Digital transformers are accelerating adoption of an integrated digital business strategy as a response to customers’ redefinition of markets. Moreover, it is digital technology that enables these markets to change the nature of competition across industries.
Previously, transformation initiatives were largely driven from the inside-out—with processes such as Lean Six Sigma, Zero-based budgeting, Business Process Reengineering starting deep inside the organizations until their successes were obvious and then copied by their competitors.
Because this approach clearly threatens companies' long-held market positions, the best strategy to stay ahead of the competition is to adopt a consumer or outside-in view. This approach provides growth opportunities that are greater than traditional market definitions.
Digital channels and social solutions make decisions and actions visible to everyone. This also motivates companies to eliminate latency, break out of the traditional market cycle, and allows them to respond to evolving customer needs and feedback at lightning speed.