Digital Transformation is Increasingly Necessary to Remain Competitive

by: Fabian Saide

Whether you like it or not, we all must admit times are changing. The Digital Age has expanded opportunities, bridging niche markets and creating competition in every single industry.

We’ve all heard the line from managers and entrepreneurs resistant to change. I certainly don’t know the intricacies of every industry, but I do know that we cannot simply sit still and expect business to continue as usual. We must be proactive and anticipate digital transformation in every aspect of our businesses.

For example, let’s take a look at the auto industry. Toyota has been building and selling cars for more than 80 years, and, for the majority of those years, their only competition was other car manufacturers. But modern technology birthed a whole new kind of competition in the form of Uber and Lyft.

Around the same time, the University of Michigan released a study showing a decline in new teen driver licenses. Beyond the newfound accessibility and convenience of ordering a ride with Uber, teens are also demonstrating less drive to get behind the wheel. The internet and online gaming has made it possible for teens to spend time with friends without leaving home. Increased entertainment and dining options within walking distance have also contributed to a decreasing desire to drive. Now it’s not just other automobile manufactures Toyota needs to pay attention to, but also trends, changing behavioral patterns and competition from all directions.

Domino’s Pizza is an exceptional example of a company that successfully adapted their business to meet the challenges created by digitization. What once was just a provider of pizzas transformed to become a technology company that just so happens to deliver pizza. They’ve invented convenient new ways to order a pizza by emoji and text message and have built all sorts of unique features into their app to completely change dinnertime. Their foresight and willingness to grow with technology has not only helped them compete with other pizza shops, but has made them a worthy competitor for dinner options across the board.

Regardless what industry you find yourself in, now is the time to innovate and change with the times. No niche is protected from digital transformation. It’s time to rise to the challenge and invent new ways to compete in an ever-growing market.