Posted March 9, 2017 in Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies Cutter Business Technology Journal
This wave of digitization is fundamentally rewriting the rules of competition across industries: the characteristics that made firms successful in the past are not the same characteristics that distinguish winners from losers in the digital era. One of these fundamental changes is the steadily increasing importance of innovation and continuous improvement. Research shows that the more digital an industry becomes, the more rapid the speed of change in the industry. There is no such thing as a sustained competitive advantage in the digital era. However, digitization does not only create challenges for actors in affected industries. Digitization in itself also provides the keys to tackling the changing competitive dynamics. Because most firms still do not leverage the opportunities, the quickest ones to learn how to exploit them will be the ones that come out on top.