18 Jun The New Kodak Moment = That Moment When You Lose Market Relevance
“You press the button, we do the rest.”
These are the touching phrases of Kodak’s first promoting slogan. Coined by George Eastman, Kodak’s iconic founder in 1892, this tagline nearly appears related 120 years later. Almost.
There was a time in historical past the place uttering these phrases evoked an emotional sense of nostalgia. Now, sadly, the Kodak second represents that second when executives fail to comprehend how shoppers are altering and the way markets will in the end evolve in new instructions with out them. The Kodak second is one thing that executives at Blockbuster, Borders, RIM, et al., know all too effectively.
Digital Transformation is among the many most necessary actions in current enterprise historical past. In its most elementary sense, digital transformation displays the evolution of enterprise fashions, processes and supporting programs to extra successfully compete in a digital economic system whereas additionally optimizing how organizations work. Digital transformation, I’ve discovered in my years of analysis at Altimeter, is already serving to main firms enhance profitability, compete for brand new markets, scale, enhance buyer and worker relationships, amongst an entire listing of different advantages.
Yet, with all these rewards, investing in digital efficiency, functionality and relevance is barely mastered by an elite group of organizations as we speak.
If digital transformation is the “Holy Grail” of enterprise, then why isn’t everybody on board?
The reply is surprisingly human.
It seems that there are two causes. First, it comes down to alter and everyone knows change is psychologically and bodily daunting. Second, the sense of urgency to alter is essentially underappreciated or frankly nonexistent amongst many beneficial companies.
In both case, the bitter and oft shocking future that looms forward for complacent or apathetic managers and strategists is for certain.
Arrogance and ignorance begets irrelevance.
Digital is a lifestyle and it actually isn’t going to regress. Digital will not be restricted to age and day by day, it unites individuals throughout generations, pursuits, and aspirations. Most importantly, digital modifications conduct, preferences, expectations, and it’s inevitable.
I consider that urgency is delivered upon one in all two platters. Either companies see the chance to remodel as a proactive “a ha” second that results in “what if” and “what’s next” or as a reactive state of affairs the place “uh oh” prompts a response of “why didn’t we” or “we could have done something had we known.” The latter is what I seek advice from as the brand new “Kodak moment.”
Digital transformation is in full stride, one thing that ultimately shapes or re-shapes an enterprise and its ecosystem to higher compete for the longer term proper now. The attention-grabbing factor about digital transformation although is that at its core, its promise is pushed much less by expertise or change for the sake of change. It’s pushed by the next function of competing for relevance amongst a linked, knowledgeable, and discerning buyer…and their corresponding linked networks of friends, influencers, and audiences.
Digital transformation begins with a easy duo of questions, “what would my digital customer (and employee) do and how is it different than my traditional stakeholders of yesterday?”
The solutions by their very nature prevent from the perils that lurk past the brand new Kodak second. Furthermore, the solutions encourage transformation that not solely pave the way in which towards aggressive benefits but additionally relevance akin to what the you and I bear in mind because the true that means of the Kodak second….the second once you’re reminded that somebody or one thing issues to you and equally, you to them.
Please Read: The Six Stages of Digital Transformation
Brian Solis is principal analyst and futurist at Altimeter, the digital analyst group at Prophet, Brian is world famend keynote speaker and 7x best-selling creator. His newest guide, X: Where Business Meets Design, explores the way forward for model and buyer engagement by means of expertise design. Invite him to converse at your subsequent occasion.
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