At corporate networking events, I often meet with executives, strategists, and transformation drivers from some of the top incumbent firms across different industries. I normally ask them, “What is the inspiration behind your decision to digitally transform your firm?” Most of them say they decided to transform because their competitors did so. They felt threatened by too many disruptions. They were pressured by their board members to make their company look “digital.” Rarely did anyone say they chose to transform because they saw the market shifts, identified the upcoming opportunities, and thought it was the right time to make the move. The decision to transform was more driven by extrinsic factors than intrinsic. It was more reactive ...
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