In today’s fast-paced world, businesses face an unprecedented level of uncertainty and rapid technological change. From climate change to geopolitical instability to pandemics, there are countless challenges that companies must navigate. Social media platforms like Twitter, and Instagram have revolutionized the way people communicate, with ChatGPT setting a record by reaching 1 million users in just five days. The pandemic leap frogged consumers generations ahead in technology adoption.  Forty percent of Americans indicated digital tools have taken on new relevance and they use technology and the internet in ways they didn’t before the pandemic (pewresearch.org).

And technology is only going to be introduced and adopted faster.  The computing and processing capacity of computers hits double figures every 19 months.  By 2030 it is estimated there will be about 500 billion devices connected to the internet.

But while digitally-native businesses have adapted to this new landscape, many companies still operate within the outdated business model of the 1990s. Most traditional businesses have not caught up to the changes in technology.   Only 38% of traditional businesses have adopted a digital business strategy. Many will argue that approximately 30% of digital transformations meet their goal.  

Transformation is hard, complex and requires different investments of resources or time. However, given the unprecedented speed of technology and innovation, organizations will either evolve or become obsolete. Continuous transformation and new ways of working require adaptability. Speed and continuous transformation will create competitive advantage moving forward. Transformations can fail for many reasons – lack of the right talent, legacy systems taking time to migrate, a culture that does not embrace learning and continual change.