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Digital Transformation: One Third of Market Leaders to be Toppled by Digital Disruptors in Three Years
In just three years, one third of of top twenty market share leaders will have been disrupted by market competitors that use digital technologies to one-up existing leaders, says IDC.
Meredith Whalen, Senior Vice President at IDC, said that “digital technology has and will continue to alter the landscapes of business, education, healthcare, and government. The past couple of years have seen breathtaking change at an accelerating pace. Digital transformation is one means of creating self-adapting businesses that can rapidly respond to change. These organizations will not only weather the coming storm, but also thrive on it… Digital transformation is a foregone conclusion for most if not all businesses. The only choice for businesses is whether to hunker down and try to weather those disruptions, develop digital transformation competencies and become a disruptor, or split the difference and become a fast follower of disruptors.”
As companies try to build their digital capabilities, IDC sees five different categories:
- Enterprise Level – demonstrate repeatable maturity
- Digital Explorers – opportunistic in deciding which products to digitally enable
- Digital Player – ability to provide repeatable digital experiences, but not innovative
- Managed – Market leader and provides world-class digital products, services and experiences
- Digital Disruptor – Fast mover that is remaking markets and creating new ones using digital technology
IDC classifies the bulk of companies in the top three categories. These businesses have not truly come to grips with being able to create reproducible and innovative digital products at the enterprise level.
IDC also defines five dimensions that contribute to Digital Transformation (DX) as:
- Leadership DX – Leaders becoming knowledgeable and sophisticated with a digital ecosystem
- Omni DX – Attracting and retaining customers, employees and partners via a digital experience
- WorkSource DX – Using talent and digital technologies to transform the business
- Operating Model DX – Connecting people, partners, systems and assets digitally to become more responsive
- Information DX – Leveraging information and analytics to respond to opportunities quickly
