Natural selection teaches us the reality that not every species will survive. This is the same reality which businesses must also face. However, unlike a species that is unable to wrest control of its fate of existence or extinction, businesses still retain a large degree of autonomy over their future.
Leon C. Megginson’s rephrasing of Darwin’s Origin of Species explains the survival of species best - it is not the most intellectual or the strongest of species that survives; it is that which is able to adapt and adjust best to the changing environment. The demise of industry giants, such as Blockbuster and Borders, serves as a foreshadowing of the fate of businesses that remain unwilling to adapt in a digital era.
For organisations that recognise the need to adapt or be extinct, their reflex is often using ‘Digital Transformation’ to combat the dynamic vagaries in their business environment. While ‘Digital Transformation’ may mean something different to each organisation, the Altimeter Group provides a succinct definition - “the re-alignment of, or new investment in, technology and business models to more effectively engage (internal employees) and digital consumers at every touchpoint in the customer experience lifecycle.”
For most organisations, Digital Transformation only involves investing in technologies to replace legacy ones. However, mere replacement of technology is not the solution. Digital Transformation also involves processes and people management, and people often represent the strongest barrier to the adoption of technology.
As communities begin to embrace the Internet of Things, technology will become a permanent and indispensable component of everyday life. In an age of VUCA (Volatility, Uncertainty, Complexity, and Ambiguity), Digital Transformation is now obligatory for any organisation that wants to remain relevant. For every Blockbuster and Borders, there are also success stories such as General Electric and Disney - organisations that have made a decision to lead (through the usage of Code Halos), than to react, in order to maximise the scale of opportunity that the digital era affords them.
Unlike the dinosaurs, an organisation’s extinction event is determined by its set of choices. What a business does today will decide whether it lives or dies tomorrow. That is why at Alpha7, we aspire to be the leading company that drives Digital Transformation for organisations to help them adapt and leverage on the opportunities which the digital age offers.
With A7 IoB®, a business dashboard tool that is designed to be simple to use and customisable to the needs of businesses, improved insights and decisions can be made using the most valuable resource present in this age - data. Help your business adapt to an era of Digital Darwinism now by exploring A7 IoB® and enjoying all features for free!
Solis et. al (2014). Digital Transformation. Why and How Companies are Investing in New Business Models to Lead Digital Customer Experiences. Retrieved on 8th September 2016 from: http://altimetergroupdigitaltransformation.com/img/dt-report.pdf