The digital revolution seems to be threatening established businesses, and no industry appears to be immune from it. Not all industries are equally affected by the emerging technology models. Some sectors, such as banking or news, have the potential to be 100% digital, whereas others businesses primarily based on human contacts or products, such as hairdressing or mining, may not have the potential to be fully digital. These businesses are affected by way of technology used, the back-office processing, or the way they interact with customers.
In his report, Julian Birkinshaw, Professor of Strategy & Entrepreneurship at London Business School, has looked at the UK retail banking and the impact of the digital culture on the retail banking and how to address these challenges. Birkinshaw views the challenges as opportunities and refers to them as Market Innovation, Operational Innovation, and Business Model Innovation respectively. The report concludes by defining better ways to foster a digital mindset by deploying a ‘fast/forward' culture where fast means alert, agile, experimental and capable of decisive action and forward means proactive and searching, and it also means seeking to create a meaningful connection with customers and other business partners.
I hope if dogs ever take over the world, and they choose a king, they don't just go by size, because I bet there are some Chihuahuas with some good ideas.
