We often discuss the need for digital transformation and future of work as important for the future of every business but quantifying these concepts is difficult to achieve.
CEOs know they must innovate. They know competition is coming from every direction and the web has transformed the world of commerce and communications.
We like to cite the example of Harry’s and Dollar Shave Club as two no-name upstarts who took on Gillette and brought the company to its knees.
The irony is some years back Schick, another razor maker said you can’t take Gillette head on. They were wrong. Very wrong.
New entrants have taken 16% of the market and counting.
As a result, Schick parent company had to purchase Harry’s to better compete.
We describe digital transformation broadly – it can be remaking the way your organization operates. It can be transforming your go-to-market strategy, the way you charge for products and services, etc.
For example for a jet engine company – leasing thrust instead of selling engines. For an insurance company – using an app or IoT sensor to price insurance based on miles driven or driving skill and safety.
The future of work is the idea that new tools are making workers more productive and efficient. We are collaborating more effectively. We are leveraging AI to have the best of machines and humans, working together – adding value to both.
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Edited by Maurice Nagle