Staying ahead in Digital Era
For quite some time we have been talking about our journey, as an economy, in to a digitised world. How the businesses, services, cities and countries should be digitised, has been the top of the mind discussion. But digitisation is an ongoing process, not an end result in itself. The debate is no longer about how to be digitised, as we already are on the path of digitisation. The debate is about how fast and smart we want to be with our digital strategies.
For manufacturing, digitisation is considered 3rd industrial revolutions by many analysts. But unlike other industrial revolutions, digital revolution will be gradual, over a span of period. According to IDC[i], Consumer product goods such as food & beverage, fashion and apparel will see growth close to 9% due to regulatory, traceability, supply chain visibility and demand management requirements which are results of digitisation.
A McKinsey digital matters survey[ii], 2012–2013, indicated that Companies with greater digital capabilities were able to convert sales at a rate 2.5 times greater than companies at the lower level of digital capabilities did. Not just sales, everything that is critical in increasing revenue and decreasing cost is digitally driven. Be it predictive maintenance, intelligent data, fast delivery, smart executions etc.
[iii]The Boston Consulting Group studied brick-and-mortar retailers that implement digital technologies in stores. The results showed that retailers with in-store digital technologies outperform retailers that have not implemented in-store digital strategy in terms of EBIT growth, indicating that in-store digital activities are highly correlated with EBIT growth. The result also indicated that modest investment in digitisation can reap huge rewards for these retailers.
All these proof points indicate that for the businesses “winning in the digitised world” is critical. The competitive differentiation will come from digital mindsets. And hence, the strategic thinking has to be a digitally enhanced strategic thinking.
Enabling our customers and partners to stay ahead in the digital era is the core objective of Cisco Connect India 2015 #CiscoConnectIN
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