Please find below our top ten reads on Digital Disruption and Digital Transformation published over the last month or so; together with some news type articles.
Top Ten Reads
Digital Disruption to Displace 4 in 10 Industry Incumbents by 2020
A short introduction to the recent IMD/Cisco Report. Digital disruption could overturn incumbents and reshape markets faster than any force in history. Based on a survey of 941 business leaders in 12 industries and 13 countries, the report concluded that digital disruption will displace approximately 40 percent of industry incumbents within the next five years.
The Digital Vortex
A slightly longer summary of the above. Despite the threat of being disrupted, the vast majority of companies remain unprepared for the coming digital tsunami. The Digital Vortex is the inevitable movement of industries toward a “digital center” in which business models, offerings, and value chains are digitized to the maximum extent possible. Where does your industry/company sit on the vortex?
How to Reframe Your Business Model in an Era of Digital Disruption
Five steps to turn your business model upside down via McKinsey Quarterly - outline the dominant business model in your industry; dissect the most important long-held beliefs into its supporting notions; turn an underlying belief on its head - formulate a radical new hypothesis, one that no one wants to believe—at least no one currently in your industry; sanity-test your reframe; translate the reframed belief into your industry’s new business model. In our view, every strategy workshop should start with this. The simple framework presented should be now be core to all MBA programmes.
What 'digital' really means
Companies today are rushing headlong to become more digital. But what does digital really mean? For some executives, it’s about technology. For others, digital is a new way of engaging with customers. Such diverse perspectives often trip up leadership teams because they reflect a lack of alignment and common vision about where the business needs to go. Business leaders must have a clear and common understanding of exactly what digital means to them and what it means to their business. The article breaks digital down into three main attributes: creating value at the new frontiers of the business world, creating value in the processes that execute a vision of customer experiences, and building foundational capabilities that support the entire structure.
Transforming the Digital Enterprise
An interesting Infographic from MIT which illustrates how rethinking strategy, culture and leadership can help organizations transform digitally.
Who are the digital disruptors redefining entire industries?
Disruptive innovation is appearing across the digital sphere breaking dominant business models, but as well as famous disruptors like Uber, Skype, Spotify, WhatsApp, Netflix and Airbnb, there are many wannabes and start-ups glad for the level playing field that the humble app has created – a good read from TechRadar.
Embracing Digital Technologies in Traditional Worlds
A good pointer to the excellent work by George Westerman and Didier Bonnet on Digital Masters based on their study of more than 400 large companies around the world across a diverse range of industries – via the MIT Sloan Management Review.
Digital transformation is driven by strategy not by technology
Digital transformation should be driven by strategy as opposed to technology. Strategy drives digital maturity through leadership that has the ability to conceptualise digital technologies into business value. The power of a digital transformation strategy lies in its scope and objectives; less digitally mature organisations tend to focus on individual technologies and have strategies that are decidedly operational in focus. Digital strategies in the most mature organisations are developed with an eye on transforming the business as opposed to transforming a process – via Deloitte.
Digital manufacturing: The revolution will be virtualized
The digital revolution is now breaching the walls of manufacturing in the same way that it continues to disrupt media, finance, consumer products, healthcare, and other sectors. Indeed, the explosion in data and new computing capabilities—along with advances in other areas such as artificial intelligence, automation and robotics, additive technology, and human-machine interaction—are unleashing innovations that will change the nature of manufacturing itself. Industry and academic leaders agree that digital-manufacturing technologies will transform every link in the manufacturing value chain, from research and development, supply chain, and factory operations to marketing, sales, and service. Digital connectivity will unlock enormous value and change the manufacturing landscape forever – via McKinsey.
Digital Transformation - the need to integrate SMAC
Some organizations call it SCAM, some even add an extra S for security – but whichever way you rearrange those four letters, it essentially involves – Social, Analytics, Mobility and Cloud! The true ‘digirattis’ are the ones that can actually integrate and coalesce each of these four levers into solutions that offer a true digital customer experience – via CapGemini.
The death of B2B salesmen – surviving in a digital world
Digital Dinosaurs - of the future. The world’s first robot-operated hotel now open
Retail Banks to Spend $16.6 Billion on Digital Transformation Initiatives
Digital disruption driving revenues at professional service firms
Uber France Leaders Arrested For Running Illegal Taxi Company
Digital Disruption News No. 1 can be found here.