Charles Darwin: "It is not the strongest of the species that survives, nor the most intelligent. It is the one that is the most adaptable to change. ”
While the industrial revolution was all about factories, the digital revolution is all about platforms, powered by the cloud and enabled by mobility. The 4th industrial revolution: VELOCITY SCOPE IMPACT
VELOCITY When compared with previous industrial revolutions, the Fourth is evolving at an exponential rather than a linear pace. From centuries, to decades, to years, once big data, IoT and AI kick-in at full speed “My dear, here we must run as fast as we can, just to stay in place. And if you wish to go anywhere you must run twice as fast as that.” - Lewis Carroll, Alice in Wonderland
SCOPE Digitization has only begun to transform many industries. Its impact on the economic performance of companies, while already significant, is far from complete. Royal Bank of Scotland (RBS) chief executive Ross McEwan has described the commuter train from Reading to Paddington, London, at 7.01am as the company’s “busiest branch”, as close to 170,000 customers log on to the RBS mobile banking app while on their way to work in the city.
ALREADY NEXT OR BEGINNING NEXT OR BEGINNING DISRUPTED : TO BE DISRUPTED : TO BE DISRUPTED : • • • Newspapers Financial services Manufacturing • • • Magazines Telecommunications Insurance • • • Books Government Utilities • • • Music Transportation Legal profession • • • Video Agriculture Education • • • Retail Travel Healthcare Energy • Building management
In 2015, John Chambers, the ex CEO of Cisco Systems, predicted that 40 percent of today’s businesses will fail in the next ten years; 70 percent will attempt to transform themselves digitally, but only 30 percent will succeed. ADVANCED DIGITAL TRANSFORMATION ACTIVITIES 2020 : Less than a TODAY: Almost 22% 50% quarter of half of enterprises enterprises
SYSTEMS IMPACT Main effects that the 4 th digital revolution has on business CUSTOMER EXPECTATIONS PRODUCT ENHANCEMENT COLLABORATIVE INNOVATION ORGANIZATIONAL FORMS
“ The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn. ” - Alvin Toffler
Kodak Excellent at learning - For decades, Kodak was the rock solid standard in photography Awful at unlearning - one of the most cited examples of company that failed to unlearn as it didn’t know how and why it needed to do so. The fall of the Kodak empire is especially ironic since it once introduced the world to the first-ever digital camera . But somewhere along the way, it forgot to unlearn the traditional pathways to success, clinging to an outdated legacy until it was too late. Eager to relearn - Kodak announces its own cryptocurrency and watches stock price skyrocket. Kodak stock more than doubled after the surprise announcement
“ May our philosophies keep pace with our technologies. May our compassion keep pace with our powers. And may love, not fear, be the engine of change. ” - Dan Brown, Origin
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