The current era of digital transformation is affecting many industries through the disruptive power of big data, artificial intelligence (AI) and the Internet of things (IoT) all of which are working together to set a new equilibrium in our economic society.
Organisations are positioning themselves to capitalise on the ever-growing amount of data being generated and collected. Digital transformation is everywhere, high up on the agendas of corporate boards and at the heart of CEOs’ and their strategic planning.
- Big data refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyse data (McKinsey & Company).
- Artificial intelligence that can be built into a machine to think for itself. For example, in speech recognition, automated learning, planning, and problem solving.
- The Internet of things is the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data i.e. fridge, coffee machine, lighting, heating, etc.
McKinsey's paper, Why digital transformation is now on the CEO’s shoulders, discusses the responsibility that CEOs carry in settling where this new equilibrium lands.
CEOs are changing the game
The McKinsey's report comments on the benefits of digital transformation in a number of industries; healthcare, oil and gas, and manufacturing.
"Perhaps the most unique aspect of this technology trend is that digital transformation is being driven from the top, personally mandated by the CEO. This is something new."
In the publishing industry, growing through self disruption was often led by the Chief Marketing Officer, whereas now the lead for digital transformation is coming directly from the CEO.
An innovative collision
Digital transformation changes everything about how products are designed, manufactured, sold, delivered, and serviced. With such major changes in running a business it forces CEOs to adopt new processes, practices, and information systems, as well as everything about how to manage the relationship with customers. McKinsey
Preparation is vital in a disruption of this magnitude, and employing innovation to manage this period of transformation is what Page Lizard's apps have been used for by membership organisations and professional publishers to help them engage more effectively with their audience.
The current struggle
Membership organisations play a vital role in providing access to information, resources and professional services for their members.
With the ongoing deployment of technology across many industries, and with a smartphone nearly always omni-present it does lead to a risk of over stimulation. The competition for attention has become fierce. Organisations risk losing members either through inactivity by not recognising the need for a digital transition or by being ignored in the midst of so much digital chatter.
To make an impact membership organisations require effective and engaging methods of communication. Often senior management are keen to deliver a digital solution for their members, but are not sure themselves how to address the challenges. Does this mean going beyond developing the corporate website to include the platforms that they engage with members on?
There are digital publishing tools available to help better shape the delivery of an organisation's message. Yet, for those organisations that are slow to adopt a more considered digital approach it risks becoming a barrier to being able to engage with members at the time they choose rather than when it suits you.
These changes in society and industry can have huge effects on refining competition, and changing the landscape of business. McKinsey points out that since 2000, over 50% of the Top 500 companies have been defeated by transformation through acquisitions, mergers and bankruptcy. Now, in a time of digital disruption, further 'extinction' is predicted.
What is the key to ensuring survival?
"Other CEOs we work with are thinking through scenarios to anticipate future disruption, asking questions like “what are our customers really buying, do they really need us, or could a digital competitor provide a better insight or product at a lower cost?” They’re using these “what if” cases to break out of cloistered mind-sets and reallocate investments for future digital efforts." McKinsey
Successful CEOs who are riding the digital wave are speaking to digital experts, learning about threats and implementing transformative initiatives to stay ahead of their competitors.
Page Lizard understands the challenges that disruption brings and the pressure that it adds to the responsibility of leaders.
We would love to hear from you and discuss how our tools can alleviate this pressure, and transform your organisation along with the digital times. Learn how to engage your audience, let us know if you want to start a free trial to test us.
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