Determine where your organization is in its digital transformation and learn how to organize for speed.
- It's said that every business is now a digital business. It's just a question of degree. It's also a question of whether business leaders understand and drive the changes necessary to stay competitive. Walmart's an interesting case in point. The company is the classic Goliath of an industry. Despite this, many people think that Goliath has become David as a different Goliath has emerged, Amazon. Amazon was born digital and despite its remarkable growth, it remains progressive in its use of technology.
As of 2018, Amazon accounts for almost half of all online retail spend in the US. Walmart comes in fourth place with 3.7% of US online sales. And where do you think the majority of retail growth is happening? You guessed it, online. However, David has become more nimble despite his size. In recent years, Walmart has been laser-focused on improving its digital maturity. Walmart's 2016 acquisition of Jet.com was a turning point for their digital ambitions bringing great technology and talent into the Walmart fold together with a broader presence in Silicon Valley.
The company has also established Walmart Labs, augmenting digital talent and in some cases luring that talent from Amazon and other digital native organizations. The point is if yours is an older vintage company that's feeling the pressure of the digital native organizations with their younger and more energetic workforces, modern processes and more scalable technology, don't fret. It's important to imitate what works best for them while leveraging the advantages that an older successful company has in established customer bases, volumes of data to mine, and a wealth of experience.
I'm Peter High, the president of Metis Strategy, a strategic advisory firm at the intersection of business and technology disciplines. I'm sure you've taken steps towards becoming digitally mature, but how far have you gone? What steps lie ahead? How do you ensure that the steps you undertake are sustainable? Answering these questions can help you mature to become a digital leader. The best companies don't rest on the successes of the past and present. They look forward and chart bold new paths, reinventing themselves along the way. I look forward to charting that path with you.
If you're ready, let's begin.
- Explain how accountability and collaboration can be synergistic.
- Recognize limitations when pursuing new ideas in an innovation lab.
- List the five stages of digital maturity.
- Identify the benefit of transparency in strategic thinking.
- Name one focus that would form a good basis for a capability team.