maintain a traditional focus on products and services will become digital prey. Especially with apex predators focusing on technology that improves customer experiences, outcomes and desires. Not to mention optimising internal processes and giving better visibility across the whole business.
The pivotal year seems to be 2020. The State of Digital Business Report recognises it as a deadline for change, as does the Walker Customer 2020 Report.
With insight from nearly 300 customer experience professionals, it sought to reveal the customer experience industry of the future, predicting that this will overtake price and product as the key brand differentiator.
Divided into three sections, it looks at customer expectations in 2020, how companies must adapt or fail and the implications this has for B-to-B companies.
We know that evolution is vital in this new world of Digital Darwinism, but what can you do now?
In an on-demand Microsoft webinar, Forrester Vice-President and Principal Analyst Nigel Fenwick highlights six tactics to help companies accelerate their digital transformation:
If you’ve recognised that your business needs to adapt and evolve to face this inevitable digital disruption, adopting the right business management software is just one of the steps you can take towards digital transformation.
Get in touch with us today and we’ll help you evolve into a digital predator.
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