3 min read
Digitalization is the word on everyone’s lips almost anywhere you go. And so it should be. The message from business, media and strategy consultants is clear: Companies not advancing digitalization in their business won’t last. So what are some of the brightest thinkers in the world saying on the subject?
“Digitalization can be compared to massive revolutions such as the initiation of the use of water and oil,” states Ilkka Halava, a leading Finnish futurologist.
He proposes that countries should take the initiative in implementing digitalization and its possibilities in every industry. For example, Finland has always relied on industrial production - especially of wood products. The entire sector is, however, witnessing rapid transformation with technologies like 3D-printing beginning to revolutionize the entire value chain. Halava states that decision makers in Finland often lack a vision of the future and now is the time to step up and discover which strengths could be made even stronger in tomorrow’s changing landscape.
Harvard Business Review bloggers, Rashik Parmar, Ian Mackenzie, David Cohn and David Gann, point out quite interestingly how the digitization process is being reversed:
“Digitized versions of physical assets are transforming the way people operate in other industries as well. For instance, sophisticated analytic and visualization techniques have improved design in many manufacturing industries, from aerospace and automotive to clothing and furniture. Three-D printing now provides an opportunity to reverse the digitization process and make a physical object from digital representations. And the digitization of health records, of course, is expected to revolutionize the health care industry, by making the treatment of patients more efficient and appropriate, and slashing hundreds of billions of dollars in costs.”
According to Shahar Markovitch and Paul Willmott from McKinsey & Company, many traditional organizations can’t meet customer expectations for a quick and seamless digital experience. “As a result, attackers born in the digital age can swoop in and disrupt the market through rapid delivery of digital products and services combined with advanced algorithms and full access to information.”
Forbes business bloggers agree that the future of business is definitely digital, including digital customers, products, business operations and competitors.
All of this is summarized in the term ‘digital disruption’: It refers to the change which occurs when new digital technologies and business models affect the value propositions of existing goods and services.
Forrester’s James McQuivey points out how technological advances are creating opportunities for more people than ever to meet more customer needs than ever before - at lower costs than ever before. Ultimately, it all creates digital disruption.
The Challenge: Digital disruptors are entering your market. Your competitors, your customers and your partners are now digital.
The Opportunity: Transform your customer experience and operations to become a fully digital business.
Scientist and author, Dr. Michio Kaku has examined ways in which technology will continue to grow and yield new levels of process innovation in real life scenarios such as on-site wearable technology for digitized media, entertainment, medicine, health care and education. Dr. Kaku predicts that all of these futuristic advancements will lead to Perfect Capitalism, which will establish a unique bond between business and consumers.
“In the future, the computer will be everywhere and nowhere and this will allow work to thrive by combing digitalization with talent, experience, and intuition,” writes Dr. Kaku.
Adam Hassan, the business director for international design-bureau Designit, points out how “not utilizing the opportunities that digitalization provides is like driving a horse-drawn wagon when everyone else is driving a car. The ongoing digital revolution is the new industrialization. Roles and tasks are disappearing while new ones are being created and society is undergoing radical change.”
“Many companies start at the wrong end of the stick asking, ‘What will we get out of this? Instead, I recommend investigating how digitalization can enhance efficiency in the organization of these companies." Adam Hassan, Designit
Most of us can fully agree, that changes need to take place. The process has to be managed. But how? Where should one start? What's the fastest, easiest approach? I appreciate Mr. Hassan's tip: "Start from the inside by making life easier for employees and thereby acclimatizing people to working digitally and creating positive conditions. From there you can progress and investigate what you can do for your customers.”
Digitalization has truly expanded rapidly in recent years. No one can predict what the future will bring, but it is clear that now is the time to implement digitalization into the core of every business. Nice ideas there from some leading thinkers in the field!
What are your thoughts? At Good Sign Solutions we're helping to transform businesses, create wholly new services and enable advantage through service automation.
Please comment & share! Also, be sure to glance through CEO Taija Engman's slideshare on the impact of the Internet of Things on Service Delivery.
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