Technological innovations have radically transformed over the years, from the introduction to steam power to self-driving cars today.
The only guarantee in the technology world is that change WILL occur and it will occur fast.
Research by McKinsey found digitisation will hurt a lot of companies that fail to embrace digital innovations. On the other hand, companies that invest in digital and take advantage of the various innovations will walk a more profitable growth path.
So what are the characteristics of a company that will successfully adopt new digital innovations?
1) Recognise risks to the industry from new digital startups and ensure that you are one step ahead.
2) Invest an equal amount in diversification of new products, as well as defending the business’s core product.
3) Appoint the right leaders to lead the digital transformation. These leaders need to be risk takers and understand the importance of digitalisation to the longevity of the firm.
4) Experimentation of new products and technologies and an acceptance that there will be a large number of failures with these new products.
5) Creating a startup mentality within the organisation that embraces innovation and the development of ‘out of the box’ ideas.
The companies that successfully adopt a digital transformation need to be agile and willing to move directions in an instant.
Industries are changing at a very fast pace. Will you survive and thrive?