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Is your Company headed for Digital Destruction or Digital Transformation?

At the end of this week The Digital Formula will be exhibiting at The Business Show 2016.  For anyone not lucky enough to be attending we thought we would get together the gist of my talk so that you don’t miss anything!

Technology is changing all the time, as customer demands and the reliance on all things digital continues to grow.  Businesses who get left behind and fail to adapt face the distinct possibility of extinction.  But, as a business, you can identify your strengths and invest wisely to become digital experts.

The transformation of the digital landscape has already rendered a number of careers and industries almost obsolete.  Travel agents are being replaced, the traditional media industry has been completely turned on it’s head and the retail sector has seen an incredible upsurge.  From banking to hospitality, new businesses are popping up – ready to compete in the digital market place.

The online world is a great equalizer when it comes to business opportunities.  You no longer need a shopfront to become a business, and this is allowing people to set up shop in their homes etc. and giving people the flexibility to start on their own.  This is increasing the density of competitors on the market.  So, our question is – how can your company lead your industry, or failing that, how can your company do it’s best to keep up?

Digital Companies which have destroyed their sectors and transformed the digital landscape

  • WhatsApp – in 5 years WhatsApp eliminated over $30 BILLION from text message revenues for the major telephone companies
  • Uber – 6 years in and uber is valued at over $60 BILLION and has entirely overthrown traditional ideas of mobility and car ownership
  • Airbnb – Airbnb has completely trashed the hotel industry, along with companies like Expedia and Booking.com working to significantly lower hotels revenue share.

Mastering your own digital transformation could be the key to booting your company into the future.  But as with all things, to ensure success change needs to be driven by strategy.  So, what are the questions to you need to be asking in order to secure yourself from digital annihilation.

  1. Assess the Status Quo – How well is your company prepared for the oncoming digital transformation?
  2. Address the Future – What will digital transformation mean for your company?
  3. Pin-point your problems – What areas of your business require improvement or assessment in order to master the digital transformation?

For those who are attending the Business Show 17th-18th November 2016, Olympia, London – to get some more information why not come and listen to me.  I will be giving my presentation ‘Are you going to survive Digital Destruction’ on Thursday 17th November – from 11am.  But if you miss, don’t worry!  The Digital Formula can also be found at stand 240 for the two days, or if you aren’t in the London area and are still interested in talking to us, then simply get in touch!

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AngusIs your Company headed for Digital Destruction or Digital Transformation?
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