Current observations of many of the companies that I spend time with have led to my prediction that most of these companies will be disrupted and killed by digitalization. If you are interested in avoiding that fate, my recommendations are fourfold:
Get software expertise in your senior leadership and board as soon as possible and listen. The world is changing rapidly and all your experience, collected over the last decades, is a liability rather than an asset.
Preparing for the future does not happen just by saying it. Put systems in place that ensure that sufficient resources are allocated into exploring opportunities created by digitalization and make sure that the success metrics are different from the mature legacy businesses.
Involve all functions in the company in the work around digitalization and embrace the uncertainty that comes with radical innovations.
Focus on your fringe customers and experiment with these customers at the edges of your business around new opportunities and innovations enabled by digitalization.
Most companies will be killed by the digitalization transformation and the odds are stacked against most companies. However, it’s still better to go down fighting than as a victim and, who knows, you might come out victorious!