The unparalleled speed of technological change makes it challenging for many business leaders to grasp all of the implications as well as the full potential of the digital economy.
While business leaders grapple with the decisions over how, when, and what areas to focus on in their digital transformation, the business world around them continues to forge ahead at breakneck speed.
More agile competitors quickly move in to take advantage of the latest digital innovations and opportunities across increasingly blurred industry lines.
This has the potential to suddenly take your industry in a completely new direction, leaving traditional business leaders shaking their heads asking, “what do we do now?”
Are you chained to the past?
According to the SAP eBook The Digital Economy: Reinventing the Business World, conventional business processes often get in the way of progress in the digital era. Traditional value chains, supply chains, or even outdated chains of command could be holding your company back.
These established methods simply can’t respond quickly or effectively enough to the variety of complex demands placed on businesses today.
Why change things that aren’t broken?
Why should you fundamentally change your business models and partnerships to become more agile? If you don’t, you risk becoming irrelevant in today’s digital economy, as competitors and new disruptors with more agile business models move into your industry.
Powerful shifts in the digital economy such as consumer behavior, business innovation, and demographics are also making it more difficult for value chains to meet swiftly changing business needs.
Get up-to-speed with business agility
Agility affects every aspect of your business, from strategy to operations, marketing, finance, and the overall organization. It’s not just what happens inside of your organization; it includes all of your end-to-end business dealings, from your suppliers right through to your customers.
In order to be more agile in the future, The Digital Economy eBook states that companies need to shift from traditionally slower, linear value chains to more nimble, collaborative digital ecosystems or business networks.
Networks are non-linear, which helps to build alliances with multiple partners, offering many paths to the consumer. Digital business networks are also more flexible, enabling businesses to respond quickly to changing needs because there is less top-down control.
Take action toward success
As a business leader, you need to understand how evolving technology is creating agile digital ecosystems, recognize the impact that could have on your business, and take action to bring your company to the next level of success in the rapidly expanding digital economy.
Are you aware of the need for digital transformation, but you’re not sure how to take action? For valuable insights and advice, download the SAP eBook The Digital Economy: Reinventing the Business World.
For an in-depth look at the multiple factors driving digital transformation, download the SAP eBook Digital Disruption: How Digital Technology is Transforming Our World.
Take a closer look at one industry in the midst digital transformation. Download the SAP eBook, Connected Care: The Digital Pulse of Global Healthcare.