The evolution of digital technology presents opportunities and threats for all businesses. In this video, McKinsey director Paul Willmott explains how companies can successfully transition to becoming digital enterprises.
McKinsey & Co., November 2013
It’s safe to assume virtually all companies use digital technology in some form or another. Yet getting beyond obvious and small applications of technology to drive the creation of truly “digital enterprises” is vital—and presents a challenge for executives. In this video interview, McKinsey director Paul Willmott explains the opportunities and threats posed by the evolution of digital technology, why becoming a digital enterprise is critical, and what leaders should do. What follows is an edited transcript of his remarks.
A technology explosion
Companies have always relied on technology to innovate and improve productivity and so on. But over the last few years, we’ve seen an explosion of technologies such as mobile and social media and big data. And in turn, that’s creating huge new opportunities—and threats—for most enterprises. Consumers are increasingly willing to buy goods and services through digital channels. Over 50 percent of air travel is now purchased online, for example. Read the rest of this entry »