Inescapable Reasons for a Board Level Digital Strategy Now!

Inescapable Reasons for a Board Level Digital Strategy Now!

Bill Lewis 09/02/2018 10

Digitisation has barely started – new business models are evolving rapidly – competitors emerge from unexpected places and resourcing your digital journey will come at the price of a radical transformation for many.

McKinsey surveyed over 1500 companies and their recent report showed that digital penetration has only reached 35 per cent of potential.

It found that digital new comers are exerting pressure on incumbent markets to the point of capturing 17% of worldwide revenue and shaving significant percentages on the growth of exiting businesses. This pressure will not abate.

Digital giants have shown us that value today is created by connections – connecting people via apps to products and services not only provides value but at the same time, elements of exiting value chains become disaggregated; customers sit at the heart of their unique digital eco system and they have expectations of multi channel access and a high level of convenience dealing with vendors.

On line trade now creates transparency – price comparison sites abound, and this commoditises products and services – the businesses making money in such a situation are those providing digital products and services where the cost of supply is near zero.

Today, a digital giant can step across a boundary and into a new market at high speed – witness Google’s foray into job search and recruitment and Rakuten and WeChat’s moves into financial services and on line payment, and Amazon’s possible move into event ticketing.

Companies operating at hyperscale can still provide the consumer with personalised services and recommendations – bots and artificial intelligence do what an army of employees could not do….

The major challenge for businesses today is to manage a transformation to a full scope digital enterprise – both senior management and human resources have a major challenge – dealing with AI driven downsizing, while at the same time trying to recruit key skills in a competitive and undersupplied market. As new generations establish themselves in the work force – old management styles do not win hearts and minds – new levels of motivation – a business with a purpose that is not increasing shareholder wealth is needed to attract young talent in this day.

For those who take the plunge, for the brave, survival is possible – though not assured. It’s a challenging frontier – and you may need help and assistance. Effort and knowledge is required.

Two things are certain:

  • Failing to transform to a digital business will place you in the laggard category facing ultimate extinction.
  • Digitisation has such a profound impact on the future health and survival of businesses that Board, Advisors, and Senior Executives must be fully conversant with concepts, strategies, technologies and transformational impact ... Nothing less!

Share this article

Leave your comments

Post comment as a guest

terms and condition.
  • Gary Parker

    Digitisation is itself always transforming, in 2018 we will see a surge in small businesses making major changes to their digital operations in an effort to boost customer engagement and smooth IT processes from within.

  • Patrick Clark

    The marketplace won’t be kind to companies that fall too far behind.

  • Amanda Reynolds

    Technology has evolved to the point where organisations can now recognise not only the demographic categories that customers belong to, but also the specific context in which they browse products or shop.

  • Miroslav Yuri

    The relationship doesn’t end when a customer decides to make that first purchase. To come back there must be more incentives such as email marketing and push notifications to encourage more purchases.

  • Katrina Irual

    Personalisation through highly specific contextual information is more important than ever

  • Sasha Rozinov

    Businesses should invest more on digital payment technologies and other digital business platforms, they need to explore new security systems.

  • Theo Fernandez

    Consumers increasingly want to support businesses whose values align with theirs. Therefore, they are demanding greater transparency which could be seen on the web

  • Mike001

    If you’ve been neglecting the digital revolution, it’s time to reconsider.

  • Iren Garcia

    Digital businesses recognise that we are approaching a tipping point, and many are adopting chatbot and AI technology so as not to be left behind.

  • Ali Sharif

    Thanks for the great work, the pictures were also top notch !

Share this article

Bill Lewis

Innovation Expert

Bill Lewis is a sought after Board advisor and counsel; he is also a renowned entrepreneur, technologist and workshop speaker. An experienced Corporate Executive and Non Executive Director advising Fortune 200 companies, Bill has served on the Boards of five companies, including the Global Board of a major system integrator. A prolific writer on technology, the digital age and entrepreneurship, he is the author of three acclaimed books: Midas and 1000 Cows, 100 Mistakes of a Start Up CEO, and 25 Kickass Lessons for the Budding Entrepreneur and numerous blogs and articles. 

Cookies user prefences
We use cookies to ensure you to get the best experience on our website. If you decline the use of cookies, this website may not function as expected.
Accept all
Decline all
Read more
Tools used to analyze the data to measure the effectiveness of a website and to understand how it works.
Google Analytics