Digital transformation has been a critical differentiator for enterprise crisis recovery. Explore the market’s renewed focus on innovation with IDC’s Meredith Whalen.
Last week, we discussed the rapidly approaching digital economy and outlined the nine new agenda items for CEOs. We also drilled down into the 3 CEO agenda items related to new customer requirements. In this blog, we’ll explore the three new capabilities needed to compete in the digital economy, the new critical infrastructure, and new ecosystems.
The digital economy has been eagerly anticipated for years, but felt to be in the distant future. As we look towards 2020, we can see the digital economy appear on the horizon. By 2023, products and services from digitally transformed enterprises will account for more than half of the global GDP, according to IDC’s research, signalling digital supremacy.
With the onset of digital supremacy just 3 years away, CEOs will quickly find themselves running a new type of organization. And with that new organization comes a new agenda.
Somewhere along the way of the marketing campaigns and the market hype, the industry has forgotten why we are digitally transforming and what it means. If we rewind, traditional organizations are being disrupted by digital startups; they are seeking ways to innovate more rapidly, be customer-centric, harness data to generate insights at scale, and ultimately transform their operations to compete in the digital economy.
This past Spring, I spoke with numerous digital leaders who are feeling distraught. They know what needs to be done but feel a lack of empowerment. Either their CEO is not making the difficult organizational moves, or their organization has multiple strategies, or their investors are taking a short-term view when it comes to funding decisions. These are some of the challenges they feel they cannot overcome on their own.