Why Companies Are Scrambling to Reinvent Their Business Strategies to Keep Up with Digital Innovation

Why It’s Important to Audit and Augment Your Business Strategy to Stay Competitive

Although your legacy business strategy may be the way it’s always been done, it’s important to understand how the landscape is changing so that you too can change with it.

In a recently published article entitled, “Technology Should Support Digital Transformation, Not Define It,” author Dwight Davis writes:

“Upstart visionaries ranging from Uber to Airbnb to Netflix have achieved stunning success by blending cutting-edge technical capabilities with innovative business models. In most cases, their success has come at the expense of established industry players who were blindsided by these emerging competitive threats,” he writes, adding, “Faced with the possibility of being victimized by new digitally driven disruptors, companies are scrambling to “reinvent” their own business strategies and processes before someone else beats them to the punch.”

You are likely to face some hard choices when it comes to writing off some existing IT investments sooner rather than later.

“One of the biggest drags on digital transformation is the presence of unnecessary complexity throughout the IT infrastructure,” Davis writes. “To most effectively exploit advanced technological platforms and the new business models they permit, you may need to make a clean break from inflexible and fragmented legacy systems that were designed to support the old way of doing business.”

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