Things are getting blurrier each and every day. It is hard to predict which boundary will fail next. True, we are talking about the victims of digital.
I guess we are the last generation to tell and write about “entry barriers”. Having a certain amount of market share, having millions of dollars invested in hardware and bricks, being the first in a certain geography, being in a finance or supply chain career for a considerable amount of years… All of these are losing the advantage against digital.
We already know by now that, inventing a new digitally born business model/platform beats old conglomerates and gives hard time to re-invent themselves. But unicorns, the inventors of digital business in their areas are no exception. In March 2019, Uber bought another digital rival, Careem, for $3.1bn, just because Careem was beating Uber in its own game. So, no sector/industry is safe, even though you are the inventor.
Physical stores/shops/centres are so yesterday… Because they have the forename “physical”. Digital does not like “physical” and its close friend “boundary”. It is so meaningless for the digitally enabled businesses and the new generation of consumers to be restricted by borders. This is the first thing they omit, they are so used to be free, they do not understand when they face any type of obstacle, so they instantly ask their famous question “why?”
Businesses which think that they are untouchable because they are protected by local incentives or laws, have to be aware that they will be touched… Sooner or later, as it is already happening in every part of the world, a digital start-up or giant will come to your land without even asking any authorities, as your authorities (almost all in the world with a few exceptions) are not ready to defend you. These digital businesses are just a few minutes away in the distance (as time and proximity) of a download.
From another aspect of business life, the silos in organizational structures are also getting blurrier as well. As we know it, operations are unique to industries, so the head of operations are fully immersed in sectoral knowledge and experience. Nowadays, IoT is changing the game, now, we also need to know the technology to connect our devices, connect to other companies, be aware of robotic technologies. If we fail to upgrade ourselves, the ones with technology knowledge come up and get into our operational processes. The same logic applies to supply chain, sales, finance and so on.
With all these symptoms, what shall be our take?
For businesses, we need to let 20th century go and we need to welcome 21st century into our companies, you can see where you are standing by our Digitopia Digital Maturity Index tool and for next steps it is now the time to have a digital strategy and roadmap to advance and catch-up with the new age.
For professionals, we need to learn constantly upgrading ourselves, self-development for life, and we shall not give up fighting for using digital for a better world.