We know that every organisation must embrace digital transformation to ensure its relevance in today’s marketplace. It’s likely your organisation has been, will be, or is being disrupted by digital technology.
Digital disruption is changing the business landscape as we know it. The rise of new technologies like blockchain, machine learning, analytics, virtual reality, cloud, mobile and connected devices has led to the creation of a new digital ecosystem. In this ecosystem, non-traditional competitors have emerged to create new troves of customer value that threaten to break down traditional industry barriers that once stood tall. Incumbent organisations have found it increasingly difficult to protect market share and sustain a differentiated competitive advantage within the ‘Digital Vortex.’
A recent study from the Global Center for Digital Business Transformation (DBT Center), IMD and Cisco, draws on survey data provided from hundreds of executives around the globe, around their digital transformation efforts. The results show large differences amongst industries in how they are experiencing the effects of disruption in the ‘Digital Vortex.’ The vortex represents the inevitable movement of industries towards a digital center, where business models and value chains are digitized to the max.
The five most vulnerable industries in the vortex are – media & entertainment, technology products & services, retail, financial services, and telecommunications. We also know the pace of disruption is accelerating across all industries, due to faster digital technology innovation cycles, an explosion of well-funded start-ups and the rise of digital giants across Asia. You can read more about the study here.
Given industries are being disrupted at vastly different rates, it’s evident, and almost expected, that not all organisations are able to keep pace with the changing technology. Organisations must develop their digital business agility by focusing on; hyperawareness, informed decision-making, and fast execution. Leaders also need to adapt their approach, with new knowledge, skills and behaviors required in order to succeed in a digitally disruptive environment.
You can find out more about digital business agility, agile leadership and developing a secure and intelligent digital infrastructure platform by joining me and David Coventry, Executive Director, Solutions Sales, Telstra at Telstra Vantage on the 20th September, where we will explore how Cisco & Telstra is working together to tackle digital transformation, and the steps you can take in your own organisation.
Digital transformation is here, whether we want it or not, and whether we like it or not!
It’s essential that your organisation has a secure platform to enable you to transform, evolve and capture the opportunity and digital advantage.
Digital Vortex provides prescriptive insights and the “next practices” that mature companies can use to go on the offensive and become disruptors themselves. More specifically, the book shows how to develop the strategies and capabilities that innovative, disruptive companies employ.
Keep up with the latest in business and tech innovation at Telstra Vantage in our podcast series.