In the new digital world, you can’t succeed on your own
As I wrote in an earlier blog, historically companies believed that owning and controlling assets was the key to creating sustainable competitive advantage and building high barriers to entry into their markets and industries. However, in the new age of digital disruption, companies no longer have the capital, resources and capacity to own and operate all the assets they need to compete against well-constructed and well-orchestrated business partner ecosystems.
In the new digital world, business innovation is the new competitive imperative.
The results of KPMG’s 2016 Global CEO study delivered some very compelling evidence of how important it is for companies to leverage business innovation for their competitive advantage.
-66% of CEO’s believe that their business is at an inflection point and the next three years will be more critical than the last 50 years.
-40% of CEOs expect to be running significantly transformed companies within the next four years.
-70% of CEOs said it’s important to specifically include innovation in their business strategies.
-80% of CEOs are concerned that their existing products and services may not be relevant in 3 to 5 years’ time.
-70% of CEOs believe their organizations’ cultures do not encourage risk-taking and safe-to-fail environments.
In the new digital world, technology will drive companies into adjacent industries and new businesses
The Harvard Business Review conducted a five-year study of corporate growth involving 1,850 companies. The study reached two major conclusions:
The most sustained, profitable growth came from companies that pushed the boundaries of their core business into adjacent space.
Companies consistently and profitably outgrew their competitors by expanding those boundaries in predictable and repeatable ways.
In the new digital world, is your brand well past its sell by date?
This October, Prophet, a global brand consultancy, released the results of its third Brand Relevant Index survey. They surveyed 13,500 U.S. consumers about more than 275 brands across 27 industries around four brand relevance measures: customer obsession, ruthless pragmatism, pervasive innovation and distinctive inspiration. The top ten most relevant brands are: Apple, Google, Amazon, Netflix, […]
In the new digital world, data is the new competitive currency
A recent study conducted by MIT Technology Review and Google found that 60% of the companies surveyed are using big data analytics and machine learning to gain competitive advantage. These companies are looking for multiple competitive advantage returns as shown on the chart below: Looking forward instead of backwards Until recently most companies have searched […]
In the new digital world, you have to improve your organization’s digital acumen
In the age of digital disruption, traditional ways of creating sustainable competitive advantage are no longer effective. The adoption of the new suite of digital technologies including social, mobile, cloud, data analytics is the new competitive imperative for success. Simply put, if you don’t significantly improve your organization’s digital acumen your competitive viability is at […]
In the New Digital World, It’s About Asking What’s Possible Not What’s Permissible
To effectively compete as a digital enterprise requires new ways of discovering what’s possible The scope and speed of disruption from digital technologies (e.g. systems of engagement and systems of intelligence) is not only turning the competitive landscape on its head but it is also forcing companies to discover new ways to engage with their […]
In the New Digital World, Good Enough is No Longer Good Enough
“There’s never been a better time to be a great CIO or a worse time to be an average one.” This quote from George Westerman, a leader of MIT’s Initiative on the Digital Economy, sends a clear message that good enough is no longer good enough. CIOs who still feel their primary job is to […]
In the New Digital World, Technology is the New Work of Business
What business are we in? The technology business. “The real issue is that every business is now a tech business – whether it wants to be or not – and that means not just new skills and experiences, but a new outlook on opportunity and strategy.” This quote is from a recent Forbes analysis of […]
