The World is Catching Up With the Digital Wave of Change

A digital revolution is currently taking place that is transforming the world we live in. Over the next few years, many organizations will need to go through a radical change in programs and in some cases completely reinvent themselves to remain relevant and competitive. The risks associated with disruptive innovation are now high on the board agenda. This is not always translating into a coherent strategy and many organizations do not fully understand the potential risks and are not demonstrating a sense of urgency.

Much has been said in recent years about digitalization and the impact it is having on our world. Many digital initiatives have been focused on new ways to engage with customers, taking advantage of and/ or responding to risks arising from social media and considering creative approaches to use mobile devices and location services to engage with customers in different ways. Most businesses are still trying to work out on how to use these basic technologies in the right way to deliver enhanced value to customers and to the business. The impact has been extreme in a few industry segments and may be perceived to have been marginal in many others.

We can all cite examples of businesses adversely impacted by disruptive technologies, whether it is businesses such as Amazon and eBay revolutionizing retail; Netflix, Spotify and Apple transforming the way we consume media content; TripAdvisor, Expedia and, most recently, Airbnb changing how we plan our travel; or PayPal, Apple Pay and, to a lesser extent today at least, Bitcoin impacting the means by which we pay for goods.

The impact of these changes has been dramatic, and many long-established household brands have disappeared in the process. The examples are, however, no longer isolated. Depending on your perspective, the exciting or worrisome truth is that the digital revolution is only just getting started and the pace of change is accelerating rapidly.

The first wave of change came with the dotcom boom at the turn of the century. Mass adoption of technology by consumers, combined with the digital- native generation growing up into consumers with discretionary spending capacity and a different set of expectations, along with global capital to invest following the banking crisis and the global economic downturn, have created an environment requiring nearly every business to transform or wither on the vine.

Whether the key driver is to improve customer engagement, digitize products and explore new business models, improve decision-making, or simply drive operational efficiencies, we are helping our clients make their digital strategies a reality.