The first secret revealed by attendees is that digital transformation is not about getting ahead of the competition. Instead, for most firms, digital transformation is started to head off bankruptcy.
As one participant said, ‘with our digital transformation programme, we are trying to disrupt ourselves before being disrupted by others’.
The reason that struggling firms are more likely to adopt digital transformation is that transformation is not high on the priority list of profitable businesses. Instead, successful firms are under pressure to deliver short-term results, not long-term transformation strategies.
Marketers attempting to start digital transformation at their companies were encouraged, therefore, to highlight negative metrics in their reports and point out weaknesses in the current business strategy.
‘Fear is a great motivator’ quipped one participant.