Digitalization is no longer just an add-on feature to existing channels or products and services. Instead, many aspects of the customer experience are digital by default, as should be the processes that underpin it.
Leveraging digital technologies is more than just good business—it’s crucial to staying relevant and profitable. Companies lagging in this area risk losing ground to newer entrants and business models that are poised to disrupt markets with innovative products and services.
The most obvious industries disrupted by digital are music, retailing, media, and travel, but similar patterns are occurring in more traditional industries such as banking, agriculture, energy, health care, industrial goods, and manufacturing. For any industry, speed is of the essence. Accelerating digital transformation must be a key priority for any company hoping to compete in the future.
How can leaders maintain their competitive edge in the new digital economy? By taking action in five critical areas.