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In the Digital Age, Fortune Favors the Bold

The ancient Roman poet Virgil might feel at home in the Digital Age (once the initial future shock wears off!). He famously said, “Fortune favors the bold.” These words have never been more prescient.

In a recent article, we likened the current climate of ever-present disruption, innovation, and change to a Digital Vortex, in which ideas and technologies constantly break apart and recombine — often into highly disruptive and sometimes unexpected new business models (Apple, Amazon, Tesla, and Fortune magazine’s list of unicorns have benefited from this phenomena).

In the Digital Vortex, bold innovation and gutsy, disruptive new business models are a necessity. That is, if you want your company to be a disruptor rather than disrupted.

By their very nature, startups exemplify this bold approach. They are smaller, more agile, able to experiment, innovate and execute faster, and recover from minor missteps more quickly. Above all, they are digital. Read More »

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Five Keys to Success Leading Digital Business Transformation

As we explored in my previous blog, today’s rampant pace of innovation can be likened to a Digital Vortex, where ideas, technologies, and even entire industries are swept to the center of the Vortex — recombining and merging into disruptive new business models.

In such an environment, digital business transformation is critical — and demands decisive top-down leadership. Nevertheless, as our Digital Vortex research revealed, 45 percent of companies don’t consider digital disruption a board-level concern.

That represents a dangerous level of complacency, especially for market incumbents. We all know the names of seemingly immune incumbents that rested easy as innovative disruptors combined technologies into new business models — challenging and disrupting them from seemingly out of nowhere. Those disruptors were innovative, agile, and, of course, digital (see chart below from our Digital Vortex research).

Source: Global Center for Digital Business Transformation, 2015

Source: Global Center for Digital Business Transformation, 2015

As Chris Skinner, author of Digital Bank, told our team, “If banks aren’t digital Read More »

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Digital Business Transformation Starts with Five Key Leadership Questions

While digital disruption is overturning incumbents faster than just about any force in history, many business leaders are not getting the memo.
As I wrote in my previous blog, our recent “Digital Vortex” research found that nearly four in 10 top incumbents will be displaced in each industry due to digital disruption over the next five years. Nevertheless, 45 percent of companies don’t consider digital disruption a board-level concern.

MikeRiegelDigitalVortexPart2Pic1 Read More »

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With Digital Transformation, Banks Can Be the New Disruptors

As a connected consumer, I can buy a book, plan a vacation, or choose a movie from any number of devices and from any location (home, office, car, or airport!). These interactions are not only convenient, they are more and more highly personalized and tailored to my likes and dislikes. We have all experienced this on Amazon and other commerce sites.

Unfortunately, we don’t get this experience from many banks.

In a Cisco survey of more than 7000 smartphone users and bank customers in 12 countries, 43 percent said that their primary bank did not understand their individual needs. Bank customers in China (54 percent), Brazil (52 percent), Mexico (49 percent), and India (46 percent) felt even more disconnected (see chart below).

Source: Cisco Consulting Services, 2015

Source: Cisco Consulting Services, 2015

Read More »

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The Digital Vortex: Relentless, Disruptive, Chaotic — and Empowering

I have good news and bad news. First, the bad news: across industries, digital disruption is threatening to overturn incumbents and reshape markets faster than perhaps any force in history. Now the good news: companies can take control of their own destiny by embracing digital transformation and the Internet of Everything (IoE).

Let’s take a closer look. By “digital disruption,” I’m referring to the effect of digital technologies and business models on a company’s current value proposition — and its resulting market position. Digital disruptors innovate rapidly, and then use their innovations as a powerful competitive advantage to gain market share and scale far faster than challengers still clinging to traditional business models that can’t keep up with the pace of change. Read More »

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