For many executives, the first word that comes to mind when they think about the impact of digital technologies is “speed.” A constant stream of new digital technologies (social, mobile, analytics, cloud, the Internet of Things, artificial intelligence, blockchain) is introducing previously unimagined levels of connectivity, data access, and automation.
Growing numbers of business leaders are starting to re-imagine their customer value propositions in light of these capabilities of digital technologies. Many feel an urgent need to transform their existing business into a digital business. That sense of urgency is creating a perplexing paradox: the digital economy places a premium on speed, but it demands such massive organizational changes that it takes a long time for established companies to become digital.[foot]This briefing is based on Jeanne Ross, “Digital Is About Speed — But It Takes a Long Time,” MIT Sloan Management Review, April 5, 2018.[/foot] This briefing examines how established companies are—as fast as possible—redesigning themselves for digital success.