Uber, Netflix, AirBnB and Kodak, all firms that have seen digital impact them, some by creating a business, some destroying one. Organisations of all sizes who haven¹t already started on the road to digital transformation are running the very real risk of seeing new entrants who come from nowhere and take over their market inconceivably quickly. Ross Fraser from EMC gives his first hand views of how businesses are reacting.
- Not addressing digital transformation is one of the biggest risks facing businesses today
- Monetising your data is key, it is a vital asset to your business
- To drive digital transformation put the right team in place starting with a Chief Data Officer
Ross Fraser, VP & Managing Director, EMC UK&I
A friend recently told me that they were putting their prestige car up for sale only a month after buying it. Following some scrutiny she admitted that, although there was so much about the car to like, she just hated the sat-nav and entertainment system.
Everything has changed. In today’s Information Generation a buying decision has to address the user’s digital experience. This stretches from something being sold through new digital channels to how easy it is to access your playlist on the M3.
Every business leader I know is looking over their shoulder worried that a digital tidal wave will hit their industry, leaving only new agile companies remaining that are most often born in the cloud.
Kodak made great cameras; Blockbuster offered an encyclopedic range of movies to every town in the country; however, the digital tidal wave sank them in a flash. For a long time the IT industry focused on being able to facilitate speed and efficiency. While that still holds true, both of these combined wouldn’t have saved them. They needed to grasp the digital nettle with both hands.
Organisations must be looking at their data and identifying how to garner more value out of it. Data will provide better insights into your customers; it may even identify a completely new revenue stream or business. This isn’t new; Experian was created by Great Universal Stores in the late ‘70s by mining its customer data. However, today that process is much easier.
To drive this I’m increasingly seeing the Chief Data Officer take the lead. Companies have identified the need for a dedicated function to drive the adoption of new technology to harness the digital tidal wave instead of letting it sink them.
Kodak has gone from being synonymous with storing memories to becoming one. There is a huge risk that businesses who don’t learn this lesson will soon be filling the pages of a photo album all of their own.
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