What is the difference between organizations that adapt to the digital age and those who fail? Most people believe that it’s all about large investments in technological infrastructure. However, for an organization to survive in the digital era, it must improve its strategic thinking.
The traditional use of technology to optimize processes, reduce risk, and better manage the business has changed. Now, the new focus is on reinventing the business model from a holistic perspective.
David Rogers, a digital transformation guru, in his book The Digital Transformation Playbook, underlines five domains organizations need to transform to succeed in the digital world: customers, competition, data, innovation, and value.
Globalization and rapid technological change mean that organizations will have no choice but to adapt. Digital transformation is a disruptive process, and there is no standard formula for adopting it; therefore, the implementation must be progressive to allow all members of the organization to assimilate its implications.