The internet has already transformed a number of industries from the ground up: from putting travel agents out of a job almost overnight, it went on to disrupt the media industry (music, newspapers, TV) and retail. Currently, banking, insurance, hospitality, automotive and logistics are witnessing unparalleled competition from new entrants in their markets. Tech-companies like Google, Facebook and Apple as well as agile startups challenge the incumbents and are not constrained by traditional industry boundaries:
- With less than 50 employees WhatsApp eliminated more than $30 billion in the telcos text message revenues in only 5 years
- Google, Facebook and Apple already own banking licenses, rethinking the financial industry from the ground up
- With over $60 billion in valuation just six years after launch, Uber is rethinking the entire concept of mobility and car ownership; Google it is focusing on autonomous vehicles to replace human drivers – with a groundbreaking impact on the automotive and insurance sector as a whole
- The insurance industry is threatened by Apple, Google and Co, building giant platforms for health data with health kits and tracking devices (not to mention Uber and their driver data)
- Hotels face competition from Airbnb while simultaneously coopting with the platform to fill their rooms at a significantly lower revenue share than charged by Booking.com and Expedia
This is only a snapshot of the fundamental changes each industry will be faced with in the next 5 to 10 years. With 40% of the S&P 500 companies to be gone within this timeframe, mastering the transformation successfully becomes an adapt-or-die moment for most businesses.
While technology is the enabler of the disruption at hand, change needs to be driven by strategy to show any promise of success. This requires to identify and to prioritize the key levers for change and the individual gaps in every organization.
Based on our Digital Maturity Assessment framework we want to provide insights into the following questions:
- Status quo: How well are the companies prepared for the digital transformation?
- What does digital transformation mean exactly for the companies?
- Which dimensions are relevant to successfully master the digital transformation?
- Which maturity level do the organizations have in all relevant dimensions?
- Which starting points for improvement can be identified?