Digitalization is a business imperative. Technology is today an integral part of modern society. Don’t many of us feel a bit lost without our mobile phones? Remember Kodak, the photo company and the classic case of its demise.
Sam Walton realized early in Walmart’s early phase of growth that the company would not be able to sustain itself and grow. It was becoming difficult to supply his stores in time with merchandise, and monitoring performance was becoming more difficult.
He took the digital transformation route. He adopted technology and was one of the first retail store companies that invested heavily in digital technologies. Walmart rapidly left its competitors behind. It has continued on its digital transformation path and stayed the market leader in the US and internationally.
Amazon arrived with its platform business model and started disrupting the world’s retail market. Many big retail chains that were late in using digital transformation started struggling. Some have been acquired by digital natives like Amazon and a transforming Walmart. Walmart was getting disrupted by Amazon until it caught up and took to the digital route.
Look at another example – SpaceX and Tesla, both of these, have integrated digital into their business model. SpaceX is disrupting the space vehicle business and Tesla, the automobile industry. These are two companies that have integrated digital transformation into their business model. These are companies that have adopted continuous digitalization of their systems and processes. These companies’ results and pace of growth are far more than their industry peers.
About the author:
You can reach out to me if you want a writer who can undertake complex analyses. I love undertaking policy research assignments. Here is my UPWORK link.