The management team of a company in an asset-heavy service industry pointed out to us recently that their organization would never become a “digital company.” They had looked at Amazon and believed the company would need to only sell digital products, thus completely changing its business model. ![]() However, this is unlikely to be the right approach – as evidenced from their internal processes and infrastructure, these legacy companies are far from the efficiency levels and effective structures that new entrants can build from scratch. Many traditional companies have embarked on the digital journey and started to adapt to a more customer-centric environment by modeling themselves after companies such as Amazon and other tech giants. By exploring some of the key problems traditional businesses face on their digital journeys, and how to overcome them, this article outlines how every business can realize the digital shift and create equilibrium.Įvery company today wants to become digital – but what does it actually mean to be digital? What does it mean for your industry, the size of your company, and the competitive environment you are currently operating in? Essentially, how can you find the right degree of digitalization – your digital “equilibrium”? Businesses essentially need to find the right degree of digitalization – their digital “equilibrium”. ![]() However, what this actually entails will be different depending on the industry, size of the company, and competitive environment. ![]() Today, every company wants and needs to become digital.
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