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Perhaps you have heard the phrase “digital transformation”. What does it really mean to “digitally transform” your business?
Transformation is a thorough or dramatic change, like a sports car changing to a robot.
Digital represents software and data leveraging computing, networking, and data storage technology.
Combined together, digital transformation, in the context of business, is a thorough or dramatic change with software and data as the enabler.
Netflix digitally transformed the way we acquire and consume movies by using software and the internet to distribute movies to consumers. This digital transformation put Blockbuster out of business.
Amazon digitally transformed the way we shop, seriously crippling major retailers who have been in business for generations.
Three out of the top five S&P companies gained their position by digitally transforming entire markets. You know them as Alphabet (Google), Amazon, and Facebook. The other two in the top five just happen to be technology companies that transformed their industries with digital technology pre-internet (Apple and Microsoft).
With each digital success story, there is a tragedy. Old companies, hiding behind perceived barriers to entry, continuing to “do what they always do” until they cannot afford to do it any longer.
No Industry is Safe
Uber: Taxi industry
AOL/email: Postal System
Facebook: Tabloid magazines/advertising
Digital technology has …
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