In a global market, where boundaries are being broken down, digitally-structured businesses are disrupting every sector, digital technology has given customers a new range of options. ‘Traditional’ businesses are trying to respond – and are struggling. There are regular reports of failures to meet this challenge. Nowhere is this more apparent than on high streets – retail apocalypse has forced organisations like Thomas Cook, Woolworths and Toys R Us into bankruptcy. Others such as Abercrombie & Fitch, Homebase, House of Fraser, New Look and Poundworld are closing outlets rapidly. The truth is that all these companies’ competitors have found a way to structure themselves that is not only more effective, it is also deliver more of what customers actually want.
“48% of employees in the automotive sector perceive that their skill set will be redundant in five years, as do employees in banking (44%), utilities (42%), telecoms and insurance (both 39%)” . CAPGEMINI
But the ‘digital revolution’ is not restricted just to retail, It applies to every part of the economy. All businesses need to think afresh about the way they are run, with smart systems made possible by digital technologies. The effect – in today’s volatile, uncertain, complex and ambiguous (VUCA) environment, where AI is rapidly arriving in the workplace – is that people now need critical digital skills and capabilities if companies are going to succeed.
A global study by Fujitsu found that 70% of organisations lack the essential ‘digital skills’ to be ready for this change. In a study by Capgemini, 54 percent of business executives claimed that a lack of digital talent is holding back their organisation’s ability to compete. This investigation also showed that 48% of employees in the automotive sector believe that their skills will be redundant in five years, as do employees in banking (44%), utilities (42%), telecoms and insurance (both 39%).
The paper you can download below explains how your organisation can avoid the ‘business apocalypse scenario’. It shows the skills, expertise and capabilities that you will need to thrive in this new digital landscape.
Want to read more? Download the free pdf below…