You may have heard the term “Digital Darwinism” permeate discussions about the changing landscape of business today. Now, companies that were once synonymous with leadership in their industries are either long gone or struggling to keep their doors open. Beloved brands like Kodak, Borders, and Blockbuster all serve as cautionary tales of those who didn’t do enough to foresee the digital change going on and take action, resulting in their decline. Indeed, digital has caused entire industries like publishing and media to be completely upended, while others like finance and retail are going through dramatic disruption.
Businesses in every industry are now finding that they also must digitally transform themselves to keep up with modern customers’ needs and expectations. Those who do not embrace this digital future will inevitably become extinct. Now, countless young start-up companies from outside your industry are rising to the top with innovative digital ideas, entrepreneurial energy, low barriers to entry (thanks to digital), and a customer focus. This is the perfect storm that can threaten your business—unless you take the steps to evolve. Read More