“At least 40% of all businesses will die in the next 10 years ... if they don’t figure out how to change their entire company to accommodate new technologies.”
According to a Forbes Insight, 47% believe if they don’t invest in AI and digital technologies, they face a greater risk of disruption from new competitors. If you already have disruption in your industry this shows that your business model is becoming obsolete. If you don’t already have disruption in your industry then its coming because new technologies are increasing competition by: enabling new competitors and enabling old competitors.
There are many types of digital disruption: Artificial Intelligence – AI; Internet of Things – IoT; Robotics; Data Analytics; Augmented Reality – AR; Machine Learning – ML.
“Incumbents have many benefits over new players, start-ups. They have customers, great data, a brand, and financial resources. The question is can these capabilities and assets be deployed to allow you to defend against new attackers as digital disrupts your industry?”
Customers now expect a B2C experience from a B2B transaction. So, C-Suites & boards need to be open to change and experienced in change. You need to review and re-engineer your business processes to take advantage of new technologies and your existing data. To gain a competitive edge from your data you must ensure it is complete, compliant and free of bias.
“We are drowning in information, while starving for wisdom.”
It is time to:
Break down silos and gain insights from dark data
Strengthen value propositions
Strengthen relationships with customers to build barriers to competition
Ensure you have the skills needed to leverage Ai: Persuasion, Negotiation and Managing your most valuable customers