The Digital Economy: Are you surviving or thriving?

HBR looks at the pace of innovation and how prepared business leaders are for digital transformation.

Digital transformation is fundamentally changing people’s lives and the way we do business. 

If digital disruption can be viewed as a wave sweeping over industries, most are in the crest of that wave or soon will be, according to new research from Harvard Business Review. In the report, HBR looks at the pace of innovation and how prepared business leaders are for this change. 

REPORT HIGHLIGHTS:

  • 84% of survey respondents said their industry has either passed the inflection point of disruption or will pass it by 2020
  • Nearly half of the respondents say their organization’s traditional business model will be obsolete by 2020 
  • Yet, fewer than half of respondents have a fully formed digital strategy

The Bottom Line: In order to thrive, business leaders need to develop and communicate a strategy for the digital economy, while remaining flexible and ready to shift gears as the market changes. This requires a willingness to take risks, and the investment of resources—funding, people, and technology. 

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