The seven digital truths

digital 7
Digital represents a new style of business. Technology is changing the way customers behave and what they expect from a product or service. And it is also enabling organisations to meet these expectations in different ways and to meet new needs with innovative technology-enabled business models, products and services.

And with this new style of business comes a different type of market: markets in the digital age are not the same as traditional markets; they have different characteristics, they behave in a different way and they require organisations to have different skills and capabilities to survive and succeed.

Digital is inevitable; sooner or later this new style of business will impact every industry and every organisation. And for some that impact could be significant. Organisations that are not prepared for the challenges of competing in digital markets are more likely to be disrupted and some could be forced out of business altogether. On the other hand, those organisations that actively embrace this new way of doing business are more likely to not only survive the impact but to capitalise on the opportunities it brings. Higher revenues, increased profits and better market valuations await those organisations that take a proactive approach to digital.

But digital is also evolving, the speed at which it is happening varies between industries and the way in which it is being applied differs across markets and organisations. This dynamic and developing nature can make it hard for boards to formulate a vision and strategy for their business in the digital world. That should not, however, be used as an excuse for doing nothing or taking a wait-and-see approach. Digital rewards the proactive – those organisations that take the time to understand what digital is really about and then use this knowledge to prepare their business for operating in the technology-enabled markets that it creates.

The timing, impact and nature of digital may vary by industry but whatever form it takes and whenever it happens, there are certain Digital Truths that organisations can rely on to shape their preparations. These fundamentals of digital hold true regardless of industry, they illustrate why digital is a new way of doing business and they explain why digital markets work differently.

In my new book, Digital Uncovered, I discuss the Digital Truths and describe the impact they have on markets and organisations. Each Digital Truth drives the need for a specific capability that organisations will need to compete in the digital world and the book also identifies and explains these capabilities.

Very few businesses will already have all of the organisational capabilities required to compete in digital markets. In fact, unless an organisation was born digita, it is almost certain that it will need to build new capabilities across a number of areas. For many businesses this will involve making some potentially significant changes to the organisation and how it works.

The Digital Truths are the rules of business in the digital age; they are the characteristics of the new style of market that will eventually become the norm for all industries and organisations. And transforming for digital means building the organisational capabilities required to operate in markets that have these characteristics. Digital Uncovered also provides business leaders with clear and practical guidance for managing this transformation and for building an organisation that can survive and succeed in the digital world.

Digital Uncovered is available from Amazon in print and Kindle formats. Country links are listed below:

UK, US, Australia, Brazil, Canada, France, Germany, India, Italy, Mexico, Netherlands, Japan, Spain

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