Changes brought about by massive digital transformation are so important that firms have to deal with them at the highest level. The consumer's journey is evolving, as are the economics of many business models. If value for shareholders is to be protected and raised, firm decisions must be taken at the top level of management.
The speed and scale of value creation and destruction in the field of digital technologies is really enormous: never before have we seen such rapid movement and change. According to the mckinsey.com website, the impact of these changes on strategy is considerable.
Managers need clear goals
Digital technology can help your organisation to become more effective and more flexible but in order to achieve the benefits effort is needed from all top managers. Automation and new technological opportunities are available and can be deployed. Every company can now understand what customers really want and what they value. Data insights are great enablers.
Risks and choices
Today you no longer have your relationship with clients completely under control. You share this relationship with other companies and you have to survive in these conditions. Your customer relationships are potentially vulnerable but at the same time you now have the ability to access more information about the lives of your customers. You can use these insights to discover what they expect to be delivered to them and how, as well as how quickly and efficiently you should deliver it.
You need to focus on allocating budgets away from items that are structurally disadvantaged and put your money into things where your company holds more advantages. This may require some organisational changes and possibly a transformation of the very core of your business.
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