Ubiquitous digital technologies and tech-savvy customers present profound implications for businesses in the form of disruption and dislocation and, importantly, opportunities for transformation. With data fueling the digital economy, traditional companies are repositioning themselves by reimagining their value proposition. As digitization amplifies information flows, companies are shifting their focus beyond the goods and services they sell to the value they can create, build on and offer through digitized workforces and intelligent engagement with customers.
It is becoming increasingly clear that when organizations are confronted by digital technologies and new customer expectations, changes need to be made to their underlying business, IT operations and services to fully leverage the upside of more flexible, frictionless and intuitive ways of working.
However, digital technologies such as social, mobile, analytics, and cloud share a common characteristic: they are easy to access for any company. On a level playing field such as this, maintaining the digital advantage is a challenging task, and companies that fail to understand this are unlikely to maintain any competitive advantage. In a recent study by MIT Center for Information Systems Research, the researchers postulate that a select few companies will successfully engineer a digital strategy, and they’ll do so by seamlessly weaving digital technologies into business processes to fulfill a clearly defined purpose. In our view, this is the digital Holy Grail that winning companies will master. Proactive companies will use the following lessons to stay ahead: