Traditional businesses are struggling to keep up in an increasingly fast-paced, mobile-first culture, with customers expecting fast, seamless and secure interactions. From retail and health to travel and automotive, industries are adopting digital services and implementing new technologies and processes to streamline their operations, retool their work forces, drive new revenue and increase the bottom line.
Responding to today’s digital imperative presents a unique challenge to enterprises, as they must keep pace with a marketplace that changes as soon as they adapt to it. According To Forbes, 52 percent of the companies in the Fortune 500 have either gone bankrupt, been acquired, ceased to exist, or dropped off the list since 2000. In the new economy, either businesses react accordingly or dramatically fail. C-level executives, therefore, must put the right digital infrastructure and practices in place to ensure their organizations can continuously respond to shifting dynamics from the competition and deliver new capabilities to customers, employees and partners.
As laid out in BMC’s new Digital Transformation Playbook, those who manage to address these challenges with new software solutions and digital services suited for the new economy will be well positioned for growth. Companies that successfully become digital enterprises, can look forward to a 26 percent increase in profitability, not to mention a 12 percent increase in valuation.
For leaders to prepare their enterprises for the digital landscape, they must first recognize where they themselves must take action.
Chief Executive Officers must unlock new revenue streams in mature and emerging markets by leveraging technology as the ultimate competitive advantage.
Chief Information Officers must become world-class providers of easy-to-use, integrated technology solutions that drive business innovation.
Chief Marketing Officers need to gain real-time access to business analytics and uncover market trends faster than ever before.
Chief Technology Officers should plan for and deliver a customer-centric digital technology strategy that increases market adoption and overall brand equity.
Chief People Officers stand to win the talent war by implementing digital workplace technology that helps employees innovate in an open, collaborative, and mobile way.
Chief Security Officers must minimize security exposures and implement a long-lasting strategy that ensures early detection and remediation of threats and vulnerabilities.
Chief Procurement Officers can help their companies compete at the lowest possible cost, and facilitate investments that expedite innovation and increase your company’s digital footprint.
Chief Digital Officers need to reinvent products, services, and business models using modern digital services that rely on tribal knowledge, legacy systems, and a modern user experience.
These opportunities and strategies are a springboard for the leadership of any business that’s about to undergo or is currently in the middle of a digital facelift. While traditional organizations face challenges as they shift their businesses to align with the digital economy, the potential upside that lies ahead far outnumber any downside.
The Digital Transformation Playbook is a report and 5-week series from BMC and PSFK Labs that identifies the opportunities and challenges that traditional companies face when transitioning into a digital enterprise. The comprehensive study provides a roadmap to help high level decision makers determine where to begin, what to do and how to follow through. Download the full report here and check back daily for exclusive content on the strategies, technologies and services that are helping businesses keep up with ever-evolving demands of the marketplace.
These postings are my own and do not necessarily represent BMC's position, strategies, or opinion.