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.
Customer Experience (CX) will have a greater influence over future purchase decisions, say 93% of tech buyers. CX improvement must become a top initiative for CMOs or marketing will be the proverbial canary in the coal mine – the first to be blamed if the pipeline erodes due to customers’ poor experience. The CMO’s conundrum? Marketing can’t do this alone. To succeed, companies must integrate into an adaptable, team-based, organization focused on customer success.
We can all acknowledge that the same technologies that are driving digital transformation within organizations are also rapidly transforming work as we know it. Much has been written in the mainstream media about the impact of the cloud, big data analytics, artificial intelligence and robotics on the future job market. But the story isn’t all doom and gloom. In a recent IDC survey, almost half of U.S. organizations surveyed (47%) thought that AI and robotics will have a positive impact on their organization’s jobs in the next 3 years.
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.