“Everything that can be done digitally, will be done digitally.” It is a phrase that gets dropped increasingly frequently, since digitalization is becoming more and more apparent in the everyday life of consumers. Nevertheless its impact on society is still underestimated by many. The speed with which new technologies get introduced is faster than ever, while the average lifespan of a company has never been shorter. The digital revolution is responsible for transforming market places and for disrupting business models at a pace never seen before in the history of mankind.
Digitalization is not just about introducing new technologies to companies and to consumers, it is about offering a new kind of value. Daily digital experiences drive the evolution of demand: it changes what is possible, the perception of what ought to be possible and what is considered to be valuable. New generations want more, anytime and anywhere, and expect it to be delivered in a personalized manner. It is up to organizations to deliver innovative services and products that show an understanding of the changing demands of consumers, serve them well and revolutionize business processes to make this all possible.
For many, the latter is a bridge too far. The belief that efficiency and ‘lean’ make a company successful remains prevalent. Though these qualities have served companies well in industrial times, the digital age requires different profiles. What ensures relevancy in the future differs from firm to firm, but there is heavier pressure than ever on companies to be agile. In an ever changing context, it is imperative that firms realize how innovations like big data analyses, artificial intelligence, block chain technology and platform-based business models will impact their business. This is why good strategy is a necessity in our digital age.