Manufacturers should strive to become “digitally mature enterprises” if they truly want to transform how their businesses work, a growing number of experts say.
The constant speed of change in most industries is similar to the blur of a car driving on the Autobahn. But if change is the road traveled, disruptive technologies are the vehicle. And just as drivers must be acutely aware of the car on either side of them on a highway, so too must CEOs be acutely aware of the competitors running alongside their company, lest they be disrupted.
There’s a lot riding on digital transformation. It could be the future of your business. However, the sheer velocity and invasive nature of digital disruption can be overwhelming to many organizations, as can piloting strategies to address it. Rather than keeping up with the status-quo, CEOs must act fast to get ahead of it.
Manufacturing’s history includes three waves of change: the “lean” revolution of the seventies, the outsourcing phenomenon of the nineties and the automation revolution of the current decade. But there is no rest for the weary, as McKinsey consultants are currently warning American manufacturers that they must get ready now for the next big change, which they are calling “Industry 4.0.”
Many CEOs and business owners understand the transformational nature of digital innovations and business models for their industries and their companies. But they still may not quite get the imperatives for their strategy and tactics that are dictated by the digital inevitability.
Now that technology and digital media are pervasive, the Consumer Electronics Show in Las Vegas—which was once targeted at geeks and techies—has now become a pivotal place for companies of all shapes and sizes to find partners, expand their capabilities and get answers to their tech-related questions. Here are six takeaways from CES that every CEO should know.
Digital technologies are disrupting nearly every business on the globe, but successful CEOs recognize the opportunities that appear as well as the challenges.
The year is 2003. You’re taking the helm at the world’s first electronic stock market, which, until relatively recently, was owned and operated by a regulatory organization but is now its own publicly traded entity.
Most industries are experiencing change at lightning speed compared to years past, with technology and global market dynamics often the catalysts.
Digital technologies will soon disrupt nearly all traditional companies’ business models regardless of industry, size or success.