A spectre is haunting Enterprises - the spectre of digital Darwinism.
The imperative is categorical: digitally transform or fall by the wayside. Let’s forget the buzzwords and cut out the noise to focus on the big picture. We will realize that there is a fundamental shift underway in our expectations, preferences, attitudes, and even values at both individual and societal levels. The phenomenon is not confined to any single state or country, but all across the world.
The old order changeth, yielding place to new.
This is truly an era of Cambrian explosion, one that is enabled by technology and the possibilities are only limited by our imaginations. Digital technology will transform business models, operating strategies, customer experience, and employee engagement. New technical capabilities will redefine all functions – sales, marketing, finance, HR, customer service, supply chain, manufacturing, procurement, operations, legal, risk and more. No box on the org chart will be untouched and the org chart itself will be fluid than ever before. These dynamics will play out over several years.
He who would search for pearls must dive below.
Across industries, incumbents struggle to adapt while disruptors struggle for profits. The truth remains that there have been very few examples of digital transformation that are both transformative and profitable. It is tempting to chase after the new shiny technology without regard to actual benefits. It is also common to feel daunted by the scale of the change required. It is nobody’s case that digital transformation is going to be easy. Transformative change is never easy. It will involve false starts, needs new mindsets and skills. You’ll have balance the short term and the long term and stay the course, even if it is challenging.
In conclusion: 2020 heralds not just a new year but also a new decade. We are at the threshold of a Cambrian explosion of digital possibilities. Carpe diem! Carpe decennium!
By Kashyap Kompella
Keywords: Digital Transformation