Digitization is significantly impacting all industries. Learn how executives can thrive throughout this challenging transformation.
In the space of only a few short decades, digitization has redefined the playing field of the business world. It's enabled technological shifts to occur exponentially faster, radically transforming most industries with unprecedented challenges and opportunities. Thriving in this new paradigm of perpetual disruption requires leadership that can effectively grasp and leverage the value of digitization, positioning their organizations to move with the rapid pace of innovation.
Ambitious managers seeking to accelerate their professional transformations in this increasingly competitive environment often choose to pursue a Global Executive MBA from a world-class university like WU Executive Academy. Working with peers from around the world using powerful digital technologies, students gain cutting-edge insights from diverse international experts as they develop a practical understanding of the trends shaping the future of global business.
Here are some key ways that digitization is affecting leaders of today and tomorrow.
Every company today is affected to varying degrees by society's digitization, requiring business leaders to have the courage to disrupt or face imminent disruption. Massive amounts of information are available like never before, analytical and processing capabilities have skyrocketed and computing access is ubiquitous. Digitization has taken over media, social interaction, navigation, and even physical goods.
While technological advancements enable exponentially greater production, efficiencies, and value, the speed, depth, and vastness of change will leave slow adapters in the dust. There are profound implications on the structure of business models and consumer expectations. Quick and focused competitors can more easily and efficiently enter industries, forcing established companies to adjust processes and adopt emerging practices.
Digitization has created new levels of transparency in the business world, enabling both competitors and consumers to easily compare product performance, service levels and price. This lowers barriers to entry and in some cases has crumbled long-standing divisions between industry, pressuring businesses to improve margins and prices. Inefficiencies in the value chain will inevitably be capitalized upon by a competitor.
Disruptive innovators like Uber and Airbnb are taking advantage of mobile accessibility to bypass traditional channels, connecting supply and demand through digital technology. Consumers are empowered by the worldwide web to explore global offerings, making more informed decisions and expecting dynamic interactions. In executive MBA courses, students learn to become more responsive to evolving consumer expectations, considering strategic opportunities for enhancing value and relationships.
Digital automation continues to render various occupations obsolete, changing the nature of work, employee expectations, and the positions within a company delivering the highest value. There are increasing employment opportunities for chief information officers, data analytics specialists, and other digital experts to manage and leverage the potential of big data. Virtual team projects can connect colleagues from across the world in both an executive MBA program and the workplace.
Social media and other wireless interaction capabilities allows executives to communicate seamlessly with staff and the public across vast geographic distances, while the digitization of sensitive data requires more robust security measures. On all fronts, leaders are needed to challenge their assumptions, test their strategies, and embrace change proactively.