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Daring to Compete
book

Daring to Compete

by Diane Foreman, Bryan Pearce, Geoffrey Godding
April 2019
Intermediate to advanced content levelIntermediate to advanced
272 pages
4h 45m
English
Wiley
Audiobook available
Content preview from Daring to Compete

CHAPTER 9Driver #3: Digital Technology and Analytics“The new industrial revolution”

It’s no longer possible to think of the physical and digital as two separate worlds,” says Angela Ahrendts, SVP Apple Retail, and before that, CEO of Burberry, in an interview with the Financial Times.1 Digital technology is transforming how products are made, how they are sold, how we work, and the quantity and sophistication of a company’s information bank. For entrepreneurial business leaders, that information is power. It can help make better, quicker, smarter decisions that improve business performance as well as manage risk (see Figure 9.1).

The figure shows three rectangular boxes representing the third EY Driver of Growth that is “Digital technology and analytics.”
Box 1: Leading represents “Digital is a primary driver of customer value and business strategy and this innovation has redefined the business model and the products and services offered.”
Box 2: Established represents “The business embraces digital channels, analytics, and other digital technologies to benefit the company and its customer.”
Box 3: Developing represents “Technology is leverage in core functions. The business is more likely to adopt cloud.”

Figure 9.1 EY 7 Drivers of Growth – Digital technology and analytics

The World Economic Forum describes this transformation as the Fourth Industrial Revolution – one that will be at least as far-reaching as the industrial revolutions that preceded it. “The Fourth Industrial Revolution – the current period of rapid, simultaneous, and systemic transformation driven by advances in science and technology – is reshaping industries, blurring geographical boundaries, challenging existing regulatory frameworks, and even redefining what it means to be human.”2

But some legacy businesses may find it harder to harness the full power that digital technology offers. While most business leaders recognize the potential value that going digital brings, some still ...

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Publisher Resources

ISBN: 9781119546764Purchase book