How to Achieve Digital Transformation [INFOGRAPH]
July 14, 2017
The term “digital transformation” has become an actively discussed buzzword in boardrooms these days – and for good reason! According to a recent study by Innosight, the life expectancy of companies is shrinking. In 1958, companies survived an average lifespan of 61 years. Jump to today, and the average company is expected to remain in business for just 18 years. This exponential shrinking isn’t expected to slow down either. By 2026, the average tenure of companies on the S&P 500 is projected to dwindle to just 14 years.
As the acceleration of technology continues to surface new opportunities as well as drive greater disruption, business leaders are facing a great deal of pressure to “transform or perish.” In fact, Microsoft reports that 51% of business leaders believe digital technologies will disrupt their industry within the next two years.
Digital disruption is real, it’s happening faster than ever before, and it’s coming right towards us. While the majority of business leaders are keenly aware of this reality, only 12% agree they have a firm understanding of their digital transformation strategy.
In order to create the capabilities needed to fully leverage the opportunities that new technology can bring, as well as build resilience in an age of great disruption, business leaders must build a holistic approach to digital transformation. This approach needs to incorporate these five key pillars: Strategic Planning, Technology, People, Leadership, and Progress.