The business world is undergoing an unprecedented rate of change. While core metrics like CEO tenure, shareholding periods, and product inventory levels are stable or slowing, our access to an extensive amount of data — from social media, online browsing, and an increasing number of mobile devices — makes it feel as though things are moving faster. The more information we gain access to, the faster we are able to react, transform, and improve. Companies that do so tend to gain a market advantage, and in turn, the pressure to keep up grows.
This is largely the result of digitization. Today, a company’s systems, processes, and products are underpinned by a layer of technology. McKinsey & Co. recently reported: “Bold, tightly integrated digital strategies will be the biggest differentiator between companies that win and companies that don’t, and the biggest payouts will go to those that initiate digital disruptions.” In short, businesses that make fast and bold investments in digitization will see outsize gains.