Business transformation, disruption, digitalisation, digital transformation - they are all part of the same challenge presenting itself to individuals running companies of all sizes and industries across the world. Business leaders need to be considering what is digital transformation, the disruptive technology that leads it, how it affects their organisations and what risks and opportunities need to be planned for.
Those that take the initiative to overcome the hurdles of disruption to reach digital transformation will be prepared to face the future and capitalise on all it has to offer. Those that do not think ahead risk falling behind their competitors and new entrants in their markets.
What is the impact of digital disruption?
While digital disruption is inevitable, not all businesses will be affected in the same way. The market and sector will influence the level of impact, but it is clear that the tides of disruption are coming for businesses one way or another.
In our latest report 'Tides of Disruption: How to navigate business transformation' we have pulled together a comprehensive, compelling look at the forces driving digitalisation. In doing so, we have been able to look at how and when disruptive forces like blockchain and autonomy will begin to impact businesses globally.
By analysing data from the World Economic Forum and Economist Intelligence Unit, we have plotted 120 countries on a wave of 'readiness' for digital disruption and digitalisation, identifying which economies are ahead or behind when it comes to change driven by technology.
Digital transformation strategies and emerging business models
With contributions from the London School of Economics, our report sets out to not only discover how digital disruption is redefining industries but also identify the emerging business models and new industries that are likely to be driven to the surface by technology and digital disruption. An explosion in the use of 5G and IoT enabled devices is likely to change how we do business with one another, as well as provide a huge opportunity to those willing to transform some or all of their businesses.
Although the development of technology is global, the distribution of its benefit is not. The countries and industries that are planning for the future are not just powering ahead because of business optimism and ambition, but because the wider infrastructure of their markets makes it possible. It is essential to consider how technology will disrupt businesses as it has the potential to decide success or failure in the future.
The tides of disruption brought by technology are not something that can be stopped. The question is whether those at board level will take charge of the changes that are coming their way and capitalise on opportunity or let those changes take charge and disrupt their future. Download our report 'Tides of Disruption: How to navigate business transformation' to understand how to benefit from digital transformation and manage potential risks.
How can Gowling WLG help?
As new opportunities and challenges emerge for businesses via technology and digital transformation, it is essential that you have expertise available to you that can advise on best practice to ensure that you achieve your objectives and stay ahead of the curve.
To help explore what digital transformation could mean for you and your business please contact one of our Co-Chairs of Global Tech.
David E Brennan - Partner, Co-Chair of Global Tech
David acts for start-up companies at the beginning of their life cycle, through to established quoted companies. His practice is predominantly international in nature and he therefore regularly coordinates advice across a variety of jurisdictions to ensure a consistent approach, regardless of where the client is doing business.
Alexandra Brodie - Partner, Co-Chair of Global Tech
Alexandra ensures that our firm-wide team is immersed in the tech sector so that it can provide not just focussed advice and strategy but also connections and introductions for our clients. She is intrigued by the ever-increasing reach of tech into all industries and her team has recently provided networking events for clients in fields as diverse as autonomous cars, e-retail, additive manufacturing, connected health and fintech.
Digital Transformation and Technology Legal Services