Transitioning traditional industries to a next-generation operating model in the age of disruption
JUST LIKE THE PRINTING PRESS AND THE INTERNAL COMBUSTION ENGINE, digitization is revolutionizing how we live and work. Gains in productivity from going digital are just the beginning for most organizations. Once IT systems are in place, savvy managers use them to innovate new products, services, and ways of engaging customers. Through digitization, they better integrate back-office processes and systems with front-office customer and client management processes and systems. All of which makes room for leveraging cutting edge technology such as the Internet of things, robotics, next generation genomics, artificial intelligence, and advanced materials design. Then there are the disruptors themselves: start-ups that upend business models and corporations that use digitization to claim territory outside their usual markets.
Digital transformation is an imperative for firms in traditional industries. This white paper describes how incumbents in traditional industries should “go digital”. With regional and global competition intensifying from both traditional players and startups, it is crucial that incumbents deploy technology to improve efficiency and reduce costs. But “going digital” is not just about technology. Organizations must also be ready to embrace new business models that could disrupt their own industry, their internal structure, or even cannibalize their own cash cow core business. After a review of the benefits of digital transformation for incumbents in traditional industries, this white paper provides a four-pillar framework for systematically transforming your organization into an agile digital organization by digitizing the core business and entering new digital businesses beyond the core. The digital transformation imperative is now.
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