As entire industries are disrupted by bold digital entrants and business models, more and more companies are at risk of extinction. Music, retailing, media, and travel are far along on this path, but similar patterns are occurring in more traditional industries, such as banking, agriculture, energy, health care, industrial goods, and manufacturing.
Digital strategy and transformation must therefore be a top priority of the CEO and the senior-management team. Companies can’t just dabble at the edges by appointing a charismatic chief digital officer or CIO, adopting the latest shiny technologies, or “letting a thousand flowers bloom.” The digital imperative calls for more fundamental action in five areas.
