Digital technologies capable of gathering the data generated as customers and institutions interact with service providers are disrupting entire industries. Organizations that intend to remain relevant and profitable in the digital era must create new strategies, rethink organizational structures, and remove the barriers, they should look at digital disruption as an opportunity instead of a threat.
Understanding evolving customer demands and behaviors is the critical ingredient for a successful digital transformation. The current state of the technology brings the perfect storm that forces digital transformation: cloud computing, ubiquitous smart mobile technology and data science tools.
Computers and smartphone ubiquity has driven internet adoption and instant communication to the masses. Consumers today use interactive real-time products that change in response to the behavior from an entire user base. This is enabled by data science, which applies advanced mathematical and statistical techniques to big data to uncover insights that can improve performance.
Digital, customer-centric business models have been the cause of the disappearance of more than half of Fortune 500 companies since 20005. These large, once-successful companies that pre-date the digital era were hunted from all sides by internet giants and fast-moving start-ups.