Today, digital technologies have evolved to include multiple transactions and digital integrations to their processes. Some of these technologies are: Internet of Things, Artificial Intelligence, Big Data, and Machine Learning. Finding ways to react and shape digital disruption should be on the agenda of each member of the Board of Directors and the Management Committee.
Digitization is no longer a complementary feature of existing channels, products and services. In contrast, many aspects of the customer experience are digital by default, such as the processes that underpin it. Leveraging digital technologies is more than just a good deal—it's critical in order to stay relevant and profitable. Lagging companies in this area risk losing ground to new entrants and business models that are ready to disrupt markets with innovative products and services.