As the digital revolution continues to sweep away the traditional method of doing things, there is the need for businesses and industries to constantly challenge the paradigm they find themselves. This was the proposition experts at Deloitte put before professionals and heads of organisations who attended the Deloitte Digital Day on Tuesday, November 8, 2016.
The Deloitte Digital Day was an event that sought to re-emphasize the need for businesses to pay attention to emerging global technology trends, change the perception of companies that are still rooted in the traditional model and help fast-track the process for the ones that are on the way.
In a rapidly changing world, size and tenure can no longer be viewed as an advantage; they could be a distraction or a false sense of security, Valter Adao, Deloitte Digital Africa & Innovation leader said.
“Today not even change is constant. It is accelerating, and competitors are no longer the traditional large corporate. They are agile organisations, and entrepreneurs are embracing new and exponential technologies to compete and disrupt effectively,” Adao said.
The change, he said, is happening across industries. It is not restricted to one sector.
“Business models are being disrupted at increasing rates, and what was a sure bet yesterday may well be rendered archaic today. Just ask any metered taxi company that has faced the disruption of Uber in their markets. The technology enabled solution has been embraced by thousands of entrepreneurial drivers and openly adopted by the public as a self-regulating, predictable and good quality service,” Adao said.
Heads of organisations can no longer afford to leave digital services solely to the IT department, according to Adao; it should be in the C-suite. The executives should be actively invested in it and they should be able to communicate it effectively.
The effect of digital disruption is that entrepreneurial start-ups are reaching the $1 billion valuation milestone quicker than ever before, and the average lifespan of S&P 500 companies has shrunk by almost two thirds in the last 50 years.
Mallini Singh, senior manager, Customer Strategy Practice noted that the role of the customer in the digital era has therefore changed same with his expectations. The digital era customer has become increasingly more discerning.
