How Businesses Can Succeed In The Digital Age: Ray Wang
The exponential pace of disruptive innovation is changing the way we live and do business. It is little wonder then that businesses across all industries are looking at digital transformation as the key to innovation, growth, and for creation of new business opportunities. However, the purpose of digital transformation and how one can go about it often remains unclear.
At the recent Oracle OpenWorld 2017 held in India for the first time, Ray Wang, Constellation Research CEO and Principal Analyst and author of the new best-selling book “Disrupting Digital Business” explains, “By digital transformation, people tend to think about the technology transformation, but it’s more of a business transformation - how you change your business model and also the way you engage with stakeholders.”
Wang defines digital transformation as the methodology in which organizations transform and create new business models and culture with digital technologies. “The first step is to get the business model down right, then figure out what technologies are needed to support that. And when you bring those two together, that’s when you actually get to digital transformation,” he adds.
Wang gives a wakeup call to organizations to start addressing their digital transformation strategy if they haven’t already. “Fifty-two percent of the Fortune 500 since 2000 have merged, been acquired, or gone bankrupt since 2000.”
Also, a recent study reveals that only 5% of large enterprise companies are equipped to meet the IT requirements of the new digital business. While there is a clear imperative for companies to transform their legacy IT, digital transformation is becoming the driving force to making IT Transformation a top priority. However the The study polled over 1000 CXOs globally and found that 95% of survey respondents indicate their organizations are at risk of falling behind a smaller group of industry peers that are transforming their IT infrastructures, processes and delivery methods to accelerate their goals of becoming digital businesses.
In the new digital order, Wang says companies not making the shift now would probably be the first ones to be merged or acquired, or even go bankrupt. “And also, the key is not just to getting started on a digital transformation initiative, but what is needed to succeed. This includes incorporating a company culture data-driven decision making along with innovative technology,” he sums up.
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