The State of Digital Business
What is the Fourth Industrial Revolution (Industry 4.0)?
“Fourth Industrial Revolution (Industry 4.0) is the next phase in the digitization of the manufacturing sector, driven by disruptive trends including the rise of data and connectivity, analytics, human-machine interaction, and improvements in robotics.”
Definition from Mckinsey & Company
What is Digital Disruption?
“Digital disruption is a transformation that is caused by emerging digital technologies and business models. These innovative new technologies and models can impact the value of existing products and services offered in the industry.”
Definition from Oxford College of Marketing
Well Known Brands No Longer Exist
Digital Disruption forced well-known brands such as Compaq, Kodak and Borders to disappear from the Fortune 500 company list.
The traditional successful businesses like Thomas Cook went to bankruptcy after 178 years in business. Thomas Cook failed because the business did not respond fast enough to new digital business model to remain competitive against stiff competition from online travel agents and low-cost airlines.
New Digital Landscape
“A digital ecosystem is an interdependent group of enterprises, people and/or things that share standardized digital platforms for a mutually beneficial purpose, such as commercial gain, innovation or common interest. Digital ecosystems enable companies to interact with customers, partners, adjacent industries .”
Digital Solutions & Digital Apps
Traditional companies are experiencing unprecedented digital disruption by a wave of new startup companies with their digital solutions such as Netflix, Spotify, Skype, Uber and Financial Technology (FinTech) and Banking Apps emerging in this competitive digital landscape.
Why it is so hard to embrace Digital Business?
Enterprises and SMEs are finding it hard to embrace Digital Technology
for the following reasons:
Resistance to change the company’s culture;
Lacking leadership to drive and execute a Digital Strategy;
Lacking technical skills to reimagine existing business processes;
Lacking technical skills to build a digital team and drive Digital Transformation.
Will your Business Survive Next Year?
As many companies are struggling with Digital Disruption from emerging Digital Technology, will your businesses still around in the next 5 years?
To stop being a casualty of Digital Disruption, it is advisable for companies to engage external IT Consultants early to help them with their IT business.
Benefits of engaging experienced IT consultants
The benefits include:
Guidance for building a Digital Strategy;
Building digital capability for your business;
Finding Digital Solutions suitable for your business;
Building technical and digital skills to support your digital business;
Developing a roadmap for Digital Transformation Plan for your business.
CONTACT
Digital Disruption Consulting
MICHAEL DAI
Cloud Architect and Digital Transformation Consultant
Telephone:
NZ Mobile: +64 21 818 643
HK Mobile: +852 9709 9265 (SMS)
Email: mdai@clarityitarchitects.com
Click or Touch red line to go back to top