Today’s executives know digital is a threat: More than 90% of global business executives believe digital will disrupt their business in the next 12 months, and nearly three-quarters are taking action with a digital strategy, according to a new Forrester study.
But the good news stops there. Only a third of executives believe that their approach to digital is correct, and just 21% believe that the right people are in place to set the strategy.
So what gives? How can companies address this glaring gap between digital as a pervasive force and the firm’s preparedness to address it?
According to Forrester, businesses are in dire need of a holistic reset. Digital cannot just be a mobile app or a bolt-on to legacy models. It is the key to delighting customers and as such, must be embedded across every department and every aspect of the business. Where to begin? The transformation starts by accepting that your business is just one among an entire ecosystem of partners. Each party, from competitors to digital disruptors, is building apps and sites to create a menu of tools and services for the customer to choose from at the moment of need. Success will depend on both embracing and becoming a part of this ecosystem. For instance, Walgreens opened up its photo-printing capabilities via a digital interface, allowing users of smartphone camera apps to print directly to the store. The result? Walgreens is bringing new value to its customers and, as an added bonus, now generates 15% of its photo-printing business from mobile devices.
To learn more about this research, visit the report The Future Of Business Is Digital.