Business leaders of established companies have come to understand that digital technologies are upending traditional business models. Once you have surrendered to that reality, it’s time to define a business strategy that is inspired by the capabilities of digital technologies.
That won’t be easy. Digital strategies must tackle two questions that are shrouded in uncertainty: What can data and digital technologies do to help us solve customer problems? What solutions will customers find valuable?
Digital technologies are game-changing in helping solve customer problems because they deliver three critical capabilities: ubiquitous data, unlimited connectivity, and massive automation. Those capabilities make possible entirely new revenue streams. Digital companies generate revenue from digital offerings — information-enriched solutions wrapped in a seamless, personalized experience. Thus, every company must learn what solutions are possible.
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