Associate Professor, Department of International Management and Marketing, Warsaw School of Economics, Poland
Digitalization - a sample definition (discussion), importance for the future development of enterprises and an impulse to change the business model
Digitisation is a step change even greater than the internet. Exponential technology advances, greater consumer power and increased competition mean all industries face the threat of commoditisation. The winners will act now, and build a strategic advantage that leaves their counterparts wondering what happened. Although the four “megatrends” of cloud, big data, mobile and social technologies are clearly having a positive impact, industry watchers who believe that only a few early adopters have been able to transform their organizations with these technologies are mistaken. Digital transformation is occurring rapidly at a majority of public and private sector organizations.
The real imperative in a world where ‘everything’ is digitised is that businesses need to pursue innovation to disrupt their own business model before the competition does. Without innovation strategies, companies will lose their competitive advantage in an increasingly commoditised world. There is no time to lose, as technology change accelerates exponentially and new digital platforms and devices are emerging. Furthermore, the expectations of the new ‘generation Y’ or ‘digital natives’ mean that companies must keep up with the pace of change or lose relevance.
The challenge for businesses is to face the implications of digital change: in particular, the loss of control over the customer relationship, increased competition and threat of commoditisation, and the need to engage digitally with suppliers, partners and employees in addition to customers. The starting point is a structured approach to assessing your digital maturity based on an understanding not just of the technology, but of the ‘big picture’ of what digital engagement means to the business. New Strategy must be about C-Level leadership, and critically it must be about innovation and differentiation through the business/operating model.
I would like to discuss how we currently define digitalization, what it means as a phenomenon that takes place in the present world and how digitalization are affecting the change in current business models of micro, small and medium companies and further, the newly developed strategies.
|Date||Friday, 16 March 2018|
|Time||12:00pm - 1:00pm|
|Location||Otago Business School Room 4.26|
|Contact Name||Dr John Williams, Seminar Series Coordinator|
|Contact Phone||+64 3 479 5040|