Five Practical Steps Every CEO Can Take To "Future Proof" Their Business and Unlock Its Full Growth Potential With Digital Technologies
The rapid adoption of digital technologies by customers and competitors is disrupting every industry and creating value at an accelerated pace. Advances in technology and marketing science have armed every business with an expanded pallet of powerful digital platforms and tools with the potential to create new value, disrupt the competition, and delight customers. Digital innovators are creating hundreds of millions of dollars of value in a matter of months with product, channel, and business model innovations that exploit the rapid adoption of these digital technology platforms and changes in customer behavior. The most successful digital innovators are using design thinking and agile experimentation to leverage these tools in clever combinations to transform their products, channels, and customer experiences.
The pace of innovation has accelerated to the point that CEOs no longer have the luxury of time to manage secular decline of their core business, develop strategic plans, or pursue late adopter strategies. As a result, over 90% of global businesses have initiated a digital transformation initiative of some form.
While almost every company is pursuing digital transformation, three-quarters lack CEO leadership and only one in five have an organization-wide strategy in place. As a direct consequence, recent research from the Economist, Forbes, and the Harvard Business Review indicates that between 66% to 84% of these programs have failed to generate the desired results so far.
A CEO needs to be aware and vested in digital innovation for defensive and growth reasons. Their leadership is necessary to separate and prioritize the critical tasks of establishing a digital innovation vision, strategy, and investment portfolio from the” noise of digital tactics, trends, and technologies.
To help your organization succeed where others have failed, we’ve provided CEOs a simple playbook for understanding and managing the impact of digital technologies, disruptive threats, and changing customer behavior. It includes:
- Three reasons why every CEO needs to care about and lead digital transformation strategy;
- The top ten ways legacy businesses are unlocking the full growth potential of their businesses and defending against disruptive digital competition;
- Five specific steps every CEO needs to take to “future proof” and grow the value of their business asset with intelligent innovation investment and purposeful action;
- An assessment tool your organization can use to quantify the size, nature, and timing of digital threats and value creation opportunities.