The Theory of Evolution’s author Charles Darwin once said that it is not the strongest of species that survives, nor the most intelligent, but the one that is the most adaptable to change. And more than any other aspect of human society, these words are relevant to the world of business, especially in the years of the next industrial revolution.
The new economic environment in the information age is putting additional pressure for businesses to change, while the new players on the market are disrupting whole industries.
J.P. Morgan’s CEO Jamie Dimon thinks that all the major banks are endangered by the Silicon Valley. And if they don’t manage to up their game, the tech companies will take over their business.
Right now there are hundreds of startups with ideas and money for creating alternatives to traditional banking. And if the banks don’t act quick with the digital transformation of their services, they can be overtaken by the emerging tech companies.
According to Cisco System’s Executive Chairman, John Chambers, at least 40% of all businesses will die in the next 10 years, if they don’t figure out how to change their entire company to accommodate new technologies. This forecast includes even the companies in Fortune’s 500. Many experts expect that between 40% and 60% of them will not be on the list by the middle of the next decade.
The process of digital transformation quickly became mandatory for anyone, who wants to survive the changes. We can see examples of that everywhere, and even industry’s biggest are trying to adapt to this next generation of computing.
For most of the businesses this transformation end up with simple solutions, like using automated software for the processes, that were previously manually-driven. But there is much more. For retail and financial institutions the new technology gives the opportunity of omni-channel programmes for selling products and services in new ways, while adding more analytics.
All this helps for finding new paths to the customer, and in the digital age importance of his experience is growing rapidly. Customers are more cautious than ever and are ready to turn their back on any brand that don’t align with their values and needs.
Innovation and agility are the best ways to stay competitive in evolving market, and this needs constant assessment, testing and analysis of new technological solutions.
But to know the most effective practices of digital transformation, you most certainly must learn from the best. This year Webit.Festival is the place, where you can meet policy makers, innovators, entrepreneurs, investors, scientists and experts fascinated by technology and fostering the digital transformation in the business and the society.