Technological disruption continues to emerge today as the economy enables scalable and collaborative networks such as Facebook, Amazon, Alibaba, Netflix, and Google that prove that delivering high value to customers is possible even with near to zero marginal costs.
This results in traditional companies trying to catch-up with these “disruptors” and try to emulate their digital transformation hoping to replicate their success and compete with new startups and upstarts.
In 2013, during the Gartner Symposium, Peter Sontergaard said that “every company is a technology company.” This is infamously followed by Goldman Sach’s CEO, who said, “Goldman Sachs is a technology firm.”
Companies are quick to adapt to changing times, investing in technology to improve their services, but they tend to forget why digital transformation is important.
For example, Fintech companies replaced the bureaucratic experiences of banks by developing e-wallets, virtual currency, and P2P lending. This transformed the way people manage their money. It can be suggested that banking is changing not because of technology, but because technology enables better customer experiences.
In today’s experience economy, enterprises should continue to innovate by becoming customer-centric.
This is the reason Everise, an experience company based in Singapore, adapted the theme: “Fight Disruption: Winning Customers in Today’s Experience Economy” for this year’s Everise Summit.
Businesses should remember that despite the promises of digital transformation it is the workforce, the focus to the growing demands of customers and the will to act, that separates the winners and losers.